Two Markets In One—Chips And Oil Are Fighting

Two things are true this morning. Intel just dragged semis into another record run, and Brent crude is still holding above $104 with Gulf output down 57% from pre-war levels.
That is the split market: AI leadership is saying risk-on, while energy and inflation are telling the Fed to stay careful. Thursday's completed close had the S&P 500 at 7,108.40, the Nasdaq at 24,438.50, and the Dow at 49,310.32. By Friday morning, Nasdaq was green, Dow was red, and the market was asking one question: can chips outrun oil?
The Rundown
AI
Intel (NASDAQ:INTC) reported Q1 revenue of $13.6B and non-GAAP EPS of $0.29, then guided Q2 revenue to $13.8B-$14.8B. The stock was up more than 22% Friday morning, AMD $AMD jumped double digits, and the SOX index was riding an 18-session winning streak. That's the te