Dario Amodei’s gloomy AI essay is hitting the AI trade across the board pre market: • $AEHR -9% • $NBIS -8% • $MRVL -7% • $SKHY -7% • $VRT -7% • $ARM -7% • $AAOI -7% • $LITE -7% • $BE -7% • $CRWV -7% • $MU -7% • $SNDK -6% • $INTC -6% • $AMD -6%

Mercury Research: "In spite of a decidedly gloomy outlook on client processors from the suppliers for the second quarter, actual results for both X86 and ARM CPUs were up strongly in the second quarter of 2026, with sequential quarterly growth of the total market exceeding 10 percent, far in excess of normal seasonal trends which call for a slight decline in the quarter." "Server CPUs continue to shine brightly when it comes to unit growth, with X86 server CPUs posting nearly 20 percent growth on year and moderately strong sequential growth. Demand was higher for both data-center class (Xeon SP and AMD EPYC) processors as well as networking and storage products."