NEW YORK, Feb 17, 2026, 12:39 EST — Regular session
- Nvidia rose while AMD and major software names fell in choppy midday trade
- Investors cited fresh worries that “agentic” AI could undercut software business models
- Focus turns to U.S. PCE inflation data on Feb. 20 and Nvidia results on Feb. 25
AI-linked stocks traded unevenly on Tuesday, with Nvidia edging higher even as software shares slid again and weighed on the broader tech complex.
The moves come after a sharp, AI-driven selloff last week that hit software firms and left Wall Street with its steepest weekly decline since mid-November. “It’s an indiscriminate selling in all things tech,” Art Hogan, chief market strategist at B Riley Wealth, said, with investors focused on which software products could be displaced. (Reuters)
Fresh anxiety spilled into the new week after Alibaba rolled out its Qwen 3.5 model, which it said can execute complex tasks on its own and take actions across mobile and desktop apps. Traders have been quick to tag these systems as “AI agents” — software that can do multi-step work with minimal prompts — and to ask who gets squeezed first. (Reuters)
Nvidia (NVDA.O) was up about 0.7% at $184.04, while Advanced Micro Devices (AMD.O) fell 2.7% and Microsoft (MSFT.O) slipped about 1.2%. The Nasdaq-tracking Invesco QQQ Trust (QQQ) fell 0.4%, while the SPDR S&P 500 ETF (SPY) was down 0.1%.
Software and cyber names took the heavier hits. Salesforce (CRM.N) fell about 2.8%, Adobe (ADBE.O) dropped nearly 1.9% and CrowdStrike (CRWD.O) slid 5%, dragging the iShares Expanded Tech-Software ETF (IGV) down about 2.6%.
Chip stocks were mixed beyond Nvidia. Broadcom (AVGO.O) rose about 1.9%, while Intel (INTC.O) slipped roughly 1%, leaving the iShares Semiconductor ETF (SOXX) close to flat.
Rates are also in the frame for AI shares, where high valuations can swing with inflation and the outlook for Fed cuts. The next read is the U.S. personal consumption expenditures (PCE) price index on Feb. 20, according to the Bureau of Economic Analysis release schedule. (Bureau of Economic Analysis)
Chicago Fed President Austan Goolsbee said “several more” rate cuts could be possible this year if inflation resumes a clear path back to 2%, while stressing “we’ve got to see it” in the data. (Reuters)
Investors are also staring at the next major AI bellwether catalyst: Nvidia’s quarterly results on Feb. 25 at 2 p.m. PT, the company’s investor site shows. (NVIDIA Investor Relations)
But the downside scenario is easy to sketch. If the newest “agent” systems speed up price pressure in software, or if customers pause spending while they test cheaper tools, earnings revisions could keep coming — and the AI trade can stay messy even with strong chip demand.
For now, traders are watching Friday’s PCE report for a rates signal, then Nvidia on Feb. 25 for guidance that could reset expectations across chips and the software names tied to AI adoption.
