Market update for Tuesday July 28, 2026 Check out the Public app for incredible investing tools and to support the show (LINK) Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions. In today’s episode, Zaid covers: The global chip selloff, Apple passing Nvidia in market value, and the market rotation beneath the surface China’s rapid AI progress, from Kimi K3 and CXMT to homegrown chipmaking equipment Coca-Cola’s World Cup-fueled earnings boost and Corning’s painful post-earnings selloff How Google’s AI Overviews are reshaping search

Chip Stocks Suffer Meltdown as China Flexes AI, Coca-Cola Pops On Earnings Beat

The Rundown

Public.com presents The Rundown, your daily market update in 10 minutes. My name is Zaid Admani and today is Tuesday, July 28th. In today's episode, we'll break down the global chip sell-off and why Apple just passed NVIDIA to become the world's most valuable company again. We'll also tell you about China's progress across the entire AI supply chain and why it's freaking out investors.

Then stick around to the end of the show to find out how many Google searches are now answered with AI. We got a great show for you today. Let's go. Markets got off to a rocky start this week. Stocks opened in the green yesterday, but the rally fizzled by the end with the NASDAQ closing down 0.2% and the S&P finishing flat. When you look under the surface, there's a split happening between semiconductor stocks and everything else.

In fact, most stocks in the S&P 500 actually finished higher yesterday and the equal weight S&P even closed at record highs. But chip stocks got hammered on Monday. The semiconductor index fell 2.2% with notable losers being NVIDIA, which dropped 5% and lost its title as the world's most valuable company to Apple. That could be a symbolic changing of the guards because Apple is almost like the anti-AI tech company. Investors call Apple the anti-CAPEX trade.

So clearly the market is continuing to rotate out of AI stocks. And this is happening all over the world, by the way. South Korea's KOSPI index crashed almost 11% today. And their memory giants like SK Hynix and Samsung each fell 13% because of fears that China's CXMT could challenge them for market share in the memory space down the line.

Chip Stocks Suffer Meltdown as China Flexes AI, Coca-Cola Pops On Earnings Beat

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Chip Stocks Suffer Meltdown as China Flexes AI, Coca-Cola Pops On Earnings Beat

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.