XYZ100 Adds 2.34% as Apple's $30B Broadcom Deal and Nvidia Carry the Nasdaq Over an Iran-Driven Selloff

The Split Tape

The interesting thing about July 8 was not the size of the move but its direction relative to everything else. The Dow fell more than 500 points, about 1.1%, to roughly 52,350 and the S&P 500 slipped about 0.3%, yet the Nasdaq-100 closed higher and the tech-heavy Composite added 0.2%. XYZ100, the perp that tracks the Nasdaq-100, is up 2.34% over its rolling 23-hour window — a wider move than the cash index's daily close because that window caught the intraday recovery off the Iran-headline dip and the overnight extension as Asian chipmakers extended the bid.

The source of the broad-market weakness was oil. Crude jumped roughly 5%, with WTI above $74 and Brent near $78, after Trump declared the U.S.-Iran ceasefire over following American strikes on Iran and attacks on commercial vessels in the Strait of Hormuz, with the Treasury revoking a license that had let Iran export oil. Higher energy prices and renewed inflation worry hit the Dow's industrials and the rate-sensitive corners of the tape. The Nasdaq-100, which carries almost none of the financials or energy names and is dominated by megacap tech, was structurally insulated — and on this day it also had its own catalyst.

Apple's $30 Billion Broadcom Bet

The discrete catalyst was a deal. Apple committed more than $30 billion to Broadcom to design and produce custom silicon and wireless-connectivity components in the U.S., a multiyear agreement Apple called its largest under its American Manufacturing Program. The terms are concrete: more than 15 billion U.S.-made chips, a $1.5 billion investment to expand Broadcom's Fort Collins, Colorado facilities, and a custom-silicon supply relationship that runs through at least 2031. Broadcom already supplies Apple's cellular RF, Wi-Fi and Bluetooth chips; this locks in and widens that pipeline across multiple future hardware generations.

The market read it as a clean win on guaranteed volume: AVGO rose about 4.8%, one of the biggest positive contributors to the index. Apple itself gained a more modest ~1% — the revenue commitment is Broadcom's to book, not Apple's.

Nvidia Carries the Weight

The other half of the bid was Nvidia. NVDA rose about 3.7%, the single largest upward force on the tape, on renewed demand expectations for its next-generation Vera Rubin GPU platforms. That put the Nasdaq-100's heaviest single weight firmly in the green and reasserted Nvidia's position at the top of the market-cap tables. With the two largest chip names both bid, the index did not need broad participation to hold — it needed exactly the stocks it is most exposed to.

That is why the perp extended overnight, pushing XYZ100 above the cash index's close as the AI bid carried into Asian trading. For a benchmark engineered around megacap tech, a day when the only thing working is megacap tech is a day it wins — the exact inverse of the chip profit-taking that dragged it last week, when the Dow rose and the Nasdaq's semiconductor weighting was the drag instead of the lift.