US stock markets slide but the selling is localized around chip names

The S&P 500 is down 0.6% today and the Nasdaq down 1.0% but it's not as bad as it looks -- so long as you don't own chip stocks and some AI-related names.Most stocks in the S&P 500 are higher today with 274 up and 197 down. Similarly, the index is solidly higher on the week. The pain is on the chip side of the equation where there are some harrowing losses in light of the turmoil around Nvidia and next week's Anthropic IPO. The overall resilience is impressive considering the terrible start on Monday, the hot CPI report, Jensen Huang's ouster and the jump in Treasury yields.The pain today is located in a few well-known names:AMD -8.9%DELL -7.7%CSCO -6.1%WDC -5.2%AVGO -4.9%INTC -3.2%NVDA -2.2%Those are some big questions about AI but they're not really spreading to the hyperscalers:META +2.8%GOOGL -1.2%AMZN -0.6%Apple, Visa, Walmart, Costco and JPMorgan are also comfortably higher.The week ahead is an intense one with the Anthropic IPO but there are also a series of reports that will focus on the health of the consumer and I think that's a critical spot to watch. Technically, the S&P 500 bounced off the 200-day last week so that's positive and November-December seasonals are also very strong. If you want contra indicators, The Economist is running this on its cover:The Fear & Greed index is moderately into 'fear' at 39 while AAII sentiment is at -20.8, including the lowest 'bullish' reading since Sept 16.I still tend to think the market is vulnerable but I like how Anthropic appears to be setting up the IPO for success. The deal is said to be six-times oversubscribed with time to spare. It would be nice if they don't try to maximize every dollar and allow for a rally in the days afterwards. Even moreso if that can back that up with some bullish news on technology or revenue.This week, I think CoreWeave helped to put some of the worries to rest and is up on the week despite a 6.7% drop today. That said, it's a dangerous game in the tech trade right now and momentum is paramount. This article was written by Adam Button at investinglive.com.