Cisco stumbles, Workday explodes – US tech continues record rally

Tech stocks keep up the pace

The Nasdaq 100 gained 1.15 percent on Thursday to 30,084.50 points, extending its record run. The broader S&P 500 hit a new all-time high during the session and closed 0.65 percent higher at 7,798.99 points. The Dow Jones Industrial Average rose a modest 0.13 percent to 53,839.99 points. The drivers were less about geopolitical easing in the Middle East and more about the fact that US producer prices came in surprisingly weak in July – a development that relieves the market of further rate hike fears.

Cisco and the AI litany

Cisco fell 8.4 percent after releasing its quarterly results. The numbers themselves were solid, but the outlook for the AI business disappointed. Anyone who thinks the market rewards mere revenue figures misses the crucial point: investors buy future expectations, not past reports. Cisco delivered both – and was still punished.

Workday and the takeover fantasy

Workday, by contrast, shot up 17.8 percent. Silver Lake is reportedly in talks about a takeover. A classic case: a financial investor sees value that the market has so far underestimated. Such transactions are the real test of a company's quality – not the PowerPoint presentations of corporate leaders.

Sandisk, Salesforce, and the exaggerations

Sandisk gained 13.7 percent after presenting a convincing financial model for the years 2028 to 2030 at its investor day. Salesforce rose 4.2 percent because JPMorgan re-rated the stock with "Overweight" and called AI disruption fears exaggerated. Both moves show: the market rewards substance and ignores ideological narratives.

Hertz and the capital flight

Hertz plunged more than 16 percent after Pershing Square sold its stake. That is no coincidence, but a signal. When a major investor exits, others follow – and quickly. Anyone who relies on government subsidies or regulatory moats will sooner or later be run over by such capital flows.

Lenovo effect and global value creation

Shares of HP Inc., HP Enterprise, and Dell rose between 1.8 and 6.9 percent because Lenovo reported strong numbers in Hong Kong. This shows how tightly interwoven the global value chain has become – and how little national borders still matter when it comes to real value creation.

Birkenstock and the real economy

Birkenstock gained 11.6 percent after solid quarterly results and an upgraded outlook. A company that sells sandals and still grows is a rare phenomenon in a world of subsidy hunters and ESG ideologues. It shows that real demand still matters more than political narratives.

The view ahead

The market rewards results and punishes promises. Those who build are right – those who merely manage become obsolete. That applies to companies just as much as to states. The US tech sector shows how it's done: less regulation, more competition, clear incentives. Europe should watch and learn – or continue to live off the substance that others create.