SPDR S&P 500 ETF Trust Sees Gains Amid Outflows

SPDR S&P 500 ETF Trust ( $SPY ) has risen by 0.26% in the past week. It has experienced a 5-day net outflow of $7.86 billion.
This is due, in part, to market sentiment on some of the ETF’s largest holdings. For example:

• Nvidia Corporation stayed at the center of the market’s AI narrative this week, using CES 2026 to showcase its push beyond data centers into autonomous vehicles and humanoid robots, while also shoring up its commercial storytelling with a high‑profile new marketing hire. At CES, Nvidia highlighted Alpamayo, a vision‑language‑action model aimed at solving the hardest “long‑tail” problems in self‑driving, backed by its AlpaSim simulation platform and extensive open driving datasets, plus its Isaac GR00T N1.6 model for humanoid robots – moves that give traditional automakers and robot developers a “fast follower” path in autonomy, even as analysts still see Tesla ahead on data and deployment. In parallel, Wall Street commentary on Broadcom underscored Nvidia’s role as the pace‑setter in AI chips, with hyperscale customers using Broadcom gear largely to keep up with Nvidia’s rapid GPU roadmap; Nomura also flagged Nvidia’s new Inference Context Memory Storage Platform and VR NVL144 racks as a powerful new source of NAND demand that is tightening memory supply and boosting pricing across the semiconductor chain. Strategically, Nvidia signaled it is entering a more mature, platform‑driven phase by appointing former Google Cloud marketing leader Alison Wagonfeld as its first‑ever CMO, a move designed to sharpen its message around full‑stack AI platforms just as the company nears a $5 trillion valuation, controls more than 80% of the AI training GPU market, and retains a Strong Buy analyst consensus with expectations for substantial further upside.
• Apple Inc remained a core but increasingly debated mega‑cap holding, as improving iPhone trends and early AI features on devices are being weighed against the constraints of its nearly $4 trillion scale and elevated valuation. Several analysts, led by Evercore ISI’s Amit Daryanani, raised estimates and targets after checks pointed to stronger‑than‑expected iPhone 17 demand in North America, China, and India, a shift toward higher‑end models, and limited near‑term pressure from rising memory costs – a setup that could deliver December‑quarter revenue and earnings ahead of Street forecasts and support a healthier upgrade cycle after several muted years. At the same time, skeptics such as Raymond James’ Melissa Fairbanks and investor A.J. Button argue that much of Apple’s hardware and services strength is already priced in, noting that revenue grew only about 6% over the past year while the shares trade at roughly 36 times earnings, well above historical averages, and pointing to misfires like the cancelled Apple Car and disappointing Vision Pro as signs that new product bets may struggle to “move the needle.” Adding another layer of intrigue for long‑term holders, The New York Times reported that hardware engineering chief John Ternus has emerged as the leading internal candidate to succeed Tim Cook, who is rumored to be eyeing retirement as CEO by 2026 and a move to the chairman’s role – a succession plan that suggests continuity in Apple’s supply‑chain‑driven, hardware‑first strategy. Overall, the stock still carries a Moderate Buy rating and mid‑teens percentage upside based on consensus price targets, but the week’s commentary made clear that future returns will hinge on Apple’s ability to turn on‑device and cloud‑based AI – and the broader ecosystem – into meaningful growth at massive scale.
• Microsoft faced a more complicated near‑term picture as its aggressive AI and gaming roadmap ran into softer‑than‑hoped demand for “AI PCs,” even while Wall Street’s conviction in the long‑term story stayed firmly intact. At CES, PC partner Dell told investors that the anticipated AI‑driven upgrade wave has so far underwhelmed, with consumers often confused by AI branding and able to run mainstream AI tools from older Windows 10 machines, raising doubts about how quickly Microsoft can translate its heavy AI investment in Windows 11, Copilot, and PC silicon partnerships into a hardware replacement cycle. In response, Microsoft is leaning harder into ecosystem plays: it is preparing major Windows 11 full‑screen interface updates aimed at making PCs behave more like game consoles, deepening integration with Xbox, and readying new Xbox Wireless and Elite Series 3 controllers that connect directly over WiFi to cut latency and bolster its cloud‑gaming ambitions. Meanwhile, the company moved swiftly to reassure investors about cost discipline and business stability by publicly dismissing widely circulated reports of 11,000–22,000 potential AI‑related layoffs as “100 percent made up,” as executives emphasized that no such sweeping cuts are planned. Despite the mixed headlines and modest recent share‑price slippage, analysts remain overwhelmingly positive: Microsoft retains a Strong Buy consensus, and average price targets imply more than 30% upside, reflecting continued belief that its AI stack across Azure, Office, Windows, and Xbox – even if slower to move consumer hardware in the short run – will drive substantial profit and cash‑flow growth over the coming years.