Nasdaq 100: AI Bubble Fears Overblown, Bullish Trend Intact Above 26,760 Key Intraday Support

A Wall Street Journal report that OpenAI missed internal revenue targets triggered a brief sell-off in Nasdaq 100 E‑mini futures (≈‑1.5) and weighed on major tech and semiconductor stocks, but the Nasdaq 100 trimmed losses to about ‑1% after OpenAI denied the claims. Technical analysis shows the US Tech 100 remains in a bullish ascending channel with 26,760 as key short‑term support; a break below that would negate the near‑term bullish case. The Philadelphia Semiconductor Index (SOX) is leading the rally (strong YTD and YoY gains) but momentum indicators have yet to show the bearish divergences seen in 2000. Market breadth and short‑term momentum (hourly RSI bullish divergence) support a constructive, though cautiously bullish, outlook for the Nasdaq 100.