Tech Stocks Can't Be Stopped. Has the Iran Decoupling Begun?

Major U.S. indexes slipped after Iran-related negotiation news, but the technology sector continued to outpace the market. Tech-focused ETFs including XLK and SOXX notched their 15th consecutive day of gains, signaling a potential decoupling of tech from broader market weakness. Renewed AI momentum — driven by developments at Anthropic, a major SpaceX deal tied to an AI start-up, and chip-related partnerships and product moves at Nvidia, Intel, AMD, Broadcom and Arm — is drawing capital into semiconductor and AI-exposed names. That flow is supporting chip heavyweights inside tech ETFs despite lofty valuations (XLK ~P/E 37; SOXX ~P/E 47). The piece frames the rally as fundamentally driven by AI optimism but notes elevated prices and upcoming earnings from megacap tech as key catalysts that could extend or reverse the trend.