Key points
- Figma led today's gainers, up about 12%, just ahead of Gloo Holdings, up about 11%. Both moves trace back to the same kind of trigger, fresh word that a specific buyer stepped in, not a sudden change in either business. Intuit (+6%), Salesforce (+4.5%), Workday (+4.4%), Snowflake (+3.1%), and Adobe (+3%) also gained. Astera Labs led losers, down about 13%, alongside SanDisk (-13%), SharonAI (-13%), AppLovin (-11%), and Aeva (-9%).
- Figma's jump is a short squeeze, not a software rally. About 42% of its float was sold short heading into today, and a new institutional stake disclosed this morning triggered short covering. The stock hit an all-time low on June 25.
- SanDisk's drop traces back to Seoul. SK Hynix suffered its worst single-day decline in nearly two decades this week, and the memory chip selloff spread straight to SanDisk, on top of the company's own falling NAND prices and cut guidance.
- Astera Labs fell on no company news at all, just a broad AI chip selloff hitting a stock priced at 94 times forward EBITDA, where there is no valuation floor to catch a fall that has nothing to do with the business.
Two numbers stood out on today's movers page. Figma was up about 12%, just ahead of Gloo Holdings. Astera Labs was down about 13%. Line them up and it looks like a clean story: software wins, chips lose. The real story underneath those moves is messier, and more useful, than that.
Figma's rally is not what it looks like
Figma's climb looks like conviction buying in enterprise software. It is not. About 42% of Figma's tradeable shares were sold short heading into today, an unusually high number, and Citizens Financial Group disclosed a new stake of more than 162,000 shares this morning. That was enough to push short sellers into covering, which drove the price up further and forced more of them to cover as well, the mechanical loop that defines a short squeeze.
Figma hit an all-time low of $16.60 on June 25, so today's move is a bounce off the floor, not a new high. Bank of America and Citigroup did put fresh Buy ratings on the stock recently, with targets in the $30 to $36 range, and that helped set the stage. But a short squeeze and a fundamentals-driven rally show up identically on a percentage chart. Only one of them tells you something about the durability of the move.
The rest of software actually did rally
Gloo Holdings shows the same pattern from a different angle. The software platform serving churches and faith organizations gained about 11% today. The trigger looks similar to Figma's, just structured differently. Executive chair Patrick Gelsinger, the former Intel CEO, and other board members committed roughly $6 million combined, Gelsinger's own share close to $500,000, to anchor the company's stock offering that closed July 10. We covered that insider buy in detail here. That is a real vote of confidence, insiders backstopping their own dilutive raise instead of avoiding it, but it is a few days old, and the size of today's move looks more like the market only now digesting that commitment than a fresh business development. The company's most recent quarter, for context, tripled revenue year over year to $41.5 million and raised full-year guidance to $195 million, though that news is older still, and today also happens to be the company's annual meeting.
Take Figma and Gloo out of the picture and the rest of the gainers list still holds up. Intuit gained 6%. Salesforce gained 4.5%. Workday gained 4.4%. Snowflake gained 3.1%. Adobe gained 3%. These are established, profitable companies, not squeeze candidates, and several of them moving together is a real signal. We flagged the same rotation out of chips and into software on July 1, and it looks like the same money is still finding its way back to the same place.
Why the chip names actually fell
SanDisk dropped roughly 13%, and the trigger traces back to Seoul, not California. SK Hynix suffered its worst single-day decline in nearly two decades this week, and a Korean brokerage report projected the company would miss its own second quarter profit estimate by about 8%. That selloff in the world's memory chip hub spread straight into SanDisk, which was already dealing with its own falling NAND prices and guidance cuts tied to slower data center demand and rising inventory.
Astera Labs is the more interesting case, because nothing actually happened at the company. No guidance cut, no lost customer, no product delay. It simply got dragged down in a broad AI and semiconductor selloff, made worse by its own chairman selling roughly $60 million in stock under a pre-arranged trading plan earlier this month, and by a valuation near 94 times forward EBITDA that leaves no cushion when sentiment turns. The business itself is fine. Astera's own first quarter revenue came in at $308 million, up 93% year over year, its fifth straight beat.
SharonAI, down about 13%, has an even thinner explanation. The only company news today was a routine proxy filing. SharonAI carries a $2.5 billion market cap against $1.6 million in trailing revenue, which is about as speculative as public markets get, and a stock built on a story that thin will swing hard any time the broader AI hardware complex gets nervous. We covered what is actually behind that valuation here.
Why this is not simply software versus chips
AppLovin, an advertising software company with real AI underneath its targeting engine, fell about 11% today. That single data point breaks the clean version of this story. If the divide were really SaaS against semiconductors, AppLovin belongs on the gainers list, not the losers list. What actually separates today's winners from today's losers is closer to established and profitable against speculative and thinly justified, and several chip names happen to sit on the speculative side of that line right now.
Prices and percentages are from AIStockWire's own movers page as of Monday, July 13, 2026, around 2:30 p.m. ET, and move fast intraday. This is general market information, not investment advice.
