NEW YORK, NEW YORK – SEPTEMBER 03: Traders work on the floor of the New York Stock Exchange (NYSE) on September 03, 2025 in New York City. The Dow was down over 150 points in morning trading. (Photo by Spencer Platt/Getty Images)
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During the week ending September 5, the S&P 500 was essentially unchanged, slipping 0.12%. In contrast, several S&P 500 constituents—particularly AI-related names—posted strong gains. The week’s top movers were propelled by upbeat quarterly surprises, sizable chip agreements, and constructive regulatory developments.
Macroeconomic data pointed to a softer labor market: nonfarm payrolls in August rose by only 22,000, well below the 75,000 forecast, while the unemployment rate edged up to 4.3%. Together, these readings reinforce expectations that the Federal Reserve will move forward with a widely anticipated interest rate cut later this month.
We detail the biggest movers below. That said, if you’re seeking upside with less volatility than a single-stock position, consider the High Quality Portfolio. It has comfortably outpaced its blended benchmark—the S&P 500, Russell, and S&P MidCap indexes—with returns exceeding 91% since inception.
Western Digital’s stock climbed 15% last week on a strong earnings print and upbeat guidance for the coming quarters. WDC has nearly doubled in 2025, riding the AI wave as its high-performance storage is critical for AI data centers. At $93, WDC trades at about 2x trailing revenues, modestly above its five-year average P/S of 1.7x. The relative discount to its historical average, as well as some peers, reflects its heavier exposure to the more volatile NAND segment, recent market drawdowns, and historical concerns about earnings cyclicality.
Broadcom advanced 13% last week, buoyed by strong quarterly results and news of a new $10 billion custom AI chip order from a major customer—seen as a meaningful accelerant to revenue growth. Our recent analysis — AVGO Stock To $400 — outlines how Broadcom could potentially double again after a 135% gain over the last twelve months. The company is leveraging deep semiconductor expertise to deliver bespoke AI hardware for hyperscale, cloud, and enterprise buyers.
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Seagate shares rose 12%, supported by expectations for sustained AI-driven storage demand, with the stock up 115% year to date. The enthusiasm for high-capacity drives used in AI workloads has pushed STX’s valuation, now at 4x trailing revenues—well above its five-year average of 1.9x. That premium suggests the market is pricing in elevated demand and earnings durability.
S&P 500 Top Gainers For The Week Ending Sep 5
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Micron gained 10%, largely on rising demand for high-bandwidth memory (HBM) in AI infrastructure. Micron’s revenue multiple is 3.9x, close to its five-year average, implying today’s pricing reflects both current strength and cyclical risks—particularly as DRAM has entered an upcycle after a tough 2024, while NAND remains subdued. Even so, Micron may be AI’s best bargain.
Google advanced 10% after a key regulatory win—a federal court found it wouldn’t need to divest Chrome, a platform we estimate is worth over a trillion to the ecosystem. The stock still appears relatively undervalued versus peers, with potential for an additional trillion-dollar upswing if further rulings are favorable; another decision due on September 10 could shape the next move.
Remember, investing in a single stock—or a small handful—carries meaningful risk. Consider the Trefis High Quality (HQ) Portfolio, a 30-stock collection that has comfortably outperformed the S&P 500 over the last 4-year period. Why? As a group, HQ names have delivered better returns with less volatility versus the benchmark—less of a roller-coaster ride—visible in the HQ Portfolio performance metrics.