Big Tech Rallied After the White House AI Meeting

President Trump hosted leading AI executives at the White House on Tuesday. The companies signed a voluntary accord on AI development, and the administration also rolled out an AI-powered government website, America.gov. On Wednesday, the large-cap leaderboard looked familiar. Filter a stock screener for companies above $200 billion in market cap and sort by top gainers, and several names from the guest list appear: Alphabet, Apple, Amazon, Microsoft, NVIDIA and Palantir.

Nick Valdez thinks that companies at the center of Washington's AI discussions could be well positioned as policy and government partnerships develop. At this time, several of these companies are sitting at defined technical levels.

Apple's $346 Retest Comes First

Apple has been trading around a rising trend line. Price was rejected there, pushed above it, pulled back and came back into the line only a few days ago.

The next level Nick is watching sits around $346, which he calls a "very, very important" retest. How Apple reacts there should give a cleaner read on whether the recent move can hold its technical structure.

Amazon Is Already Showing Resistance

Amazon is trading inside an ascending parallel channel, and it is currently rejecting at the channel's midpoint. That is a common point of friction inside a rising structure, and the stock has started to pull back from it.

Jeff Bezos was at the White House, and Amazon is firmly part of the AI story. For now, Amazon is running into resistance, not breaking out.

TSM and Tesla Have Cleaner Pullback Levels

Taiwan Semiconductor has respected a rising trend line with several clean interactions. A pullback toward that line is the level to watch. It may not happen today, but the trend line could converge with the June 30 pivot high. That is where the trend would face an important support test.

Tesla has a pivot low and a large opening gap that sold off sharply and now offers some support. The more useful signal is confluence. Fibonacci retracements drawn from different swings, including the 0.786 and the 0.5, line up around $341. When independent measurements point to the same price, that level deserves attention.

SpaceX: Pivot First, Gap Fill Second

SpaceX (Nasdaq: SPCX), which began trading publicly in June, is moving higher with the group. With xAI and Grok under its umbrella, it has an AI angle beyond rockets.

The first obstacle is a recent pivot high. It is not a heavily layered level, but it is a reasonable place for a rejection. If price clears that pivot, the next level is the gap fill from July 7.

Meta's Downside Level Still Matters

Meta has made some decent moves, and the White House meeting may have eased pressure on the stock for now. If it resumes lower, the level to watch is the one set by the April 17 pivot and retested on July 15. That area also lines up with a 0.382 Fibonacci retracement, which makes it the downside line that matters.

Nike Is the Outlier

Nike has nothing to do with the AI trade, and that is why it is worth watching. The stock is down roughly 80% from its all-time high, trading around $35 and testing levels last seen in February 2014.

That long-term zone is acting as support. If it gives way, the next level is a gap fill near $33. Nick points to heavier competition and questions around Nike's brand focus as possible contributors to the decline. Whatever the cause, the chart is sitting on a level that has not been tested in more than a decade.

While attention flows toward the AI leaders, Nike shows the other side of the market: a former leader on support that has to hold.

Key Support and Resistance Levels for Apple, Amazon, Tesla, Meta and SpaceX

Apple has the ~$346 retest. Amazon is testing whether it can reclaim the midpoint of its ascending channel. TSM has its rising trend line and the June 30 pivot on any pullback. Tesla has Fibonacci confluence near $341. SpaceX has a pivot high first and the July 7 gap above it. Meta has lower support defined by the April and July pivots plus the 0.382 retracement. Nike has 2014-era support, with ~$33 below.

Apple, Amazon, TSM, Tesla, SpaceX and Meta are now sitting around defined technical levels, while Nike is testing long-term support from a very different part of the market. Some are approaching support. Others are already running into resistance. The policy narrative may explain why traders are paying attention, but price action will show whether the move has staying power.