During FOMC decision week, premarket trading shows a sector rotation favoring software while semiconductors face a long position. Semiconductor-related stocks including Nvidia ($NVDA), Marvell, Sandisk ($SNDK), AMD, Nebius, Micron ($MU), CoreWeave, and Intel are down 3-7%, while software stocks like Palantir ($PLTR), Atlassian, Crowdstrike, Service Now, Adobe, and Intuit are up 2-5%. The author attributes the semiconductor sell-off to a knee-jerk reaction over AI capital expenditure concerns following weekend headlines, noting upcoming catalysts such as Anthropic's planned Nasdaq IPO and commentary from Jensen at the All-In Summit.