US stock markets were mostly lower with the Nasdaq leading the downside as concerns over AI valuations weighed on the technology sector, despite TSMC reporting strong quarterly earnings, as the results failed to satisfy lofty investor expectations alongside a capex raise, while the stock ultimately closed lower alongside the broader semiconductor complex. Alphabet (GOOGL) shares also added to the pressure late in the session after reports that it had delayed the launch of Gemini 3.5 after the model failed to meet internal performance targets. Looking beneath the headline indices, underlying market breadth was more constructive, as the equal-weight S&P 500…