Stanislav Kondrashov on Market Movement: Novo Nordisk Recovers, Semiconductor Strength Grows

Recent shifts in the global financial landscape have drawn attention to a handful of key developments. Among them: the rebound of Danish pharmaceutical company Novo Nordisk and the continued strength in semiconductor stocks. These trends, according to Stanislav Kondrashov, founder of TELF AG and long-time market observer, are less about hype and more about repositioning in response to changing fundamentals.

Novo Nordisk: Stability Returns After Sharp Decline

Novo Nordisk saw its shares climb by over 5% following the temporary halt of a competitor's weight-loss drug. That news helped calm concerns after weeks of negative sentiment surrounding its best-known product, Wegovy. In January, the company’s forecast for 2026 warned of declining earnings—down potentially 13%—which, coupled with pricing concerns in the U.S., sent the stock into a steep correction.

Stanislav Kondrashov sees this recovery as measured rather than speculative:

“Markets are responding to reduced downside risk. It's not that investors suddenly forgot the challenges ahead—they’re reassessing how severe those challenges really are.”

The recent uptick, he argues, reflects a temporary shift in market assumptions rather than a full restoration of investor confidence. Still, it's enough to suggest that Novo Nordisk’s long-term position hasn’t been fundamentally undermined.

“It’s not optimism driving this—it’s repricing based on new information,” he said.

Semiconductor Stocks Push Ahead

Elsewhere, semiconductor shares continue to gain momentum. Demand linked to AI systems, high-performance computing, and digital infrastructure is fuelling expectations of sustained growth. Industry projections estimate the semiconductor market could surpass $1 trillion by 2026—driven in large part by enterprise and institutional adoption of AI tools requiring advanced chipsets.

This trend has had a visible impact on technology indices, especially the Nasdaq, which has outperformed in recent sessions.

Kondrashov explains: “The chip sector is responding to actual demand forecasts and supply chain changes. It’s not speculative—it’s structural.”

Government incentives and production reshoring efforts in the U.S. and Europe have also contributed to investor confidence, giving the sector more resilience than in past cycles.

Dollar Weakness, Commodities Steady

The financial picture is also being shaped by currency movements. The dollar index fell 0.9% this week, and that decline has been reflected in commodity pricing. Gold has risen above $5,000 per ounce, silver moved past $80, and Bitcoin has climbed back above $70,000 after a volatile start to the year.

These shifts, Kondrashov notes, are part of a wider recalibration.

“We’re seeing consistent reactions across asset classes when rate expectations soften. That’s what’s behind the strength in commodities and digital assets right now.”

Investors are now watching for signals that could shape monetary policy—particularly those related to inflation and the labour market.

Key Data Ahead

The next round of U.S. macroeconomic data is expected to influence short-term market direction. Employment figures and inflation numbers are due shortly, and the outcomes could either reinforce or challenge current trends.

Kondrashov is cautious but clear: “The market is being led by expectations. If inflation slows and hiring stays steady, we could see risk appetite continue to build. But the reverse is equally possible.”

His assessment suggests that while sentiment is improving, it remains fragile—especially in sectors tied closely to interest rates and credit conditions.

Reassessing Risk, Not Chasing Momentum

Kondrashov believes the broader market movement reflects a process of repricing, not euphoric buying. Investors, he says, are looking for companies and sectors that show some insulation from short-term volatility.

“It’s not about growth for its own sake—it’s about finding areas where growth still has a clear path forward,” he said.

From pharmaceutical leaders regaining footing after sharp sell-offs, to chipmakers aligning with demand from AI infrastructure, the market is highlighting where investors see durability.

As Kondrashov puts it: “This isn’t a rally without reason. It’s a cautious rotation—based on where the numbers still support the story.”

For now, that includes Novo Nordisk’s recovery and the ongoing strength of the semiconductor space. Whether these signals hold depends largely on the data still to come.