We shed 73bps for the session due to weakness in many of the recent hot stocks. Money decidedly moved into tera cap tech like GOOGL and NVDA and out of some of the secondary names. We did use the weakness in ARM to add to our position by 0.2% in the $210s. After the close,...Read More

I often discuss all of the virtues of the market, so let’s discuss potential headwinds by sector. Note these headwinds persist and is the reason why so many investors have been corralled into industrials, basic materials and non software tech. Basic Materials: War risk, oil prices elevatedThe best case scenario for oils is for oil...Read More

I’m on a Jetblue back to RDU now and unlike Delta — the wifi actually works here. I wanted to share some notes with you on what is happening with AMD and CPUs in general.DA Davidson upgrades AMD pt to $375“We are upgrading shares of AMD based on a structural increase in CPU demand on...Read More

We’re still in NYC, now celebrating my daughter’s 23rd bday. We had gains of ~126bps, about 49bps better than SPY. It was a bit off our highs of +180bps around noon, but we retrenched after some of the recent flyers like NBIS and IREN pulled in and fell.No worries. I have very strong convictions about...Read More

After hours INTC posted some truly blockbuster results, far exceeding even the most bullish forecasts. It’s important to note what was said during tonight’s call, with regard to CPUs. $INTC CEO: “The next wave of AI will bring intelligence closer to the end user, moving from foundational models to inference to agentic. This shift is...Read More