Not sure If I have communicated this properly, but one of the big themes in the semis now is NAND, HBM and DRAM/HDD prices soaring due to AI moving to the edge and apparent massive shortages.NVIDIA $NVDA CEO JENSEN HUANG JUST SAID: – THE BOTTLENECK IN MEMORY IS SEVERE$MU is ramping HBM4 to ~15k wafers...Read More

Another high beta ripper. We enjoyed returns of +78bps crossed against the SPY +59bps. YTD our gains fast approach 3%, which is always a nice thing to have. God willing, we will not be encumbered by an asymmetrical terror-ride to the downside, like last year’s clown show. Chips are the big standout, but not the...Read More

The Vera Rubin is going to have way more inferencing power and is far more efficient than Blackwells. As a result, we are seeing ancillary AI plays selling off whilst the semis remain robust. The memory market, spearheaded by SK Hynix, Samsung, Micron, Seagate, Western Dig and Sandisk is white hot, due to shortages. Said...Read More

A broad based rally, not without murderholes however. On Friday we had software stocks knifing down and today midcap AI names took to the bottle and drunk themselves to sleep. Nevertheless, we managed gains of +106bps, crossed against +63bps for the SPY. This is not by accident, since we positioned in a higher alpha sleeve...Read More

Sharply higher prices in oil stocks tonight, after Trump is claiming dominion over Venezuelan oil. XOM is +6%. We are long. In addition to big oil, we are seeing very sharp moves in downstreams and exploration. The idea, naturally, is new American clay in S. America with vast resources to tap into.We are also seeing...Read More