...despite the scale of market moves, as ‘Bill Gates stated: “The majority of AI companies will fail”-- few writing about it understand the sector...

In sharp contrast to what’s going on in software, the cyclical parts of the market trade very well...

“Nobody is above the law. Not billionaires. Not the powerful. Nobody...”

YTD buying in semis is 5x larger than any other industry, already ~half of all semis demand seen in 2025, and bigger than full-year 2025 demand for every other industry combined. Let that sink in.

Region on edge...

"...they want war. It’s a distraction. Without war, people are going to figure out what the hell is going on..."

...worse still, last month, employers announced the lowest hiring plans since 2009.

ECB says the economy “remains resilient in a challenging global environment”

BoE says “there should be scope for some further reduction in bank rate this year.”

"Three quarters of software stocks are in oversold territory, and the momentum trade that has been the way to play tech and software last year is under severe pressure" 

"We have a very tough market." 

"Memory shortage is real and accelerating..." 

EU Sanctions against the block's own citizens and residents are a horrible development toward a totalitarian future. Their extralegal nature is what gives them their force...

"Today’s session represents a clear escalation of the rotation and dispersion themes that surfaced yesterday - less about Software and more about a broader “re-risking to reversal” moment, where crowded Momentum exposure is being challenged aggressively" - Morgan Stanley

California is not #1... not even close.

This isn’t a VIX story. It’s a VXN story.

... her authorization had been canceled because her presence in the UK was deemed “not conducive to the public good,”

European bourses are broadly on the backfoot; US equity futures mixed, but the NQ outperforms, as chip names benefit from Alphabet boosting AI spending.

X marks the spot as Elon Musk moved swiftly...

Stronger geopolitical resolve, easier monetary policy, and improving data are reshaping the region’s outlook.

For Brussels central planners, particularly in Eastern Europe, a political storm is brewing that, once unified, could one day shatter the regulatory chains.