The Week Against the Year

The Morning 10

1. 1 Overnight — Korea's gap, and the fade
2. 2 The referee reversed the call
3. 3 The 28-billion-dollar dip-buy — SK Hynix's ADR
4. 4 Broadcom's Apple deal — custom silicon, the other side
5. 5 Semis and software — yin and yang
6. 6 Ceasefire declared over
7. 7 FOMC minutes — hikes entered the conversation
8. 8 China's two-speed prices
9. 9 The barbell swapped sides
10. 10 Outside view — Jeremy Grantham

The full Morning 10 →

Daily Pulse — The Week Against the Year

Two leadership flips in three sessions, and tomorrow the SK Hynix ADR floats on a 28-billion-dollar oversubscribed book. The cleanest way to see what is actually happening is our four-index strip: the week is rotating against the year. Rubin — the year's biggest winner at +103% — took the week's biggest hit at −9.6%; Agentic Winners — the year's laggard at −21% — won the week at +2.9%; the Agentic Ecosystem absorbed it flat, and HALO, the AI-neutral control group, sat basically unchanged both ways. Globally, the defensive bid is real and synchronized: Health Care leads all regions at once. Our own read, diary framing, not advice.

The full Pulse →

Published that day

• Report — Forward-Deployed Engineers: The Human Infrastructure Layer of Agentic AI

On the tape

• Money Temperature · Mixed / transitional — 1 heating / 3 cooling
• Rubin 100 · Sector rotation — GASCHEM → S19
• Cross-asset day: VIX 15.8, DXY 100.94, 10Y 4.57% — risk-on regime
• Euro-AI 50 · 1-month leaders — ATS.VI +31.59% / MTRS.ST -24.42%
• Euro-AI 50 · Daily leaders — NBIS +10.91% / OVH.PA -9.86%
• HALO 100 · 1-month leaders — ELF +49.59% / FLNC -33.04%
• HALO 100 · 1-month sector leaders — LONGEVITY +14.76% / ENERGY -17.24%
• HALO 100 · Sector flow — CIRCULAR +0.09% / DEFENSE -3.30%