The Buy Lists Arrive — One Week After K3, the Street Reaches Past Semis
Alphabet day — and the tape isn't waiting for the print. US futures are up more than 1.15% this morning, a gap that points the semiconductor index's open at the doorstep of the 530–532 verdict band it has been rejected from three times in four sessions. Asia spent the night answering Friday's rout: the Kospi closed up 4.7%, Kioxia's first Tokyo session since Marine Day repaid almost the entire −16% print in one +15.9% move, and Taiwan added 3.6%. Bitcoin is at a one-month high off the 60,000 floor, gold defended 4,000 the same way. Everything about the morning says relief — and everything about the last four sessions says relief gets sold by the close. The difference this week: tomorrow evening the answers arrive in bulk — Alphabet's capex line leads a four-print night with Tesla, IBM and ServiceNow, the questions the chart can't settle. The day in ten.
One week after Kimi K3, the first institutional buy lists are out — and UBS's own basket quietly confirms the shape we mapped: the names reach past semiconductors into storage, custom silicon, AI opex and the application layer. We run our ratios daily through this week to turn the rotation into a year-end read — into tomorrow evening's four-print night, led by Alphabet's capex line.