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Recent
- Weekly Signal 2026-10-11Financials — The Early Warning Has Turned, for Now
- Pulse 2026-10-10Portfolios — No Trades as Chips Fell 5%None of the five books bought or sold anything this week. The log holds dividends and one share split, nothing else. That is worth writing down in a week when the chip fund SOXX fell 5.0 percent and t
- Pulse 2026-10-09AI Trade — Capex Sold, Apps BoughtOpenAI's revenue came in at about $50 billion, not the $70 billion that had circulated — and the AI build-out was sold: chips −3.4% on Thursday, the data-centre builders −7%. The software that uses AI
- Pulse 2026-10-0860/40 — Not Dead, the Bond Part Needs a RegimeThe 60/40 portfolio is not dead. What failed was the static bond half: 40% in long Treasuries, whatever the rate regime. Nobody buys the stock half that way — the stocks are chosen by regime. The bond
- Pulse 2026-10-07AI Build-Out — Spotting the 2027 SlowdownEarnings season starts next week, and the big question is not whether AI is real but when the build-out stops speeding up. Forecasters already expect it: the six biggest cloud spenders are seen liftin
- Pulse 2026-10-06AI Hardware — Not One TradeWe split the AI trade into 36 equal-weight sectors across our three AI indices. Since 22 June, the day the chip stocks peaked, only 3 of the 24 hardware sectors are higher: the server makers (+21.8%),
- Pulse 2026-10-05AI Trade — The Suppliers' Suppliers Move FirstMicron and TSMC buy from suppliers who report first. In Taiwan, AI revenue at substrate, power, server and chip-design makers grew 45% to 78% a year in June–August; test maker Advantest is up 25.9% si
- Weekly Signal 2026-10-04Non-Tech Growth — Two Years of Dead Capital, and Now It Trades Like a Bond
- Pulse 2026-10-03Storage — Western Digital Sold the Day Before a 10% Drop, SanDisk DoubledOne book traded this week, and it made one swap. On Thursday AI Build-Out sold its whole Western Digital line, 20.01 shares at 445.29, for 8,910.77 dollars and a gain of 3,280.99. The same day it boug
- Pulse 2026-10-02Bonds — Same Rise, Different Reasons: US Growth vs. Europe's DebtLong-term rates are rising in the US and in Europe, but for different reasons. The US 10-year yield rose 45 basis points in 21 trading days to 5.24% because the economy runs hot: nominal growth of 6.3
- Pulse 2026-10-01Nasdaq — The Bad Season Is Over and a Record Is Close: Will the Midterm Rally Repeat?The six weeks that usually hurt stocks the most are behind us, and the Nasdaq 100 did not get hurt: it rose 4.2% in August and 3.2% in September and closed Wednesday at 30,408.50, just 1.05% below its
- Pulse 2026-09-30Micron — Tonight's Real Number Is the Memory Price, Not the QuarterMicron reports after the US close tonight. The quarter is known: the company guided about $50 billion in revenue and an 86% gross margin, and it beat the earnings estimate in all of its last ten repor
- Pulse 2026-09-29Long Bonds — The Break Is Global: Why Earnings Growth Now Has to Outrun RatesThe long-bond fund TLT closed Monday at 78.62, 0.4% above its 52-week low after five down sessions, and the 30-year yield closed at 5.561%. The 10-20 and 7-10 year funds sit at their lows too. The mov
- Pulse 2026-09-28Memory — Same Name as 2022, a Different Product: Why the AI Cycle Is Not the Old OneSeoul reopened after Chuseok and closed 2.37% lower; Samsung fell 4.73% and SK Hynix 4.57%, and the selling spread to flash storage and HBM suppliers while the tool makers held. Micron reports on Wedn
- Weekly Signal 2026-09-27Magnificent Seven — Without Tesla, the Six Are Beating the Market