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Recent
- Pulse 2026-06-27Step One: Trimming the Infra-AI SideA week of housekeeping with a direction — the discretionary work across the books was almost entirely reductions, taking size down in semiconductors and the infrastructure side of the AI trade. The bo
- Pulse 2026-06-26Gold: Wave 4, or Wave 4 of Something Much Bigger?Gold's roughly 25% slide to around $4,000 (GLD 369.46) looks like a gold story. It is a plumbing story. Of the four structural pillars that built the 2023-24 bull, three have reversed this year: India
- Pulse 2026-06-25Micron Ripped on the Beat — but the Re-Rating Is 16 Take-or-Pay DealsMemory had been dipping into Micron's print — the stock peaked near $1,211 on 22 June, sold off roughly 13% into earnings — and then ripped about 15% on the beat. The reflex is to trade the move. We t
- Heresy 2026-06-25Memory Is the New Compute — Closelook Heresy VIIIEvery Heresy starts with a consensus model that used to work and a structural change that quietly broke it. The consensus model here is the DRAM cycle: memory is a boom/bust commodity you trade — buy
- Pulse 2026-06-24Why Another Leg Down in SaaS and Software May Be in the MakingSoftware's first leg down was mainly about duration. The market did not decide that software earnings were impaired — it decided they could no longer be discounted with as much confidence, because AI
- Report 2026-06-24Micron Beat — and This Time the Market Didn't Sell the Peak
- Pulse 2026-06-23Micron's print lands into a global chip selloffThe most crowded trade in the market is wobbling at the worst possible moment. As of early Tuesday trading, the global semiconductor complex is derisking hard: South Korea's KOSPI — home to Micron's t
- Report 2026-06-23Micron: The Print That Now Prices the AI Trade
- Weekly Signal 2026-06-21A Two-Speed Market
- Pulse 2026-06-18Warsh Goes Hawkish. The Long End Isn't Listening.Yesterday was Kevin Warsh's first FOMC meeting as chair, and he used it to plant a flag. Rates stayed at 3.50–3.75% (a fourth straight hold), but the message hardened: a unanimous vote, the easi
- Pulse 2026-06-17Asia's Great Divergence: GDP on One Side, Price on the OtherPut four monthly charts side by side and you get one of the cleanest splits in global equities. Asia's two largest economies are going nowhere — India's Nifty 50 (23,989) has churned inside a bo
- Pulse 2026-06-16Crunchtime for the AI TradeThe tape is sending two messages at once. The structure is at new all-time highs — the Rubin Build-Out 100 printed fresh records (momentum-weighted ~2,365, +137% since inception; cap-weighted ~1,866)
- Weekly Signal 2026-06-14The National-Security Discount
- Pulse 2026-06-12Rockwell Automation: A Physical AI Winner Breaking OutRockwell Automation (ROK) is starting to look like one of the cleaner second-wave AI stocks — not because it makes GPUs or runs cloud models, but because it sits in the physical AI layer: factories, w
- Pulse 2026-06-11Semis Crack, AI Weakens, Risk Assets Slip TogetherThe 10 June US session was a synchronised risk-off day, led by semiconductors and AI. The watchlist closed broadly red, with the heaviest pressure in semis, AI/tech, gold, Korea, Taiwan and the Nasdaq