Good afternoon. QQQs -80bps, with Semis -6% taking the brunt of the pain following the weekend’s AI safety / “slowing the frontier” discussion, while Software/Internet +3% were the big winners. The reversal comes after last week, when AI semi investors finally felt like they were getting their legs back under them and getting comfortable adding gross following the pretty bullish Citi/GS conferences.
Despite all the big factor whiplash this year, today managed to set a new record in Semis vs. Software with the spread at -10%:
A little context in the SOX vs. IGV performance:
Most sectors/names still sitting above “Leopold Lows” although it’s been a frustrating & choppy month and a half for semi investors: