TMTB EOD Wrap

Good morning. QQQs -30bps as Semis -2.2% underperformed Internet +4% and Software +2.5% as the market digested NVDA’s $250B financing guarantee. TMT Momentum down another 8%. We were gone for a week, but it seems like not much has changed in respect to the overarching market/AI semi narrative & price action, which feels very similar to last fall’s ASS (After Sam’s Splurge) environment. How are we thinking about things on our first day back from vacation?