TMTB EOD Wrap

Good afternoon. QQQs +1.45% in a nice green day helped by MU print and a cooler CPI number. Odds of a 25bp Fed cut is ~30% on 1/28 and ~70% on 3/18. Yields fell 3-4bps across the cure while BTC fell 1.5% and now hovers around $85k.

Tech had a strong risk-on session, led by AI infrastructure and memory as MU blew out results yesterday and reports that OAI was raising near $750B (WSJ out after the close saying new raise could target $830B). Whatever the number ends up being able to raise $100M at $500B+ valuation is a good thing.

Semis (+2.5%), semi equipment (+2.9%), and network equipment (+3.0%) all outperforming. Memory-exposed and optical names were the clear standout (MU +10%, SNDK/WDC/STX +5–6%, LITE +5%), reinforcing where investor preference/sentiment currently sits in AI land: DRAM > Optical > HDDs > NAND > Power > ASICs > GPUs > Networking. Basically, the sectors with tight supply/demand dynamics and increasing prices where investors continue to want to be exposed. On the fac…