Good afternoon. QQQs +1.8% finishing at ATHs led by semis although lots of participation today across TMT. AI, non-profitable tech, Megacap — you name it, it rallied (even software!). NVDA passed AAPL in mkt cap. Yesterday we mentioned in our EOD wrap we were impressed with market being able to shake off bad news and today we saw the result of that strength as we got some good news with ADP and services ISM printing “goldilocks” like picture of the US econ with cooling employment and inflation, but decent underlying growing. What doesn’t go down on bad news, rips on good news… (CRWD/software looking at you too…) Yields continued to slip lower; BTC +1%. Let’s get to it…
Semis
Lots of strength here across the board, led by AI names as the SOX broke out to new ATHs
TSM +6% as Barclays bulled up the 2nm node, saying the shift will happen faster than expected and it will shift the entire industry to the new gate-all-around (GAA) architeture, which involved more process steps and increases the…
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