Good morning. QQQs +1.5% helped by MU surprising positive EPS + guide and more stimulus out of china which has FXI +6%. Semis getting a bid this morning and that was the last group in TMT where we weren’t really seeing new highs - that might change soon (AVGO prob first candidate to do it). We’ve been writing about how AI sentiment has been increasing over the last few weeks: increasing talk of ROI (WMT, PANW, AMZN, etc.), all the stuff at GS TMT, buildouts from ORCL/META, MSFT 3 mile island, etc…Seems like a big damn was building and this MU print might be damn that breaks it. China and Fed just added fuel to themix.
Lots of positive news overnight on the macro front. VitalKnowledge, as always, captures it well:
“China continued to fire its stimulus bazooka, adding a fiscal element overnight to compliment the monetary blitz from earlier in the week (in addition, there was a report on Bloomberg about China potentially injecting ~$140B of capital into its largest banks, enabling them …
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