TMTB Weekly

Happy Sunday. Another wild week in the books as QQQs extended their win-streak to a near-record 13 days hitting ATHs.

Software was up 14% for the week but the sector whiplash we have gotten used to in the first quarter of the year was largely missing as plenty of AI semi names were also up significantly (with plenty finishing at or near 52wk highs to end the week). A good and healthy sign - less wild factor/sector moves means investors can continue to feel comfortable grossing up. As we’ve been writing, the environment feels like the good ol’ days pre-Sam’s Splurge in the fall. We’ve been focusing on the potential right-tail case for a few weeks now and that seems to have played out very quickly with the QQQs up 16-17% in a straight line since the bottom in the end of March.

The whackbuy-a-laggard has spread from AI semis into the broader market and names on the right tail of risk spectrum have caught a bid: nuclear, quantum, etc.