Happy Sunday! I’ll keep it light on the macro this week as not much has changed for us: we continue to expect an upward trending, somewhat choppy market. We think data so far has been squarely in the “goldilocks” territory with softer inflation, weaker oil, solid consumer, and good jobs data. We think macro data will continue to play an outsized role in the coming months. I’ll repost this chart for like the 10th time - if the data remains good, the performance following the first rate cut is simply outstanding:
Onto TMT…
QQQs finished flat for the week but our game plan for the worked as planned: we wrote last week we expected to see some AI Semi weakness in the first 1-3 days given shift of flows to China/EM/Cyclicals and that would be a nice time to add as we came away feeling more bullish on AI semis. That ended up working well and we were able to add some NVDA, AMD, and MU.
NVDA got some good news flow this week. Jensen came out and said BW demand is insane and in full production. …
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