pre market thoughts 27 May 26

Yields a little soft with 10Y at 4.47 and 30Y at 5%. This has supported ES to trade at the recent and ytd range high. In earlier asian trading, japan is flat for the day while Kospi, taiwan has managed a ~2% increase. China is notably down on the day.
What is interesting to me is the performance under the hood. $MU trading at 940s would have given an outsized boost to SK Hynix and Samsung - which has materialised in SK being up 10% and Samsung up 3%. However, interestingly, $285A Kioxia which opened the day strong at 68k has only dribbled down in selling pressure down to the lows of 60.7K - almost down 10% on the day itself!.
In the rest of the space, the PCB giants like $2476HK also had a relatively weak showing, opening high before giving back all the gains into profit taking.
China tech continues to get clobbered in Asia markets with Tencent down 1% and BABA down 2% respectively in HK hours.
Lets talk about the overnight action in US markets. Semis and space were up strongly. If you had any of this in your book, you would be pretty happy, otherwise most names outside of these were flat to down. This has only increased dispersion in equities.
$NOK has also reported insider buying of the shares at multi year highs. These are executives making 1M purchases in their own stock at the highs. The last time i saw this was in $MU at the start of the year with Mark Liu buying ~8M of $MU shares at ~300+. $NOK and its AI-RAN story could fuel continued growth and momentum. Chart wise, the next resistance looks like at about ~$39 USD (set in 2007) - this has seen a very very very long consolidation.
Fuel cells have been a rather silent winner yesterday - TE is up almost 20% from friday's close, with ENPH, PSIX also holding on to gains. IMO, the next frontier beyond memory will be power and energy. As a recap, current DC build outs are constrained by the US aging grid. Fuel cells and Nuclear are the 2 proposed solutions for DCs to wean off the grid constraints.
$OKLO has also landed a DoE deal to turn cold war era plutonium into fuel for its advanced reactors under the surplus plutonium utilization program. Previously Quantum made a resurgence from USG Admin investments - IMO, we will see a similar deal for Nuclear companies given the strategic importance of the sector to the US.