pre mkt thoughts 29 May 26


US yields a touch softer - 10y now at 4.45% and 30y at 4.98% - that is 5bps on the 10y and 2bps on the 30y. ES also correspondingly is at the highs of 7585. NKY, KOSPI both saw strong performances - up 2.5% and 3.5% respectively.
This was off the back of an extremely strong US session where we saw the rally broaden out beyond the memory and direct semi names. Memory opened strongly before giving back most of its gains, however $SNDK had a tone shift vs its prior performance with $MU where it traded much firmer than the last few sessions. 285A Kioxia also recovered to almost 66k, giving the NAND story further footing.
What really captured attention was in the after market - we saw DELL up 40% post earnings - for context, $DELL is almost up 2x in a single month...$HPE is also up 24% off people chasing the next beta, $HPE reports after mkt close on 1 Jun. Beyond legacy names making a pivot into AI, the repricing in software that i highlighted in prior updates continues. $MDB had a strong showing post earnings with an initial rally to $400 before closing down. However it is notable that current anthropic releases no longer crashed the entire $IGV market.
Citrini has also called for the current rally to broaden - calling it an everything rally.
Good luck!
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