mkt thoughts - 11 Jun 26

Despite big donald tweets hitting the tape, SPX has shown tremendous amounts of resiliency. Also, the entire hyperscaler complex is underperforming into the session - The market has decided that collectively they are spending too much! - See GS and Barclays both calling for consensus capex spends to be understating for the anticipated amount - which in itself is bullish for recipients of capex... Memory generally strong with $SNDK and NANDs outperforming DRAMs ($MU). Memory pooling names $ALAB and $CRDO are also extremely positive into the session - these names have outperformed even during the sell offs.
$ORCL results has also hit $CRWV - the most levered of the neoclouds. $NBIS is also slightly softer vs yesterday.