mkt thoughts 22 Jun 26


First off - the entire hyperscaler complex has sold off dramatically - led by $GOOG at -7% with most of the other names down 5-2%. This is contrasted against the receivers of capex - namely memory and memory pooling solutions. $MU and $SNDK are up ~4-6% with memory pooling solutions like $CRDO up 11%, ALAB up 2%.
In neoclouds, $NBIS was the most resilient name, hovering near 300 before weakness across the entire complex led by $CRWV (-~7%) dragged it down.
In my pre mkt thoughts, i made the case to reduce leverage going into end of Jun. Looking at the current flow and landscape, i think this is time to bid some short term protection, The overall fundamental story is still intact, however technical flows looks set to turn into sell pressure for the +1wk horizon.
Good luck!
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