Nvidia's margin scare pulled Technology lower while bonds rallied and defensive-leaning sectors held up
For quality-focused holders, the question is whether AI leaders still earn well above their cost of capital as margins compress. One quarter's headline doesn't answer that.
Technology fell 1.33% and led the tape lower after Nvidia's post-earnings selloff, while Financials, Communication Services and Real Estate rose; only 5 of 12 sectors finished higher.
Since the last briefing
No prior position is on record, so this is our opening stance. We hold durable AI and industrial franchises through the Nvidia post-earnings selloff, but hold off adding to NVDA until operating margins show they are stabilising.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.