Eleven of 12 sectors rose. Technology led at 4.68%, but its five-session move is still -1.59% and the gain is graded tape. AI-infrastructure names led the gainers, with CRWV up 12.03% and NBIS up 12.46%.
Since the last briefing
Yesterday we argued that the AI-hardware selling was about business durability, not rates, because bonds rallied while those stocks fell.
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.