AI hardware extends its lead as enterprise software's bounce divides the room.
A session that looked like a simple tech rally on the surface contained a meaningful fault line between durable AI-infrastructure compounders and legacy software names whose one-day pops have not yet earned a five-session confirmation.
Equities posted a broad advance on April 13 with 10 of 12 sectors higher, led by Technology at +1.88%, as AI-infrastructure names extended multi-week momentum and the yield curve shifted modestly dovish at the short end.
Since the last briefing
Yesterday the committee held a 65/35 position that AI hardware leadership was durable and that enterprise-software multi-week declines represented rotation, not a reversion opportunity.
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.