Memory and storage surge while earnings-quality gaps punish software laggards.
The session rewarded investors willing to distinguish between AI infrastructure enablers with genuine earnings power and software growers whose reported results could not support stretched multiples.
Technology led a split tape with six of twelve sectors closing higher, as a multi-week semiconductor rally centered on MU, INTC, and SNDK dominated price action while rate-sensitive Utilities and Energy gave ground amid continued yield pressure.
Since the last briefing
Yesterday's position held that the Hammack yield signal was the session's structural event and that rate-dependent multiples in financials and semiconductor mega-caps faced compression risk, with cybersecurity and cloud named as defensible exposures.
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.