AI hardware holds its multi-week lead while enterprise software extends its breakdown.
For a long-term holder, the session's message is that the hardware-over-software rotation that began weeks ago is accumulating daily confirmation rather than reverting.
AI-hardware names posted multi-week confirmed gains while enterprise-software names including NET, NOW, and OKTA fell sharply, extending a rotation the committee identified yesterday and reinforcing the prior position's core thesis about durable leadership in silicon over code.
Since the last briefing
Yesterday the committee concluded that AI hardware had confirmed multi-week leadership and that enterprise-software declines were a durable rotation signal rather than a reversion opportunity, framing the session under a Quality Cyclicals frame at 60/40
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.