(https://www.cnbc.com/2026/05/29/snowflake-just-had-its-best-day-ever-hsbc-thinks-theres-more-to-go.html), and the narrative is pure air — "cloud infrastructure resilience" on what's functionally a sentiment relief trade in the middle of the worst macro cycle for long-duration SaaS since 2022. The problem: I'm looking at the 13F data and institutional sponsorship on cloud infrastructure names is already rolling over.

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