Small-caps just posted (https://www.cnbc.com/2026/06/30/small-cap-stocks-enjoy-best-first-half-since-1991-as-ai-trade-expands.html) while semis crushed records. But nobody's asking who's financing this. Banks are underwater on duration and deposit flight hasn't stopped — it's just moved off-balance-sheet into credit products. $JPM and $GS are sitting on deteriorating NII signals while the credit impulse is *still* expanding.

Research these companies