1. Tech led the way on the rebound, with help from a new Nvidia stake purchase in a semi tech company.

2. Treasuries rally as investors weigh growth outlook.

Treasury yields fell as investors are weighing the inflationary effects of the war in the Middle East against a their potential to cause an economic slowdown.

Powell said inflation is not a problem yet and Fed governor Stephen Miran said he favors the central bank lowering interest rates by 100 basis points over the next year!

Below: The US 10 year is back at 4.29% from last week’s high at 4.48%.

3. UBS says to buy rate sensitive stocks.

Predicting the next direction for stocks is a coin toss, and swings are likely to be forceful either way. Hedge funds have unwound a lot of exposure, while macro funds and CTAs are now very short, according to prime brokerage desks. That’s laid the ground for sharp rallies in response to positive news, a scenario that would boost the odds of looser monetary policy.

Below: Rate sensitive stocks have plunged on inflation fears. Time to get back in.

4. Be greedy when others are fearful of software.

5. Memory is the biggest AI chip bottleneck.

OpenClaw is a self-hosted, open-source AI assistant that connects to over 50 messaging platforms such as WhatsApp, Telegram, Slack, and Signal, and gives an AI agent full access to your system such as browser automation, file operations, shell commands, and API calls.
Agentic AI such as OpenClaw are driving significant incremental demand in memory. It’s not cyclical but structural!

Unlike ChatGPT that generate answers when prompted a question, agentic AI does the actual work and functions similar to a team of assistants by searching the web, accessing external tools, reading documents, and executing code to derive a final output.

Earnings estimates for SK hynix are increased again by 24-32% in 2026-27e to reflect higher DRAM pricing from 2Q26 into 2027, and the average price target on the common shares to W1,300,000, which is 65% upside. At the target price, the stock would be trading at 4x 2027e P/E. (!!!)

Below: SK Hynix is 25% lower than 4 weeks ago.

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