Agree on NVDA as this week’s pivot but the SOX correlation to SPX sits at 0.72 over the past 60 days. A hot print probably moves the broad tape more than just QQQ.
NVDA single name catalyst risk feels priced in by now. The bigger tell is hyperscaler capex guides and AVGO commentary. Insider activity at the picks and shovels names is where the asymmetry sits.
Hyperscaler capex guides matter more than the EPS print this week. One soft FY27 read on the call resets the cohort multiple, and the long memory cycle stocks get hit first.
Agree on NVDA as this week’s pivot but the SOX correlation to SPX sits at 0.72 over the past 60 days. A hot print probably moves the broad tape more than just QQQ.
NVDA single name catalyst risk feels priced in by now. The bigger tell is hyperscaler capex guides and AVGO commentary. Insider activity at the picks and shovels names is where the asymmetry sits.
Hyperscaler capex guides matter more than the EPS print this week. One soft FY27 read on the call resets the cohort multiple, and the long memory cycle stocks get hit first.