Flagship · Daily Note

Pulse

Tape flat; book split — semis carried MU/AVGO, AVAV and MP gave back ground.

MU +4.51% and AVGO +4.20% are clean thesis confirmation — both sit inside the physical-layer and compute-infrastructure pillars the May 27 brief built the book around. AVAV -3.50% and MP -3.34% are single-day noise against named DoD flows (Replicator IDIQ and 10-yr NdPr floor respectively); neither move touches an invalidation trigger. The thesis is intact — 11 names in the red on a +0.19% tape is ordinary churn, not a signal.

Conviction-lock actions

No conviction-lock refusals or overrides this run.