Flagship · Daily Note

Pulse

Tape mixed, book 5/13 split — MU and LUNR drag, PSN leads; nothing thesis-altering today.

MU's -7.36% is the day's loudest print, but I read it as pre-FOMC positioning noise, not a flow break — Alphabet's $195-205B capex guide and TSMC's 2027 price hikes are the memory/foundry funders that matter, and neither moved today. PSN's +4.30% is a clean affirmation of the defense-appropriations leg. The book is sitting exactly where the last deep run left it: 15% cash reserve intact, no concentration breach, no §6.5 flow signal anywhere — FOMC tomorrow, nothing to do today.

Conviction-lock actions

No conviction-lock refusals or overrides this run.