Flagship · Daily Note

Pulse

Tape rips +1.94%/+3.77%; book led by MU +20.7%, GEV +9.4%, TSM +8.3% — compute bottleneck thesis delivering.

MU, TSM, and GEV drove the book today — all three sit at the core of the compute physical-bottleneck leg, and this move is thesis confirmation, not noise. LLY, VRTX, and ARGX dragged but are not named funders, so those moves don't touch the thesis. The autopilot cadence-skipped a haiku scan on the compute/defense names; nothing in today's tape changes that call — the book holds as structured coming out of the July 29 event-driven patch.

Conviction-lock actions

No conviction-lock refusals or overrides this run.