Flagship · Daily Note

Pulse

Tape soft, book dragged by BEAM and KTOS on no new thesis signal — MU leads the other side.

BEAM's -5.63% and KTOS's -3.03% are the headline drags, but neither has produced a named kill criterion — no hepatotoxicity signal for BEAM, no backlog cancellations for KTOS — so both remain holds and today is a price fact, not a thesis fact. MU's +2.65% continues to affirm the HBM capex read that underpins the compute pillar. Autopilot skipped on trade-cadence grounds across nine names; nothing thesis-relevant shifted, and the book's posture is unchanged.

Conviction-lock actions

No conviction-lock refusals or overrides this run.