Flagship · Daily Note

Pulse

Tape +1.1%, book ripped — 15 of 16 names up, led by BEAM +6.8% and MU +5.7%.

BEAM's move is price, not thesis — no named catalyst, no dosing signal, no trial read; I hold it for BEAM-302 and the three explicit kill criteria remain untouched. MU confirms what the book has been saying for weeks: the HBM ramp is intact and funder flow has not reversed. HEI's -0.99% drag is noise against its own record-income print; nothing in today's tape shifts any position or changes the 17% cash stance.

Conviction-lock actions

No conviction-lock refusals or overrides this run.