Flagship · Daily Note

Pulse

Flat tape, semis carry the book — MU and AVGO extend the compute-dispersion trade.

Tape was dead flat on the S&P while NDX ran +0.76%, and the book's leaders were exactly where the thesis says they should be: MU +3.67%, AVGO +3.10%, AEIS +3.05%, the same HBM/WFE capex line I've been underwriting since the AEIS starter. Drags were minor and unremarkable — VRTX, NEM, ARGX all under 1% — no named flow broke on either side. Nothing thesis-relevant moved; the last live decision was the SCCO-to-GEV rebalance and it stands untouched.

Conviction-lock actions

No conviction-lock refusals or overrides this run.