📈 Market Structure & Sentiment

• The S&P 500, despite trading just 4.5% off all-time highs, registers as more oversold than during the 21.5% correction at Liberation Day lows. 1
• Overreactions persist: a 1% intraday dip ignites talk of circuit breakers. 6

🤖 AI/Tech Sector Insights

• The ’neocloud’ category in AI is misunderstood. Market treats these names as uniform GPU-hour plays, overlooking diverse business models. $NBIS, a ‘Cloud Utility for the Agentic AI Age’, landed an $NVDA endorsement. 4
• Nvidia stands out as a “no-brainer” buy among the Magnificent Seven. 8
• Co-Packaged Optics (CPO) nears its $NVDA GTC moment. AI data centers face a bandwidth wall, driving CPO demand. 11

🧘 Investment Strategy & Philosophy

• True investing involves finding quality companies, buying cheap, and holding long-term for growth. This supersedes constant trading or daily market monitoring. 5
• Cognitive framework defines investment upside. 7

🌐 Macro & Liquidity Drivers

• Petrodollars significantly fueled the tech stock bubble; this influence is receding. 9
• Bitcoin’s recent strength links to rising US dollar liquidity. Bank reserves climbed from $2.96 trillion (end March) to $3.01 trillion (last weekend), now reaching $3.037 trillion. 10
• $COST displays a bull flagging pattern. 2
• Bitcoin has shown a positive shift in price action since the war. 3