📈 Market Structure & Tape Read

• $SPY and $QQQ caught a hard bid right off demand. $QQQ bounced from $687 support to close at $707+, a clean $20 bounce. The tape is still violent, but buyers defended the level. 1

• The midday selloff looked like a classic shakeout / stop-run after several quiet weeks. The move in $Nasdaq had an “algorithmic” feel, designed to trigger weak hands before the market stabilized. 2

🧠 AI Infrastructure & Semis

• $AVGO is positioned like the “Uncle Sam” of the new AI economy. Broadcom effectively taxes the custom silicon layer across major AI platforms, from $GOOGL TPU and $META MTIA to newer Anthropic and OpenAI programs. The key edge: it can monetize AI demand regardless of which model platform wins. 3

• Nvidia pushing to scale NPO is framed as a workaround because CPO has been delayed. The read-through: packaging/interconnect bottlenecks are forcing the AI hardware stack to use nearer-term alternatives. 4

• China’s semiconductor glass substrate push is a real threat to Korea because it combines price and volume. The pressure point is simple: chipmakers can secure more price-competitive glass substrates, making China harder to ignore in advanced packaging supply chains. 5

🏥 AI x Medicine Megatrend

• AI’s impact on medicine is starting to look like an underpriced megatrend. The path will not be straight: expect pumps, drawdowns, and hype cycles. But the long-term upside may be much larger than the market is currently imagining. 6

🏦 Fintech Operating Leverage

• $HOOD May metrics show user growth is steady, but monetization is scaling much faster. Key numbers: 27.7M funded customers (+1.76M YoY), $377B platform assets (+48% YoY), $315B equity volumes (+75% YoY), 231M options contracts (+29% YoY), and $19.5B margin. The setup points to improving platform leverage, not just account growth. 7

🌍 Macro / Geopolitical Tape

• The near-term macro call is a fast de-risking sequence: by tomorrow at approximately 09:00 EST, 30 mins after CPI and 30 mins before markets open, strikes on Iran are expected to be over, CPI is expected to come in hot, a peace deal is expected to be very close, and the message will likely be that “energy prices will come down very soon.” 8