market analysis

ONQのOxford Ionics買収承認を起点に、RGTIやARQQなど量子関連へ波及。ナスダック最高値更新の地合いを追い風に。BTCが11.5万ドルを維持しBMNR・BITFが高騰、QSは実機デモ評価継続、RKLBはElectron70機目成功で注目。週末を前にテーマ横断で資金が拡散。

Clear material stocks tied to regulations, institutions, and policies are strong, such as TEM's FDA approval, RCAT's NATO accreditation, and IONQ's establishment of a new division. Small- and mid-cap growth is attracting funds against the backdrop of the highest US stock prices and the prospect of interest rate cuts.

Oracle's huge contract backlog and reports of orders for OpenAI reignited the AI cloud market. Sector rotation is clear, spilling over into semiconductors, data centers, power, and construction, supporting continued AI capex spending.

AI/HPC-related companies were higher across the board after Nebius announced a $17.4 billion deal with Microsoft. Associated buying in core weave. Copper was a sector favorite with Teck and Anglo's integration agreement, and UUU and LEU made progress in nuclear fuels.

QS's live demonstration of all solid-state cells raised commercialization expectations, PL showed monetization progress in its earnings beat, and APP&HOOD's adoption of H&P also drove the future theme to the market as index supply/demand and AI infrastructure-related gains coincided.

Amid a weak jobs market, Broadcom's (AVGO) strong earnings and order outlook reaffirmed the certainty of demand for AI semiconductors. Continued infrastructure investment scenario broadens, driving the sector as a whole.

CRDO's earnings beat and full-year raise triggered a wave of buying into FN and ALAB, as demand for AI data center expansion was reevaluated and funds flowed into infrastructure-related sectors.

Gold mining stocks accelerated led by SBSW, biotechs rebuilt valuation with MNKD acquisition and financing, SMR's large agreement reignited nuclear power, and in consumption, ULTA and KSS recovered from earnings. Theme selection is clear.

Gold mining stocks accelerated led by SBSW, biotechs rebuilt valuation with MNKD acquisition and financing, SMR's large agreement reignited nuclear power, and in consumption, ULTA and KSS recovered from earnings. Theme selection is clear.

AMBA, AFRM, and S earnings beats highlighted even in a mood of adjustment after NVDA earnings passed; SATS continued its restructuring theme; GFI and PLG were bought on record highs in the gold market. News certainty and asset prices bifurcated the market.