market analysis

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.

Favorable news in multiple layers of AI infrastructure, including SNOW for cloud DWH, PSTG for storage, and CRDO for telecom, re-accelerated the market's AI cycle; small thematic stocks such as ONDS and MOB for defense drones and QUBT and RGTI for quantum computing also attracted buying interest. Both earnings support x theme associations.

AI-related software surged on the back of Mongo DB's strong earnings; NCNO followed suit with an upward revision to guidance; SERV's new rating spurred buying; a day of earnings results confirming the sustainability of the AI cycle; and a day of new ratings for SERV.

Satellite communications stocks surged on EchoStar's large spectrum sale, while in the resources sector, UUUU, LEU, and CRML emphasized the theme of domestic production with supply contracts and MOUs. SMTC also joined the pack on the earnings beat, and "solid materials" drove buying.

While U.S. stocks as a whole were in a wait-and-see mood, buyers focused on defense drone-related stocks such as ONDS and MOB, and "solid news" such as CPSH's return to profitability. The market was led by small shareholders.

Chairman Powell's hint of a rate cut boosted the overall market, with funds concentrated in interest rate sensitive solar, such as ENPH, and uranium and rare earths, mainly UEC and UUUU. The combination of supply-side news also brought a clear focus on themes.

A day of macro wait-and-see but solid policy and contract news, such as U.S. Treasury tax credit guidance and defense orders, boosted stock prices. Funds were concentrated in clean energy and defense tech.