Markets Macro

US equity markets continue to rally behind strong Q1 earnings and tech momentum, while breadth narrows and mega-caps shift capital from buybacks to record AI-related capex. Strategy remains focused on long delta and long volatility exposure.

Key Takeaways

• 1.US equities have seen exceptional performance for six weeks, driven primarily by superb Q1 earnings growth.
• 2.The strategy recommendation is to maintain a 'long delta / long vol' pairing despite the rally in semiconductors and market 'animal spirits'.
• 3.Korean and Taiwanese markets are seeing significant growth in AI-related exports and index weightings, with Taiwan displacing China in the MSCI EM index.

Table of Contents

• private credit
• US tech
• momentum
• Korea
• Taiwan
• a follow-on point
• breadth
• flows / positioning
• times change
• mega IPOs
• Robin Hood
• one chart for the road / a sign of the times
• one more chart for the road / also a sign of the times

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