US TMT Market Update

US TMT closed May with historic gains, including a 20% surge in Software and 81% YTD for Semis, though increased volatility and desk profit-taking suggest a potential tactical pause.

Key Takeaways

• 1.The Nasdaq 100 and S&P 500 showed historic performance in May, with Software recording its best month since 2002, up over 20%.
• 2.Semiconductors (SOX Index) are up 81% year-to-date, their best year since 1999, though the 'alpha generation' is becoming more difficult as the move becomes extreme relative to moving averages.
• 3.Despite the rally, desk flows indicate profit-taking in Tech as some core large-cap holdings like NVDA and GOOGL have stalled.

Table of Contents

• 10 quick points below
• Sentiment check
• Top inbounds last week
• May in review
• Stock watch
• Semis
• Blast from the past
• Software
• Catalyst watch
• Events next week
• Charts

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