US TMT Quick Hits

The NDX crossed 30,000 for the first time as Micron (MU) hit a $1 trillion valuation during a semiconductor-led rally. Market positioning shows a sharp rotation from Software to Semis as AI-related capex spending continues to accelerate.

Key Takeaways

• 1.The Nasdaq-100 (NDX) surpassed the 30,000 level for the first time, marking a ~19% year-to-date increase.
• 2.Micron (MU) reached a $1 trillion market cap following a 21% single-day rally, becoming the 9th US tech stock among the top 10 largest public companies.
• 3.Hedge funds and mutual funds have executed a significant rotation out of Software and into Semiconductor stocks.

Table of Contents

• NDX hit >30k
• Top notables / inbounds
• MU
• Positioning
• Breadth
• Capex mark to market

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