TMT Special Sales: Chinese Memory, Nvidia Preview, and Google AI Updates

Tech markets experienced high intraday volatility with a major momentum factor unwind, while investors focus on Nvidia's earnings and CXMT's rapid expansion in the DRAM market.

Key Takeaways

• 1.The recent momentum factor pullback in tech, one of the largest in two years, appears to have likely finished its unwind phase.
• 2.China's CXMT is scaling DRAM production faster and more profitably than expected, with yields for DDR5 reaching over 80%.
• 3.Chinese telecommunications companies are pivoting from selling data (GB) to selling AI computing power (tokens) as a utility.

Table of Contents

• TODAY'S WRAP
• AWAY FROM GS:
• TECH
• TELCOS
• MEDIA & INTERNET
• MACRO AND TRADING
• 2026 EMEA Conferences

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