US TMT Semiconductors Update

US TMT markets, led by Semiconductors, continue a sharp upward trajectory driven by AI enthusiasm, even as technical indicators reach extremes last seen in the dot-com era. Key focus remains on Micron's record-breaking momentum and the evolving economics of AI 'tokens.'

Key Takeaways

• 1.The AI bull market remains robust, with Semiconductors (Semis) gapping significantly higher (+11% on the week) driven by optimism regarding agentic compute and inference needs.
• 2.Micron (MU) experienced historic call volume (9x normal) and a 38% weekly gain, adding nearly $500bn in market cap and nearing a $1 trillion valuation.
• 3.A new investor debate is emerging around the 'token economy' and rising costs of AI usage, with companies like Uber and Net exploring ways to offset token costs through headcount shifts.

Table of Contents

• lasting takeaways from last week
• Earnings wrap
• Most debated stocks / inbounds post earnings prints last week
• Podcast
• Sign of the times
• Semis
• Token costs
• China x U.S.
• Mo' vol
• Consumer angst picking up?
• events next week
• charts of the day

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