This is the first day good earnings were actually rewarded, and the recovery held into the close for the first time in weeks, so AMD's print may mark a sentiment turning point for the AI trade.
The host says the overall market is about to see a strong correction, but frames it as a short-term top rather than a final major top before a later big rally.
Oil has collapsed from 117 to 102 over five days on peace-deal headlines, and the host expects and welcomes further downside.
Micron trades at a 0.33 PEG ratio; even after applying a full point of cyclicality discount to a 2.7 fair-value PEG, the host calculates it should be 5x higher.
Semis fell 18.6% while chip industry revenue is up 151% year over year with DRAM up 368% and NAND up 510%, leaving chips oddly cheap in the host's view.
Bitcoin is in a 12-hour downtrend with bears in control; breaking 761 starts monthly consolidation, while bulls must hold 76 and break 78.8 to shift the picture.
NEAR is in a daily downtrend; the host is waiting for daily oversold conditions to attempt a long, and has low conviction that the current structure is a falling wedge.
SPY was a rising wedge and is now rolling over, with bull breaks getting no follow-through and falling straight back into consolidation.
On ETH, a weekly lower high is the most likely scenario after the current bounce, given how much room this pullback has created to form one.
ZEC's 12-hour equilibrium broke bearish and dropped nearly 7%; the 12-hour downtrend is the control guide, with anything under 1281 just another lower high, and the open question is whether weekly support holds.
He notes the overall market is weak, with tech, AI, and growth getting hammered while most other sectors are fine — a sentiment backdrop, not a company-specific issue.
The valuation gap between Invesco and the S&P 500 shows the broader market is distorted by passive flows and momentum-chasing, with real risks ignored.
Whether or not AI is a bubble, trillions are flowing into the buildout, so picks-and-shovels suppliers to the AI boom benefit regardless.
The host expects the semiconductor index to remain in a pullback even though the annual line, the 10,000 round number and a Fibonacci level align as possible support; he still sees roughly another 3% decline before a rebound becomes likely, framing the drop as payback for the large April advance.
The host agrees with Ackman's value-screen reference to Amazon, saying its current results and trends are good and he favors its investment value.
The host says Oracle keeps falling on heavy volume and that both equity issuance and added debt hurt the stock; high leverage, interest-bearing debt ratios and rising credit-default-swap prices indicate bond-market concern, with a break below 114 opening downside toward 100.
The host notes that both the acquirer and target plunged; after the merger, Marvell holders face dilution and the decline looks forceful and hard to stop.
The host says that if Apple's earnings trigger a sharp drop, it would be more negative for the broader market tomorrow, a bearish near-term sentiment call.
The host says a fear-and-greed reading of 23 is in extreme fear but not a bottom signal; compared with historical extreme readings, there is still room for a further selloff.
The host attributes a possible reason for the S&P pullback to Google's earnings shock and tight free cash flow at cloud giants, saying the AI trade shows signs of temporarily burning out while also admitting a larger black swan is hard to guess.