For more than a year now the tech trade was simple — own the chips, sell the software. The narrative was that AI would eat the software stocks alive as "SaaS-pocalypse" spread like The Walking Dead show. I think this article is quite timely as not only have the software stocks been slowly building relative strength in recent weeks, but the semiconductor trade has been acting very heavy in recent s...
For more than a year now the tech trade was simple — own the chips, sell the software. The narrative was that AI would eat the software stocks alive as "SaaS-pocalypse" spread like The Walking Dead show. I think this article is quite timely as not only have the software stocks been slowly building relative strength in recent weeks, but the semiconductor trade has been acting very heavy in recent sessions. Here's what the charts say, and two ways we're looking to play it. Software is turning up against semis After more than a year of software stocks' underperformance relative to the semiconductor stocks, the ratio of IGV / SMH ( Software ETF / Semiconductor ETF ) bottom near 0.13 last month and has turned back higher, breaking through the black dotted trendline resistance indicating a possible reversal of the software stock misfortune. This has become one of the most crowded trades in recent memory in technology with the masses long semis and short software. As shown in the top-10 holdings of both ETFs (remember you must know what you own when holding ETF's and mutual funds!), money rushed into Nvidia , TSM , Micron and out of Palantir , ServiceNow , and Salesforce . It's not just semis - software is turning up against everything! Here's why I think a structural shift may be happening that is more than just a multiday profit taking in semis ahead of second-quarter earnings. In the bottom panel of the chart below, you'll see the software ETF is turning higher against the technology ETF XLK after over a year of relative weakness. In the top panel, you'll find software is actually turning higher against the entire S & P 500 after a triple bottom starting early in 2026! This possible reversal has been in the making for about five months! Software showing relative strength versus the semis — or even technology — is one thing, but when you're gaining ground on the boarder market, that's a significantly more compelling story. I spent most of my morning reading through a 65-...
During an interview with CNBC, Jonas said that while SpaceX’s recent cloud compute deals are placeholders, it could face growing competition in the future.
During an interview with CNBC, Jonas said that while SpaceX’s recent cloud compute deals are placeholders, it could face growing competition in the future.
Spain remained calm in the face of US President Donald Trump’s latest attack on Wednesday – which saw him order a halt to all trade with the country – as Madrid stressed its relationship with Washington remained “positive”. Trump called Spain a “wasted cause” and “hopeless, bad people” during comments to reporters ahead of a Nato leaders’ meeting in Ankara, and ordered officials to cut off trade w...
Spain remained calm in the face of US President Donald Trump’s latest attack on Wednesday – which saw him order a halt to all trade with the country – as Madrid stressed its relationship with Washington remained “positive”. Trump called Spain a “wasted cause” and “hopeless, bad people” during comments to reporters ahead of a Nato leaders’ meeting in Ankara, and ordered officials to cut off trade with the country – the second time Trump has made such a threat since March. The US leader has...
Palantir Technologies Inc. (NASDAQ:PLTR) is one of the best beaten-down technology stocks to buy now. On June 29, Palantir Technologies Inc. (NASDAQ:PLTR) entered into a strategic partnership with Nvidia to deliver an intelligence engine to run the latter’s open models in sovereign environments. Under the terms of the agreement, Nvidia’s AI platform will be combined […]
Palantir Technologies Inc. (NASDAQ:PLTR) is one of the best beaten-down technology stocks to buy now. On June 29, Palantir Technologies Inc. (NASDAQ:PLTR) entered into a strategic partnership with Nvidia to deliver an intelligence engine to run the latter’s open models in sovereign environments. Under the terms of the agreement, Nvidia’s AI platform will be combined […]
JHVEPhoto Truist Financial ( TFC ) stock fell 3.5% in Wednesday midday trading after Bank of America Securities lowered its rating on the bank to Neutral from Buy ahead of the bank's CEO transition. Hiring Mike Lyons from Fiserv ( FISV ) implies an increased risk of resetting its near-term outlook, analyst Ebrahim H. Poonawala said. "W e view the external hire as an implicit acknowledgment that ne...
JHVEPhoto Truist Financial ( TFC ) stock fell 3.5% in Wednesday midday trading after Bank of America Securities lowered its rating on the bank to Neutral from Buy ahead of the bank's CEO transition. Hiring Mike Lyons from Fiserv ( FISV ) implies an increased risk of resetting its near-term outlook, analyst Ebrahim H. Poonawala said. "W e view the external hire as an implicit acknowledgment that nearly seven years after the BB&T/SunTrust merger closed, management's strategy is falling short," he wrote in a note to clients. "Combined with a tougher rate backdrop, we see the stock struggling to outperform until investors gain confidence thatLyons can close the profitability gap relative to peers." Truist's ( TFC ) 15% return on tangible common equity target by 2027 and 16%-18% in the longer term still has the bank "playing catch-up" with its peers' 17.2% target for 2027. "Given the challenges shareholders have endured, we see limited appetite for another multi-year turnaround before evidence of tangible progress emerges," Poonawala wrote. BofA's Neutral rating contrasts with the SA Quant rating of Buy and aligns with the average SA Analyst rating and average Wall Street rating , both at Hold. More on Truist Financial Truist Financial Corporation: Recent Upside Was Justifiable, Now It's Almost Fully Priced Truist Financial Preferreds Update: Hold Ratings Stay Even With Better Yields Truist Financial Corporation (TFC) Presents at Morgan Stanley US Financials Conference 2026 Transcript Texas Capital Bank raised; Truist, BankUnited cut at Citi Fiserv announces CEO transition as Lyons takes helm at Truist
The US president is in combative mood as Nato leaders meet for a two-day summit in Ankara. There are divisions over Russia’s war in Ukraine, defence spending, and the US-Israel war in Iran with signs of the fragile ceasefire collapsing. The Ukrainian president, Volodymyr Zelenskyy, is holding talks with leaders as he rallies the European cause against Russia’s war that has reached the Ukrainian ca...
The US president is in combative mood as Nato leaders meet for a two-day summit in Ankara. There are divisions over Russia’s war in Ukraine, defence spending, and the US-Israel war in Iran with signs of the fragile ceasefire collapsing. The Ukrainian president, Volodymyr Zelenskyy, is holding talks with leaders as he rallies the European cause against Russia’s war that has reached the Ukrainian capital, Kyiv, as Nato allies present an increasingly united front against an unreliable US. Lucy Hough speaks to the Guardian’s central and eastern Europe correspondent Shaun Walker Continue reading...
Readers respond to an article by David Batty about the postwar removal of babies from unmarried mothers, and his call for proper redress for survivors like him I gave up my child for adoption in the late 1960s. I was just 20. It was my choice, but no choice at all ( Britain’s apology for the scandal of forced adoption won’t – on its own – heal the wounds of survivors like me, 2 July ). The circums...
Readers respond to an article by David Batty about the postwar removal of babies from unmarried mothers, and his call for proper redress for survivors like him I gave up my child for adoption in the late 1960s. I was just 20. It was my choice, but no choice at all ( Britain’s apology for the scandal of forced adoption won’t – on its own – heal the wounds of survivors like me, 2 July ). The circumstances were such that unless you had parental or a partner’s support, or a trust fund, it was practically impossible to keep your child. I have discovered through coverage of the government’s apology that some state funding was available. It was never mentioned to me. I had planned to give up my child because I believed the propaganda: as an unmarried mother I could not give her a proper home. What I had not expected was the love I felt. When her father offered to marry me, I jumped at the chance and took the child away from prospective adopted parents. Three days before our wedding, the child’s father left me. My mother had not let me into the house once my pregnancy became obvious, so going home was not an option. I called the adoption agency and said goodbye to her in a small room somewhere near Baker Street. Continue reading...
Antonio Bordunovi/iStock Editorial via Getty Images The market is on thin ice and has been for a while. While the AI trade helped the market hit all-time highs every other day, that is not the case anymore, at least over the past month. Finviz Fears around an AI bubble are taking over again, and investors are asking whether the current spending on capex will show up in ROI. Add to that the bond fr...
Antonio Bordunovi/iStock Editorial via Getty Images The market is on thin ice and has been for a while. While the AI trade helped the market hit all-time highs every other day, that is not the case anymore, at least over the past month. Finviz Fears around an AI bubble are taking over again, and investors are asking whether the current spending on capex will show up in ROI. Add to that the bond frenzy and the possible rate hikes later this year, and the biggest players are paying the price before anyone else, Nvidia Corporation ( NVDA ) included. The war has also made a comeback, and the market is feeling the heat on Wednesday. FactSet I think it’s about to get worse, much worse, from here, and I’m downgrading Nvidia to a Sell at these levels, as I see significant downside ahead. Yesterday, Reuters reported that DeepSeek ( DEEPSEEK ) was developing its own AI chip designed for inference to reduce its reliance on Nvidia and Huawei. On the latter, we know that Nvidia’s loss is its gain, as export controls allowed it to take half of the $50 billion Chinese AI chip market . The Wire China And where there is opportunity, there is competition, and we’re seeing this play out in real time as both Alibaba ( BABA ) and Baidu ( BIDU ) enter the race, which tells me that the entire Chinese ecosystem is racing toward vertical integration, not just around Nvidia, but around each other. And though Nvidia’s presence in China now stands at zero, every dollar of hyperscaler capex that goes toward ASICs instead of H100s/B200s/GB200s is a dollar the bulls assumed was locked in for the next five years. The way I see it, Nvidia is now a stock priced for perfection running into a quarter where perfection is getting harder to find. The DeepSeek moment: 2.0 DeepSeek trained its R1 last year on Nvidia’s H800 but has since diversified to Huawei, as it used the latter’s Ascend chips for its V4 model, released in April. While this doesn’t affect Nvidia’s currently nonexistent share in China, it...
Antonio Bordunovi/iStock Editorial via Getty Images The market is on thin ice and has been for a while. While the AI trade helped the market hit all-time highs every other day, that is not the case anymore, at least over the past month. Finviz Fears around an AI bubble are taking over again, and investors are asking whether the current spending on capex will show up in ROI. Add to that the bond fr...
Antonio Bordunovi/iStock Editorial via Getty Images The market is on thin ice and has been for a while. While the AI trade helped the market hit all-time highs every other day, that is not the case anymore, at least over the past month. Finviz Fears around an AI bubble are taking over again, and investors are asking whether the current spending on capex will show up in ROI. Add to that the bond frenzy and the possible rate hikes later this year, and the biggest players are paying the price before anyone else, Nvidia Corporation ( NVDA ) included. The war has also made a comeback, and the market is feeling the heat on Wednesday. FactSet I think it’s about to get worse, much worse, from here, and I’m downgrading Nvidia to a Sell at these levels, as I see significant downside ahead. Yesterday, Reuters reported that DeepSeek ( DEEPSEEK ) was developing its own AI chip designed for inference to reduce its reliance on Nvidia and Huawei. On the latter, we know that Nvidia’s loss is its gain, as export controls allowed it to take half of the $50 billion Chinese AI chip market . The Wire China And where there is opportunity, there is competition, and we’re seeing this play out in real time as both Alibaba ( BABA ) and Baidu ( BIDU ) enter the race, which tells me that the entire Chinese ecosystem is racing toward vertical integration, not just around Nvidia, but around each other. And though Nvidia’s presence in China now stands at zero, every dollar of hyperscaler capex that goes toward ASICs instead of H100s/B200s/GB200s is a dollar the bulls assumed was locked in for the next five years. The way I see it, Nvidia is now a stock priced for perfection running into a quarter where perfection is getting harder to find. The DeepSeek moment: 2.0 DeepSeek trained its R1 last year on Nvidia’s H800 but has since diversified to Huawei, as it used the latter’s Ascend chips for its V4 model, released in April. While this doesn’t affect Nvidia’s currently nonexistent share in China, it...
A study of analyst recommendations at the major brokerages shows that Alcoa Corporation (Symbol: AA) is the #36 broker analyst pick, on average, out of the 50 stocks making up the Metals Channel Global Mining Titans Index, according to Metals Channel. The Metals Channel Global
A study of analyst recommendations at the major brokerages shows that Alcoa Corporation (Symbol: AA) is the #36 broker analyst pick, on average, out of the 50 stocks making up the Metals Channel Global Mining Titans Index, according to Metals Channel. The Metals Channel Global
Readers respond to a report that disadvantaged white children have lower reading fluency than other groups, leading to disengagement and school absence The critical issue of secondary school reading fluency is not a new problem ( Third of disadvantaged white pupils in England leave primary school without being able to read properly, 4 July ). A fundamental inability to access the curriculum due to...
Readers respond to a report that disadvantaged white children have lower reading fluency than other groups, leading to disengagement and school absence The critical issue of secondary school reading fluency is not a new problem ( Third of disadvantaged white pupils in England leave primary school without being able to read properly, 4 July ). A fundamental inability to access the curriculum due to poor reading and comprehension has always been the case for a significant cohort of students entering secondary education, although this has increased over time. As a secondary school teacher, I am frequently left wondering about the exact nature of the literacy instruction occurring in some primary schools. Year after year, pupils entering year 7 lack the basic decoding and automaticity required to engage with secondary-level texts. Continue reading...
As the family travails worsen, it’s a wretched time to lose face and maybe millions of pounds to his tabloid tormentor. Epic battle, epic fail It really hasn’t been a very good week for Harry. Our fifth in line to the throne will retire to Montecito, his gated California fastness – not, as seemed at least possible a week ago, having visited his mother country to public sympathy and applause, mendi...
As the family travails worsen, it’s a wretched time to lose face and maybe millions of pounds to his tabloid tormentor. Epic battle, epic fail It really hasn’t been a very good week for Harry. Our fifth in line to the throne will retire to Montecito, his gated California fastness – not, as seemed at least possible a week ago, having visited his mother country to public sympathy and applause, mending a few broken fences and seeing his old dad again. Now instead it will be a retreat in confusion, not having stayed in a palace, or seeing his busy pater, and worst of all, bested at huge cost by the Daily Mail , the bete noire of all bete noires. The prince might reflect that he has brought many of his troubles on himself. He will leave with the rightwing press chortling that, for a crusader for personal privacy, he has outed himself much more comprehensively than they ever managed with his rancorous TV interviews about how horrible his family has been to him, his glutinous Netflix series and, most of all, his memoir Spare, with its revelation, among much else, about his frostbitten penis. Continue reading...