Rough start to the week for chips. The ones I follow fell 2.5% today, a second week of selling after last week's doubt about AI spending. Micron broke first. It closed at 989.0, under the 997.2 floor I'd been watching. Nvidia held at 226.3, just above its own floor at 224.5. Here's what the index doesn't show: underneath it, the market kept getting healthier. Half of all stocks are now back above their long-term trend line, the best in weeks. The weakness is in one group, not the whole tape. And that group reports this week. $ASML makes the machines that make the chips, and it reports Wednesday. $TSMC makes the chips themselves, Thursday. Last week the market guessed. This week it gets the numbers. Floors that break before the catalyst, or a catalyst that saves them? Not investment advice. Find more of my deep dives on my newsletter 🐝
