🚀 AI Infrastructure & Semis

• $IREN’s real edge in today’s announcement is the funding structure. Customers are covering nearly half the GPU cost before revenue starts. That de-risks capex and pushes IREN toward a cleaner infrastructure model: customers eat much of the upfront spend, while IREN monetizes power, data centers, operations, and execution. 1

• $SKHY looks like it has started to stabilize over the last couple of sessions. That sets up a possible tradable bounce. $SKHX is the 2x ETF for higher-beta exposure. The relative call is also clear: SK Hynix is being framed as the better play versus Micron. 2

⚡ Volatility & Index Risk

• $VIX is sitting at 17.65, with the nearest upside gap at 25.78 and downside gaps at 16.73, 15.67, and 15.03. The key risk call: a fill of the 25.78 upside gap in August/Sept would not be surprising. Vol is not dead; it may just be coiling. 3

📊 Tactical Setups & Trade Management

• $MSFT is the clean breakout watch. A break above $405ish puts $435ish in play fast. Simple trigger. Simple target. 4

• $GLW, $INTC, $PTIR, and $TSM were trimmed into strength for good-to-great payday %. The trade management takeaway: lock gains, then sit in the remaining positions with cushion instead of chasing fresh risk. 5

• $EWY has only managed a so-so bounce so far. It is a start, but not enough. The setup still needs a big green candlestick before the bounce earns real credibility. 6