📉 Macro & Cross-Asset Setup

• Risk appetite is getting messy. Oil, yields, equities, crypto, and gold are all moving higher at the same time, which points to a cross-asset mismatch rather than a clean risk-on tape. Someone is mispricing the next move. 1 2

• The market is mainly waiting on oil and AI CapEx. With the U.S.-Iran conflict entering the 9th consecutive night and the ceasefire effectively broken, traders are cutting risk ahead of mega-cap tech earnings. The tape is defensive, not decisive. S&P 500 -0.19%, Nasdaq -0.05%, Dow -0.59%, VIX around 18.65. 3

🤖 AI Infrastructure & LLM Repricing

• Kimi on Azure could reset pricing for large-scale LLMs. The key read-through: major software companies are chasing higher efficiency and lower cost, which may pressure Anthropic’s eventual IPO valuation. The political risk is also real: if Microsoft plugs in Kimi, it may need to consider whether that creates future U.S. government procurement friction. 4

• SK Hynix has direct leverage to the best-funded AI buyers. The U.S. is now $SKHY’s largest market at ~65% of revenue, while $NVDA alone contributes ~15% of revenue. With 56% HBM share, the company remains a clean AI infrastructure derivative rather than a generic memory cycle trade. 5

🛡️ Defense Tech & Counter-UAS

• ONDS’s $6.9M Australian defense order should not be overhyped. Strictly speaking, this was not organically won by Ondas; it came through the acquired DZYNE asset. Still, Counter-UAS demand is real, backed by live threats in Ukraine, the Middle East, and broader drone warfare. The order is small. The real test is whether ONDS can turn this into a scalable platform story. 6

📊 Trading Tactics & Position Management

• Gap-ups are payday windows, not just confirmation candles. If already long, the move is a chance to take profit, raise stops, and de-risk. $CIEN and $MRVL are the active profit-taking candidates. 7

• $MRVL profits were booked at just shy of $14 a share on that common-share batch. The trade now shifts from chase mode to swing mode, with cash cushion already locked in. 8

• $AMDL payday shares were taken off for a strong payday percentage. The remaining position can now ride as a full swing with cushion, reducing emotional pressure if volatility kicks in. 9

• $CIEN is being watched for the $400 roll, with close monitoring for payday exits. The setup is execution-driven: capture strength first, then let the remaining swing work. 10

• $DHR was sold in premarket for an acceptable gain. Not a home run, but a clean example of taking the available liquidity instead of forcing the trade. 11

🧪 Single-Name Technical Reads

• $MU hit $945 intraday highs, but the real test is the 50dma. The stock has kissed that level, so follow-through matters more than the headline pop. 12

• $AAPL pulling from $335 to $322 is being treated as healthy action, not damage. This looks like digestion rather than a broken chart. 13