Pre Market Thoughts - 1 Oct 26 $MU earnings were in my opinion pretty fantastic with 54B of rev vs 51B expected and gross margins of 86%...Most importantly guidance is for much tighter memory supply in 2027 and 2028 vs 2026....As a reminder, current memory PEs are priced for this to be entirely cyclical. What if its not? Multiple expansion alone could command a 2-3x rerating, because taking into account earnings growth. While the initial reaction to the earnings were very muted, i think this indicates that positioning is extremely light across the semis complex still. Going into NY session, i would think that we will get a repricing upwards in memory. In the backdrop, we have this interplay of high yields. Again, the increase in risk free rate threatens low margins businesses exponentially more than high margin businesses. Semis effectively become the cleanest sheet in the room. Valuations for semis are also at record lows. 30Y yields are about 30bps away from touching 6%. At that point, i would think policy makers are likely to start taking strong action. The seller in ES is still very much active and has taken down a lot of length in ES futures. Within the index, we see that tech, semis and energy is up. The rest of the sectors are quite lacklustre. This plays into the theme of indexes hugging the highs while the equal weighted benchmarks are underwater. On the Asia side, we have $NKY and KOSPI both trading well today. $0660 is back up and the volatility of the name has dampened quite a fair bit. Across the board, IVs in memory have dropped to record lows - this is even as realised volatility has fallen. On the crypto side, majors look to be in consolidation. I would expect $BTC to retest the 81k support zones next week. There is also limited liquidity in alts, with tickers taking turns to make their moves as money rotates. On chain capital pools are also looking increasingly tired as unrlz PnL evaporates. Overall, would stay cautious here unless compelling plays appear. The prior runners such as $LIT and $ZEC also look to be waning in momentum which is not good if your sole thesis is....momentum... Good luck!

$NVDA absolutely crushed earnings but is effectively just back in pre market to where it was 1 weeks ago. This is an anti-bubble: The lowest valuations we had in decades in terms of growth adjusted P/Es (fwd, PEG etc). Same is true for Mag7, specifically for $TSLA relative to itself just 8 months ago

Nothing I post is ever investment advice... NVDA releases earnings after the close (typically around 4:20ET) and option traders expect it to be a major market mover. On the blog I explain how to use the quirk in exercise time between the S&P500 futures 0DTE options and the S&P500 ETF options to construct an option from 4-5:30PM today. see: The ES Futures options close and either exercise or expire automatically at exactly 4pm ET. But ETF options have an extended trading session until 4:15pm and can be exercised until the OCC deadline of 5:30pm ET (your broker will demand earlier instructions to have time to process). The difference between the price of the SPY and ES options therefore tell us traders' expectations about the volatility from 4-5:30pm today. The ATM SPY call IV is 6.5 pts above the ATM ES call. And the SPY put trades 7.1 IV points above the similar ES put. (these numbers tend to increase as we get closer to 4pm and the likelihood that the ATM strike now will be the ATM strike at 4pm increases) Expect a market moving report from NVDA

Join us for a powerful conversation on Gender, Care & Discrimination in Leprosy 🗓 27 Mar 2026 | 🕒 13:30 (Geneva) 🎙 Moderated by UN SR Beatriz Miranda Galarza 🌐 ES | FR | Bahasa 🔗 🆔 850 0170 8378 #Leprosy# #NTDs# #GenderEquality#

💼 Stablecoins like USDT have changed the game for freelancers. Working with international clients is now faster and easier. @coin_senda @trondao. What are you waiting for to start using USDT in your work? 🌎🚀 🇺🇸🇪🇸 💼 Las stablecoins como USDT cambiaron el juego para los freelancers. Ahora trabajar con clientes internacionales es más fácil y rápido. @coin_senda @trondao. ¿Qué estás esperando para empezar a usar USDT en tu trabajo? 🌎🚀 #USDT# #Web3# #Payments#

Say hello to the newest partner joining #CVSummit# 2026: @epheliagroup 👋 Ephelia is an AI-first regulated fintech infrastructure platform that combines traditional and blockchain core-banking with FIAT and stablecoin network rails natively integrated with AI orchestration, so you can launch next-generation financial products on compliant rails worldwide. Built on multi-jurisdictional licences across Europe, the UK, Switzerland, the US, Canada, New Zealand and more, Ephelia offers stablecoin-enabled core banking with es-Currencies for instant and streaming settlement, alongside agentic AI-powered workflows for compliance, reconciliation, payment-rail intelligence, and programmable treasury. The lines between traditional finance, blockchain infrastructure, and AI are converging quickly, with the institutions building across all three positioned to define the next generation of financial products. Ephelia's platform sits at exactly that intersection, and their arrival at CV Summit 2026 speaks directly to one of the central conversations shaping the event. 📅 29-30 September | Kongresshaus Zürich 🎟️ Secure your ticket:

When managing your money becomes easier, everything else flows better. @coin_senda @trondao TRON (TRC20) and Coinsenda make digital payments simple, so you can focus on what really matters instead of the process. 🚀 🇺🇸 🇪🇸 Cuando administrar tu dinero es más fácil, todo lo demás fluye mejor. @coin_senda @trondao TRON (TRC20) y Coinsenda hacen que los pagos digitales sean simples, para que te enfoques en lo importante y no en el proceso. 🚀 #Blockchain# #GlobalPayments# #Fintech#

Tomorrow is the FIFA World Cup Final! ⚽ Spain 🇪🇸 vs. Argentina 🇦🇷 G Bro and Argentine President @JMilei wish both teams the very best and hope they deliver an unforgettable match. May the better team win! 🏆 ¡Mañana es la gran final de la Copa Mundial de la FIFA! ⚽ España 🇪🇸 vs. Argentina 🇦🇷 G Bro y el presidente de Argentina, @JMilei, les desean a ambas selecciones el mayor de los éxitos y esperan que brinden un partido inolvidable. ¡Que gane el mejor! 🏆 明天就是世界杯决赛 西班牙🇪🇸vs阿根廷🇦🇷 G哥与阿根廷总统@JMilei 祝两支队伍踢出最好的水平

Fed Wednesday Debrief 🦅 Price Cycle Monitor - ES VPOC 7,545.76📉 S&P 500 Long-Term Trend 👀 Tonight's research note is LOADED with insight! It just hit your inbox 📨