Pre Market Thoughts - 3 Sep 26 Yields retraced by about 5bps along the curve with Oil also settling down. In US markets overnight we saw very weak price action initially before some signs of seller exhaustion in semis and related names. NVDA led the pack in price action, potentially with them telling JPM that they could have done 100% revenue growth but were held back by supply constraints. Going into Asia, we had a decent rally in the morning before at 12PM HKT that rumours swirled that the US is preparing tariffs targeting Korean semiconductors. This led to a sell off in $0660 and $5930. While this would be an extremely painful move to the US (and also rather self defeating), as with the actions in the Trump admin - always expect the unexpected. AVGO had a double beat with it targeting 100% growth in the next 2 years to be about $30 in EPS in FY28...the stock initially traded down as much as 10% before now clawing back to almost unchanged. In crypto, majors were initially pressured with cex alts selling off. However, the support in bitcoin:native has proved quite resilient, leading to a rotation in liquidity amongst the CEX alt names. RH chain has also held up very strongly despite the liquidity suck in one of the trench microcaps yesterday. There is continued strong retail interest and i think the growth of social trading will change trading dynamics in this cycle. Good luck!(degentrading)