Pre Market Thoughts 18 Sep 26 Yields are lower across the curve by about 5bps with Oil also lower as China's intervention on Iran has resolved some left tail worries on the Iranian situation. There are a lot of option prints that looked suspiciously like Leopold's orders that hit the market yesterday. Unlike the ones before, these ones are extremely short dated, expiring in October. Many of X took very quickly to clowning on Leopold. But i think that is the wrong take. Leopold being able to raise money speaks to the conviction that other investors have about with regards to AI. Add to the positioning tape that we face - one where investors are hedged for downside but underexposed to the upside and this creates a crazy cocktail for a bullish move up on semis. I remain extremely bullish. On tuesday - 15 Sep, i made the call that these were fantastic risk reward zones for SMH/SOXX/SOXL/MU/SNDK/00660/SKHY. These are materially higher than before. The more conservative ones can trim the positions. I will hold. Meanwhile on DCs, we just had news on OAI and Anthropic hunting for smaller data centers. The compute shortage is VERY real. CRWV also went into the market to raise financing. For the first time ever, they are looking into ST leases. While this creates selling pressure on the stock initially ~5B of sell pressure. This will probably create about 5B of revenue annually for CRWV which i think is a good enough deal for them. In crypto, my favorite sector to bid remains AI. From yesterday, AI tickers like TAO, NEAR, VVV have rerated up already. There is some chatter about inference tokens. This is one of the most promising sector to bid in my opinion. Originally i had a longer piece slated for today but instead i shall refine it for a weekend piece instead. Good luck!