July 7, 2026

Markets:

Nasdaq-100 futures fell Tuesday, weighed down by a decline in chip stocks as investors once again appear to rotate out of names tied to artificial intelligence.

Shares of Micron were last seen 5% lower in premarket trading, with KLA, Marvell Technology, Broadcom and AMD also posting declines.

The downward pressure began in Asia-Pacific markets, after South Korea’s Kospi dropped nearly 5% following a nearly 7% drop in memory chipmaker Samsung Electronics. The company reported a big jump in second-quarter profit, though concerns about spending and demand overshadowed the increase. In Europe, the Stoxx 600 index shed 0.1%.

The reaction to Samsung speaks to one of the biggest risks facing markets over the coming weeks: Q2 earnings results are likely to be quite robust.

 

Portfolio:

Don't get caught up in the morning noise. Market leadership is evolving, and that's exactly what we expect to see at the start of a new earnings cycle. While semiconductors are taking a breather today, it doesn't change our outlook. Capital is rotating, not disappearing, and that's an important distinction.

History has shown that some of the best opportunities come when investors overreact to short-term headlines. We welcome the volatility because it creates opportunity, and with Q2 earnings about to take center stage, we believe the market landscape could look dramatically different in just a matter of weeks.

Our current portfolio remains unchanged with positions in ONDS, SOFI, QBTS.

Keep one thing in mind: we're still operating in a bull market. Leadership always changes throughout an advancing cycle. The stocks that carried the market over the last several months don't have to lead forever. As new leaders emerge, fresh trends develop, and that's where we want to be.

This is exactly why we've been calling this the "Summer of Summers." We believe the next leg of this bull market is being built right now, even if the day-to-day action feels choppy. Earnings season has the potential to be the catalyst that gets investors looking ahead instead of behind.

Stay patient. Avoid overtrading. Let the market reveal its next leaders and when it does, we'll be ready to capitalize.  I cannot stress this enough, based on the activity under the "hood" with this market, this will feel very different soon enough.