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In a bit of a different format, rather than a slide deck, we take a live look at markets and how different pockets/sectors/names are trading intraday at the time of recording as another chapter in the story that is this current market narrative unfolds: where AI in just a few months has gone from being over-hyped, to now it's so powerful it's going to be the death of all software companies and others as well. And while the story itself belongs in the fiction section of your local bookstore, the money flows are real and providing a great example of just how powerful rotation trades can be at times.

Originally published: February 12, 2026