META Sparks Momentum Meltdown

As a result of Meta's pivot toward becoming a cloud and selling its "excess compute", and away from "drunken sailor CapEx", Mag7s just had their best day against Semis on record...



Zerohedge store image

Mag-7 outperforms amid semi & memory weakness ahead of US payrolls - Newsquawk US Market Wrap

ISM mfg PMI misses; US ADP short of St. consensus; US Challenger job cuts ease in June; OPEC+ reportedly likely to raise oil output quotas for August by 188k BPD; Trump said okay with Iran talks going past August 18th deadline; EIA crude stocks draw less than expected; USTR's Greer stated USMCA shifting to rolling talks and no renewal; BoE's Bailey noted soft UK economy was the reason to hold rates; Softer-than-expected EZ Flash inflation; META reportedly building a cloud business to sell excess AI compute; Mixed NKE earnings