PremiumHyperscalers Rip, Semis Rot In One Of The Widest Splits In A Decade
On the surface, Wednesday looked like a classic post-election relief rally. Under the surface, it was a demolition.
Nasdaq 100 futures ripped roughly 400bps off the overnight lows hit when Texas turned blue, and yet, as Goldman's TMT sector specialist Peter Callahan points out in his latest US TMT Today note (available to pro subs), the Nasdaq outperformed the Philadelphia Semiconductor Index (SOX) by nearly 460bps, "a top 10 daily spread in 10+ years." Apple, Amazon and Microsoft did the heavy lifting...