Crook: “After months of consolidation, Tech looks poised for a move — just not clear the direction.” - Welcome to the Nobody Knows Nothing In Tech Anymore

Destination unknown

The Mag 7 is back flirting with the highs and the Nasdaq remains within striking distance of its peak. But look at different slices of the market and things are getting considerably more complicated.

Buybacks are giving way to capex. Cash flows are diverging from accounting profits. Credit is paying attention. And within tech itself, correlations are collapsing as software, semis and the broader AI complex increasingly go their separate ways.