The Deleveraging Is Done. Here Comes The Chase
Time for Offense?
The market is shifting from defense back toward offense. Deleveraging is largely done, systematic exposure has room to rebuild, buybacks are returning and investors are increasingly paying for upside. With outright vol still cheap, the asymmetry is getting interesting. Underneath, NVDA is trying to regain leadership while the memory complex is pushing back against the peak-cycle narrative. The question is increasingly becoming not who sells, but who is forced to buy higher.