Tech Was Just De-Grossed Into The Biggest AI Capex Boom Ever

Upside pain

Tech has been aggressively de-grossed, NDX is bouncing from support and Nvidia has once again reinforced the structural AI capex story. With QQQ vol cheap, software breaking out and the calendar becoming increasingly supportive, the ingredients for renewed upside pain are falling into place.

Jackson Hole remains the immediate hurdle, but absent a genuine hawkish surprise, the path of least resistance may still be higher.