When Beta Takes Over… It’s Late

When Beta Takes Over

SOX is going vertical, but leadership is deteriorating under the hood. The move is being driven by second-tier AI names and beta, while the MAGs are stalling and NVDA is lagging. That’s not confirmation… that’s late-stage behavior.

When the generals stop leading and the crowd starts chasing everything else, the trade is usually closer to exhaustion than expansion. Upside can still squeeze, but the setup is shifting... this is where great trades turn into crowded trades.