Saturday, 13 June 2026

Market regime

Risk-on — as of the last close.

The week in review

The model's close-of-day read is risk-on, the second consecutive risk-on print, holding since 11 June 2026. The internals back the call rather than contradict it. Breadth sits at 60.5% of names above their 50-day EMA (592 of 978): healthy participation, not a narrow-leadership tape. SPY closed at 741.67, +8.7% above its 200-EMA at 682.29. VIX at 17.68 reads calm, down from an elevated 19.44 the prior session, so volatility is no longer flashing a yellow flag on the call.

Rates did the heavy lifting. The 10Y finished at 4.45% (week over week -10bps) and the 2Y at 4.05% (week over week -12bps), a parallel-ish drop with the short end leading. The 10Y-2Y spread held at 0.39% (week over week +1bps) the curve stayed put while levels fell. Inflation expectations cooled: 10Y breakeven 2.31% (week over week -5bps) and the real 10Y down to 2.14% (week over week -5bps). Credit refused to flinch HY spread at 2.78% (week over week +2bps), still pinned near the floor. Labor stayed boring in the way bulls like: initial claims 229K (week over week +4K), unemployment 4.3%, payrolls 159.0M. Fed Funds at 3.63%. Lower discount rate, tight credit, firm breadth that combination is what flipped the switch.

Themes in motion

The AI datacenter complex is the whole story, fanned across four accelerating buckets: AI compute silicon/foundry/memory (11 names), analog/passive/specialty components (5), datacenter power and thermal (6), and optical networking/interconnect (6). Every layer of the stack die, package, board, power, fiber is firing at once, which is what a real capex cycle looks like versus a single hot ticker.

Outside silicon, the accelerating list is broad: precision and specialty therapeutics (5), enterprise AI systems/storage/data software (6), prediction markets and sports-betting data (4), LTL freight and trucking logistics (4), and the heaviest count of all, medtech devices/diagnostics/genomics (15 names). The lone laggard is Cybersecurity and identity software (5 names), now reading maturing the only tracked theme not accelerating, and the one to treat as a pullback-only book rather than a breakout chase.

Under the lens

409 dossiers were deep-refreshed this week. The highest-conviction setups cluster where theme velocity and structure agree:

• ALAB (Astera Labs) connectivity silicon levered straight to the interconnect buildout; cleanest expression of the optical/datacenter-fabric theme.
• AMD core AI compute silicon; the accelerator narrative is still accelerating, not maturing.
• ARM IP layer under the entire compute stack; a royalty toll on the buildout.
• ADI / APH (Analog Devices, Amphenol) the analog and connector picks-and-shovels; less crowded than the GPU names, same demand pull.
• AMKR (Amkor) advanced packaging is the foundry bottleneck of the cycle, and it carries a catalyst into next week.
• ACLS / ACMR / AEHR (Axcelis, ACM Research, Aehr) semicap and test; the second-derivative read on whether the capex is being committed, not just talked about.
• AGX / AAON (Argan, AAON) the power-and-thermal side; datacenters need megawatts and cooling before they need more chips.
• ALKS / ABCL / APGE (Alkermes, AbCellera, Apogee) the precision-therapeutics book; ALKS heads into a dated catalyst next week.
• ADPT / SIBN (Adaptive Bio, SI-Bone) medtech/genomics, the deepest theme by name count, both with events on the near calendar.

The week ahead

The calendar front-loads next week. Today's events (RZLT, SEPN, T-0d) land on a closed tape. Sunday brings ADPT (T-1d), the first refreshed-dossier name with a live catalyst. Monday is the busiest print: ACDC, BTE, CGC, RUM, UNIT, USO all dated 15 June 2026. Tuesday clusters ASST, ATEYY, LIFE. Wednesday closes the window with ALKS and AMKR (T-4d).

The two I'm watching hardest are Wednesday's: AMKR, because packaging is the accelerating-theme bottleneck and a print here is a read-through to the whole silicon stack, and ALKS, the precision-therapeutics name with a dated event into an accelerating theme. On the medtech side, ADPT and SIBN are the dossier-refreshed names whose catalysts I'll treat as binary interest, not entries, until the print clears. Even with VIX calm, the discipline into a dated event is the same as always: don't pre-position binary risk.