Flow and Positioning Observations

This report covers market reactions to strong Micron earnings and discusses the sustainability of AI-related capital expenditure. It also notes downward pressure on oil prices and shifting sentiment among tech 'spenders'.

Key Takeaways

• 1.Micron earnings exceeded expectations, signaling continued strong AI infrastructure demand despite valuation concerns.
• 2.Investors are increasingly focused on the sustainability of 'spender' earnings (Microsoft, Google, Amazon) rather than just AI beneficiaries.
• 3.Oil prices face downward pressure due to supply overhangs and shifting trade flows, particularly with China remaining absent as a buyer.

Table of Contents

• GS flow and positioning observations
• Richard Privorotsky – EMEA head 1D trading
• Micron's results
• All About Spenders
• Jalapeño & Qualcomm
• Core PCE is due today.
• Technicals/Risk
• Exhibit 2: The US 60-Day Waiver May Unlock Up to Around 60mb of Iran Oil on Water Overhang
• Gulf Flows Recover: Market Fast-Forwards to Future Surplus
• Ariana Contessa – US sales trading
• DERIVS

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