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Next edition in 546 min Oct 13, 2026, 09:00-16:00 Lisbon
Premarket Alpha Midday Alpha Post-Market Alpha
Daily Alpha Midday Alpha by Buzzberg Research

What changed since premarket

Bank desks split: equities beat at JPMorgan and Goldman while their FICC desks missed. Gavin Baker calls Bloomberg's report on Hock Tan's comments a mistranslation, an analyst relayed by Jonah Lupton sees almost no CXMT supply leaving China, and Paul Tudor Jones flags heavy 2027 equity supply.

Main narratives

day change
01

Goldman and JPMorgan equities desks beat while their FICC desks missed; Citi's FICC beat

JPMorgan's FICC trading revenue was $5.37B against a $6B estimate, while equities trading reached $4.95B versus $4.47B; it raised net interest income guidance to $106.2B versus $105.2B expected. Goldman's equities desk made $6.44B versus a $5.09B estimate, but FICC came in at $3.47B versus $3.72B. Citi went the other way, with FICC at $4.39B against $4.26B. Goldman shares turned negative after being up 4.1%.

JPM +0.7% · GS +1.4% · C +0.9%
02

Gavin Baker calls Bloomberg's report on Hock Tan's comments a mistranslation as memory stocks fell

Gavin Baker called Bloomberg's report quite a mistake and a mistranslation of Hock Tan's comments, relaying via @ckcheung a passage in which Tan says the market misread OpenAI's revenue figures and that investors who sell on a single short-term data point are gambling. Sandeman52 cites the Hong Kong Economic Journal and says Goldman called the comments taken wildly out of context. US memory and storage stocks fell: Western Digital -6.5%, Seagate -6.1%, Micron -4.7%.

AVGO +1.4% · MU +1.8% · WDC +6.0% · STX —
03

An analyst relayed by Jonah Lupton says CXMT's capacity doubling only serves China demand

Jonah Lupton, after a call with the Macquarie analyst who initiated coverage on CXMT, says she expects CXMT to double capacity through 2028 only to meet China's growing demand, with no excess supply to sell outside China, and puts HBM3 two or more years away with HBM4 not on its roadmap. Paradis Labs, citing GS and JPM, says KOSPI selling was about 95% tech while Korean institutions and retail bought the dip.

MU +1.8% · 000660.KS -4.2% · 005930.KS -3.0%
04

Paul Tudor Jones sees 2027 as challenging on equity supply while Mike Wilson calls the June correction well advanced

Paul Tudor Jones compares the market to 1999 and sees potential seasonal strength into year-end, but warns 2027 could be difficult because supply from new listings, secondary sales and lockup expirations may outweigh buybacks and M&A. Morgan Stanley's Mike Wilson says the correction that began in June is well advanced and calls a final S&P 500 washout roughly a coin flip, one he would welcome.

SPY +0.7%

Themes of the session

?
Z-score shows how far this edition's mention count is above or below the theme's own average across 20 comparable earlier editions. +2.7σ means mentions are 2.7 standard deviations above that average — simply, the theme is being mentioned much more often than usual. It measures attention, not bullishness or expected return. Themes need at least 8 posts; gold begins at +2σ, and σ is hidden when history is too thin.
Banks +17.3σ
JPM +0.7% · WFC +0.5% · C +0.9%
41 posts 12 voices base 4.7
Capital Markets +6.6σ
GS +1.4% · LSEG.L +0.5% · ASST +7.1%
+4 more BAM — · ICE — · CME — · SPGI —
29 posts 17 voices base 5.3
AI Hardware +3.5σ
AAPL -1.2% · CLS +3.5% · 2317.TW +0.8%
+10 more 009150.KS — · 2382.TW — · 3231.TW — · 2356.TW — · 6669.TW — · 2324.TW — · 3017.TW — · 3665.TW — · DELL — · FLEX —
29 posts 14 voices base 11.8
Crypto Miners +3.4σ
CIFR +3.9% · CORZ +3.9%
10 posts 9 voices base 3.0
Crypto Assets +2.1σ
BTC — · ETH — · HYPE —
+14 more STRK — · SOL — · STX — · LIT — · ZEC — · BNB — · VVV — · SYRUP — · NEAR — · QNT — · ZRO — · LINK — · ASTER — · SUI —
39 posts 27 voices base 23.6
AI Memory +2.0σ
MU +1.8% · 000660.KS -4.2% · 005930.KS -3.0%
+5 more SNDK +2.7% · WDC +6.0% · SKHY — · 285A.T — · KXIAY —
44 posts 37 voices base 22.0
Thematic ETFs +1.8σ
SMH +1.9% · SOXL +6.1% · SOXX +2.2%
+21 more 069500.KS — · AIQ — · SOXS — · GDX — · DTCR +1.8% · XLV — · FAN — · ICLN — · URA — · GRID — · PAVE — · KARS — · SKYY — · XLP — · XLY — · XPH — · KBE +1.9% · SQQQ — · MUU — · XLE — · XLI +0.8%
29 posts 27 voices base 19.1
Pharma & Biotech +1.5σ
JNJ +1.9% · ZURA +4.5% · SNDX +0.0%
+6 more ABVX — · NKTR — · MRNA — · BNTX — · BFRI +0.5% · LQDA —
17 posts 15 voices base 8.8
Defense +1.1σ
ONDS +1.5% · LMT -0.0% · KTOS -0.8%
+3 more UMAC — · GD — · HII —
9 posts 5 voices base 5.1
AI Photonics +1.0σ
AAOI +1.7% · CRDO +8.5% · COHR +2.5%
+11 more SIVE — · CSCO — · LITE — · AXTI — · OUST — · LPTH — · 6869.HK — · GLW — · AMS.SW — · MKSI — · IQE —
18 posts 13 voices base 13.2
Retail & Mobility +1.0σ
GME +0.1% · BABA +0.5% · VFC +0.7%
+7 more 004170.KS — · 069960.KS — · GRAB — · ULTA — · DASH — · UBER — · LVMH —
17 posts 13 voices base 10.9
Foundry Equipment +0.9σ
TSM +3.1% · INTC +3.2% · ASML +1.6%
+20 more LRCX — · AMAT — · 036930.KQ — · 031980.KQ — · 042700.KS — · NXPI — · ASX — · KLIC — · FORM — · ICHR — · AEHR — · AEIS — · CAMT — · COHU — · KLAC — · TER — · UCTT — · NVMI — · ONTO — · SOI —
19 posts 16 voices base 14.9
Equity Indexes +0.6σ
SPY +0.7% · QQQ +0.8% · EWY +0.8%
+14 more 232080.KS — · INDA — · ES=F — · DIA — · SCHD — · TSE — · KOSDAQ 150 — · FXI — · ^GSPC — · IWM — · KOSPI — · EUFN — · DXJ — · SPX —
35 posts 27 voices base 28.2
AI ASIC +0.5σ
AVGO +1.4% · MRVL +4.7% · ARM -0.0%
+1 more BZTLF —
14 posts 12 voices base 10.9
Positioning Market Radar →

Buying / adding

2 positions · 3 voices

Selective / waiting

2 positions · 2 voices

Fading / not buying

2 positions · 2 voices
YouTube
30 videos · 23h 32m Paul Tudor Jones warned 2027 equity supply could outweigh buybacks, Mike Wilson called the June correction well advanced, and JPMorgan's FICC desk missed estimates. Open the desk →
X
1007 posts Gavin Baker listed a mistranslation of Hock Tan's comments among misunderstood AI newsflow, Paradis Labs said KOSPI selling was about 95% tech, and an analyst relayed by Jonah Lupton sees CXMT's added capacity staying in China. Open the desk →
Reddit
302 threads Open the desk →
Substack
5 letters Outlier Capital frames power and heat as the two walls the GPU trade keeps hitting, and Damnang addresses the HBM4 despec and where Vera Rubin is headed. Open the desk →