Daily Alpha · Substack
· Midday Alpha · by Buzzberg Research
Substack is cautious on AI breadth and constructive on silver, but offers little single-name detail.
Themes on this desk
AI de-rating
Fidenza Macro says the selloff damaged AI sentiment; Nonconsensus says much of the market is still priced for strong nominal growth while asset prices supporting that outcome fade.
Silver
Rooster Global sees silver target prices met but still wants a trendline break before confirming a crossover.
Fidenza Macro says AI carnage has damaged sentiment enough to force dip buyers to question assumptions
The preview says the Nasdaq closed down 5.1% and the SMH down 11% yesterday, and that since mid-October its AI calls had turned more bearish; the damage to sentiment and charts now forces even ardent AI advocates to question their assumptions.
It is a clean statement of the bear case: the selloff is no longer just a valuation wobble but a challenge to AI positioning.
Watch Whether AI leadership can recover after the 5.1% Nasdaq and 11% SMH drop.
Source →Nonconsensus warns the market still discounts strong nominal growth while the asset prices supporting it fade
The preview argues that while the AI rerating looked large up close, much of the market remains priced for strong nominal growth just as the asset prices critical to that outcome are fading.
If breadth, not just AI, is priced for nominal growth, the correction has room beyond semiconductors.
Watch Nominal growth data and whether non-AI cyclicals de-rate.
Source →