The chip selloff that rattled markets earlier this week reversed, and it reversed on hard demand rather than a dip-buy. After Wednesday's close, Micron reported a record quarter, beating revenue and earnings expectations by wide margins on AI demand and tight memory supply. The stock jumped sharply in extended trade, other chip names followed, and US stock-index futures and Tokyo opened higher into Thursday.
Underneath the bounce, the rate channel kept doing its other job. Gold fell below $4,000, silver dropped under $60, and crude sank to its lowest since before the US-Iran war. The dollar sits at a one-year high. So the day split the tape instead of lifting it: a company-specific demand print rescued growth equities, while the pressure on metals and oil rolled on uninterrupted.
One earnings beat is not the rate test. The week's inflation reading lands Thursday, and a hot print could re-open the same squeeze the chip rally just papered over. That keeps the bounce on probation until the data clears. This is the pre-inflation-print regime map.
For paying subscribers below: the full brief with data. Every sector with current levels, the markers that would confirm or weaken each call, the conflict and capital-flow snapshot, and full sources.
Independent editorial analysis for information and education. Nothing here is investment advice or a recommendation to buy or sell a security.