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LazyCat

Nvidia's move looks like smart financing and not a red flag, borrowing while demand is strong to secure cheap, favourable funding. According to disclosure, the money is mainly for general corporate needs, like repaying/refinancing existing debts; not for AI capex.

with the addition of Alphabet (GOOGL) to the Dow Jones, the traditional industrial index is becoming more correlated to QQQ and S&P 500. There is no where safe to hide from the volatility in the tech and AI names.

Apple's price increase serves as an aftershock resonating with micron's super beats earthquake. There is no doubt that the piranhas will have a happy feast on the memory stocks until another deepseek moment drop into the pond.

$DBS(D05.SG)$OCBC Bank(O39.SG)$UOB(U11.SG)$Amova-StraitsTrdg Asia REIT(CFA.SG)$Lion-phillip S-Reit(CLR.SG)$CSOP iEdge SREIT ETF S(SRT.SG)Something interesting is observed today (at least till 1530hrs, 23 Jun 2026) for the Singapore market - both the bank and REIT sectors are showing strength concurrently! Normally, we would have expected them to move in opposite directions due to inverse correlation to interest rate. So then, what could be happening?Firstly, the strength in SG banks is nothing unusual as the US "higher for longer" rate expectations holds and this supports the bank rally with the positivity in Net Interest Margins and earning visibility.The part on the REIT defines the interest rate logic and I would like to offer my take.When I looked at the US market at closing last night and the current futures (Dow Jones Future, NASDAQ 100 Future, S&P500 Future and VIX futures), it seems that there is a cautionary sentiment.It is postulated that the apparent strength in REIT sector today is tactical rather than macro-driven, possibly a combination of the below:(1) quarter end positioning by fund managers (window dressing)(2) defensive rotation signals (rising VIX/weakening US futures)(3) Attractive yields / yield spreadWell, I would be interested to know what you think. Do drop a comment below of your take and hope we can all learn together. Cheers!

The "blacklist" of Chinese firms is not something new. Back in Feb 2026, the updated listed, which included Alibaba, BYD,  Baidu, etc, was withdrawn shortly after it was posted for an hour on 13 Feb. It was thought that the withdrawal was to avoid antagonizing the Chinese following a trade truce reached by Trump-Xi. This, like the ding-dong of thr Nvidia export to China approval, are tools in the US war chest against Beijing. Having come after the Chinese crackdown on illegal cross border operation by Brokers in HK, restricting Chinese retail Investment in the US market, would anyone think this is a gesture to return the "kindness"? 

The Warsh effect has already been priced in, and has been reflected in the reversal of the REIT rally, when he was nominated earlier this year. 

Fed is reacting to economic strength. Robust retail sales, 172k new jobs and a structural AI capex boom proved demand is strong enough to absorb higher rates. inflation is elevated due to temp geopolitical energy shocks, not systemic economic overheating. By abstaining from forward guidance, Warsh protects growth optionality. Hawkish stance noe provides a safety net against inflation but then. the fed could do a 360deg turn later?

$Lion-OCBC Sec HSTECH S(HST.SG)​The Hang Seng Tech Index fell 2.39% to 4,651.59 (at the time of writing), driven by sector-specific sell-offs and macroeconomic uncertainty that overshadowed positive geopolitical news (like the US-Iran ceasefire).​Key Drivers​Tech & Semiconductor Slump: ​Tech Heavyweights: Meituan (-4%), Baidu (-3%), and Tencent (-2.5%) lead the decline, alongside drops of over 5% from Bilibili.​Semicons: The chip sector faced intense pressure, with Innoscience and Tianshu Zhixin plunging over 7%, while Hua Hong and Hongguang Semiconductor dropped over 5%.​Fed Uncertainty: Investors are adopting a "sell first, ask questions later" approach ahead of the FOMC's two-day policy meeting—the first under new Chair Kevin Warsh. ​Risk-Off: Fear of a hawkish surprise or delayed rate cuts is driving short-term capital away from risk assets. Conversely, analysts note a neutral tone could trigger a rebound.​Sentiment Over Valuation: Despite the index trading at a historically low valuation (P/B of 2.58x, lower than 88.57% of the past year's levels), negative short-term sentiment is overriding attractive fundamentals as Beijing has recently warned major e-commerce platforms (JD, Alibaba, Douyin, PDD) against false advertising and excessive competition, triggering renewed concerns of crackdown.​Crucial Risks to Watch​Fed Policy Stance: Any aggressive interest rate guidance from Chair Warsh will likely further pressure growth-sensitive tech stocks.​Semiconductor Drag: Continued downward momentum in chip stocks could prolong the index's overall weakness.@Bridge Buzz SG

the  dip in chip stock would not surprise anyone. The parabolic rise would warrant profit taking with any convenient narrative to sell down. Pumping up to trap retail while they quietly rotated to sectors already beaten down and then release another narrative to pump up this compressed sector.

$NVIDIA(NVDA.US)$Invesco QQQ Trust(QQQ.US)$S&P 500(.SPX.US)$Dow Jones Industrial Average(.DJI.US)$NASDAQ Composite Index(.IXIC.US)The 3 U.S. indices (SPX, DJI, IXIC) rallied on Monday fuelled by the weekend news of a peace deal, which lowered the oil prices, and a continuation of the post-IPO momentum of SpaceX. The lower oil prices reduce the fear of global inflation, economic downturns & higher interest rates - the 3 things that equities investors hate. The good news reignited the risk-on mode, sparking a broad rally for the tech stocks. $NVIDIA(NVDA.US)itself regained strength and ended 3.5% higher.

In my opinion, rate cuts have already been priced out by the market and that is why the S-REITs rally falthered. In reality, the headroom to hike is limited and is unlike the previous cycle which had began from zero. I would not trim my positions, but would add more for those I have conviction when they go back on deep discounts again. 