$Invesco QQQ Trust(QQQ.US)$Invesco Nasdaq 100 ETF(QQQM.US)After two weeks of relentless gap-ups, last week was probably frustrating for most QQQ investors. The index didn‘t collapse, but the experience beneath the surface was much worse than the headline suggested. Unless you were heavily concentrated in semiconductor and AI hardware names, it felt like you were constantly losing ground.

The market has pushed the hardware trade to an extreme, with capital becoming more concentrated than ever. That kind of positioning rarely stays comfortable for long. Whether it’s profit-taking, macro headlines, or earnings, it won‘t take much to trigger bigger swings.

The uptrend may still be intact, but this feels like a market entering a much more volatile phase, where stock selection matters far more than simply owning the index.

@Bridge Buzz SG