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“Discrepancies – and hence opportunities – in securities originate most often when events move faster than quotations.” – Benjamin Graham

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Markets bounced back on Tuesday from Monday’s DeepSeek drop, and the S&P is entering Wednesday trading down just 58 bps on the week.  Investors sold first and asked questions later on Monday, but once they did start asking questions, it seems as if cooler heads might be starting to prevail.

While AI Infrastructure stocks have fallen this week, the DeepSeek news has caused investors to contemplate an overall lower cost to compute on the AI front, which should benefit margins for companies in the AI Implementation space and also increase overall demand from consumers in the long run.

As shown below, NVDA’s drop in market cap this week has mostly been offset by gains in market cap for the other major mega-cap Tech and Tech-adjacent stocks.  Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), Meta (META), and Microsoft (MSFT) have seen a combined increase in market cap of $299 billion so far this week, while NVDA has seen a drop of $334 billion.  On a net basis, the market cap for all six of these behemoths has only fallen $34.8 billion on the week.

Below is a quick snapshot of the six mega-caps mentioned above run through our Trend Analyzer tool.  While NVIDIA (NVDA) is down 8.4% over the last week and in oversold territory, Meta (META) and Apple (AAPL) are both up more than 7%.