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MIB Daily: One Analysis, No New Demand Data, 5.4% Off the Chips, Software Still Green, GDPNow Cut to 4.03%, and a 56% No-Landing Book That Argues for Rotating Within Risk Assets Rather Than Adding

A Wall Street Journal tally of $3 trillion in off-balance-sheet AI commitments gutted the memory complex — SNDK -9%, MU -7%, chips -5.4% — and dragged the Nasdaq 100 down 1.68%. Trump says no Iran talks; a bulk carrier was struck inside Hormuz and crude rose a third session. Housing starts collapsed 12.4%. Section 338 tariffs on Canada bite at midnight. GDPNow’s Q3 estimate has lost a third in a fortnight. Gold fell 1.79% anyway — the hedge failed.

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