Peter Ahl @Wealthbystrategy: "💲 𝙔𝙏𝘿 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚: 𝟭𝟬,𝟰% 📈 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚..."

Sweden

💲 𝙔𝙏𝘿 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚: 𝟭𝟬,𝟰% 📈 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 𝟮𝟬𝟮𝟱: 𝟭𝟰,𝟱% 🚀 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 𝟮𝟬𝟮𝟰: 𝟰𝟮,𝟭% Risk-score 4/10. ______________________________________________ 𝙒𝙚𝙚𝙠𝙡𝙮 𝙧𝙚𝙥𝙤𝙧𝙩 𝙅𝙪𝙣𝙚 𝟮𝟵 – 𝙅𝙪𝙡𝙮 𝟯, 𝟮𝟬𝟮𝟲 👇 💹 𝙊𝙫𝙚𝙧𝙖𝙡𝙡 𝙈𝙖𝙧𝙠𝙚𝙩 𝙊𝙪𝙩𝙡𝙤𝙤𝙠 Markets enter the final days of June with a divided tone. Inflation is still too high, interest-rate expectations remain sensitive to every data point, and the AI theme is now being tested by real supply constraints, not only by valuation concerns. 𝙏𝙝𝙚 𝙘𝙚𝙣𝙩𝙧𝙖𝙡 𝙦𝙪𝙚𝙨𝙩𝙞𝙤𝙣 𝙞𝙨 𝙬𝙝𝙚𝙩𝙝𝙚𝙧 𝘼𝙄 𝙨𝙥𝙚𝙣𝙙𝙞𝙣𝙜 𝙘𝙤𝙣𝙩𝙞𝙣𝙪𝙚𝙨 𝙩𝙤 𝙩𝙧𝙖𝙣𝙨𝙡𝙖𝙩𝙚 𝙞𝙣𝙩𝙤 𝙚𝙖𝙧𝙣𝙞𝙣𝙜𝙨, 𝙤𝙧 𝙨𝙩𝙖𝙧𝙩𝙨 𝙩𝙤 𝙥𝙧𝙚𝙨𝙨𝙪𝙧𝙚 𝙘𝙪𝙨𝙩𝙤𝙢𝙚𝙧𝙨 𝙩𝙝𝙧𝙤𝙪𝙜𝙝 𝙝𝙞𝙜𝙝𝙚𝙧 𝙞𝙣𝙥𝙪𝙩 𝙘𝙤𝙨𝙩𝙨. That question became more concrete last week after Micron’s report and the price increases announced by Apple and Microsoft. 📊 𝙋𝙖𝙨𝙩 𝙒𝙚𝙚𝙠'𝙨 𝙈𝙖𝙧𝙠𝙚𝙩 𝘼𝙘𝙩𝙞𝙫𝙞𝙩𝙮 Last week was difficult for growth and technology shares. The S&P 500 and Nasdaq ended the week lower, while the Dow held up better as money rotated away from some crowded AI and semiconductor winners. 𝘾𝙝𝙞𝙥 𝙨𝙩𝙤𝙘𝙠𝙨 𝙬𝙚𝙧𝙚 𝙚𝙨𝙥𝙚𝙘𝙞𝙖𝙡𝙡𝙮 𝙫𝙤𝙡𝙖𝙩𝙞𝙡𝙚. A strong relief rally after Micron’s report quickly met profit-taking and renewed worries about the cost of the AI buildout. Macro data did not give the market much comfort. May PCE inflation rose 4.1% year over year, while core PCE rose 3.4%. Consumer spending was still strong, which supports earnings but also keeps the Federal Reserve focused on inflation risk. Oil was another moving part, with Middle East tensions still affecting sentiment. 𝙎𝙤 𝙛𝙖𝙧 𝙩𝙤𝙙𝙖𝙮, 𝙢𝙖𝙧𝙠𝙚𝙩𝙨 𝙝𝙖𝙫𝙚 𝙧𝙚𝙘𝙤𝙫𝙚𝙧𝙚𝙙 𝙥𝙖𝙧𝙩 𝙤𝙛 𝙡𝙖𝙨𝙩 𝙬𝙚𝙚𝙠’𝙨 𝙡𝙤𝙨𝙨𝙚𝙨 𝙖𝙨 𝙐𝙎-𝙄𝙧𝙖𝙣 𝙩𝙚𝙣𝙨𝙞𝙤𝙣𝙨 𝙚𝙖𝙨𝙚𝙙 𝙖𝙣𝙙 𝙡𝙖𝙧𝙜𝙚 𝙩𝙚𝙘𝙝𝙣𝙤𝙡𝙤𝙜𝙮 𝙨𝙝𝙖𝙧𝙚𝙨 𝙧𝙚𝙗𝙤𝙪𝙣𝙙𝙚𝙙. The move is encouraging, but still needs confirmation from breadth, rates and jobs data later this week. 💼 𝙋𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝘼𝙘𝙩𝙞𝙫𝙞𝙩𝙮 The most important event for the portfolio last week was clearly $MU (Micron Technology, Inc.) report. Expectations were already high, but 𝙈𝙞𝙘𝙧𝙤𝙣 𝙨𝙩𝙞𝙡𝙡 𝙗𝙚𝙖𝙩 𝙩𝙝𝙚𝙢 𝙗𝙮 𝙖 𝙬𝙞𝙙𝙚 𝙢𝙖𝙧𝙜𝙞𝙣. Revenue reached $41.46 billion, adjusted EPS was $25.11, gross margin was close to 85%, and guidance for the next quarter was far above consensus. The real message was not only one strong quarter. It was that 𝙢𝙚𝙢𝙤𝙧𝙮 𝙝𝙖𝙨 𝙗𝙚𝙘𝙤𝙢𝙚 𝙖 𝙗𝙤𝙩𝙩𝙡𝙚𝙣𝙚𝙘𝙠 𝙞𝙣 𝙩𝙝𝙚 𝘼𝙄 𝙫𝙖𝙡𝙪𝙚 𝙘𝙝𝙖𝙞𝙣. The market reaction was powerful. Micron rallied sharply after the report and pulled several AI hardware, memory and semiconductor names higher. 𝙁𝙤𝙧 𝙤𝙪𝙧 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤, 𝙩𝙝𝙞𝙨 𝙢𝙖𝙩𝙩𝙚𝙧𝙨 𝙗𝙚𝙘𝙖𝙪𝙨𝙚 𝙞𝙩 𝙨𝙪𝙥𝙥𝙤𝙧𝙩𝙨 𝙩𝙝𝙚 𝙫𝙞𝙚𝙬 𝙩𝙝𝙖𝙩 𝘼𝙄 𝙞𝙣𝙛𝙧𝙖𝙨𝙩𝙧𝙪𝙘𝙩𝙪𝙧𝙚 𝙙𝙚𝙢𝙖𝙣𝙙 𝙧𝙚𝙢𝙖𝙞𝙣𝙨 𝙫𝙚𝙧𝙮 𝙨𝙩𝙧𝙤𝙣𝙜 𝙗𝙚𝙣𝙚𝙖𝙩𝙝 𝙩𝙝𝙚 𝙨𝙪𝙧𝙛𝙖𝙘𝙚. At the same time, the reaction also showed the risk side of the same theme. $AAPL (Apple) raised prices on several Mac and iPad products, and $MSFT (Microsoft) will raise Xbox prices from August, both linked to higher memory and storage costs. In simple terms, Micron’s strength is good for memory suppliers, but it also reminds the market that AI is raising costs elsewhere. No changes were made to the portfolio last week. 𝙄 𝙘𝙤𝙣𝙩𝙞𝙣𝙪𝙚 𝙩𝙤 𝙛𝙤𝙘𝙪𝙨 𝙤𝙣 𝙥𝙖𝙩𝙞𝙚𝙣𝙘𝙚, 𝙦𝙪𝙖𝙡𝙞𝙩𝙮 𝙖𝙣𝙙 𝙧𝙞𝙨𝙠 𝙘𝙤𝙣𝙩𝙧𝙤𝙡 𝙧𝙖𝙩𝙝𝙚𝙧 𝙩𝙝𝙖𝙣 𝙧𝙚𝙖𝙘𝙩𝙞𝙣𝙜 𝙩𝙤 𝙨𝙝𝙤𝙧𝙩-𝙩𝙚𝙧𝙢 𝙣𝙤𝙞𝙨𝙚. 🔭 𝙏𝙝𝙚 𝙒𝙚𝙚𝙠 𝘼𝙝𝙚𝙖𝙙 This week is shortened by the US Independence Day holiday, but it is not a quiet week. 𝙏𝙝𝙚 𝙞𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩 𝙅𝙪𝙣𝙚 𝙟𝙤𝙗𝙨 𝙧𝙚𝙥𝙤𝙧𝙩 𝙖𝙧𝙧𝙞𝙫𝙚𝙨 𝙤𝙣 𝙏𝙝𝙪𝙧𝙨𝙙𝙖y, one day earlier than usual, with consensus looking for payroll growth of around 135,000 and unemployment to remain at 4.3%. JOLTS and ISM manufacturing will also matter for the rate outlook. Central bank comments from the ECB forum in Sintra may affect bond yields and currencies. Earnings are lighter, but $NKE (NIKE) and $STZ (Constellation Brands Inc) are worth watching. $SPCX (Space Exploration Technologies Corp) remains in focus after its record IPO and expected Nasdaq 100 inclusion in early July. 𝙁𝙤𝙧 𝙢𝙖𝙧𝙠𝙚𝙩𝙨, 𝙩𝙝𝙚 𝙩𝙚𝙨𝙩 𝙞𝙨 𝙬𝙝𝙚𝙩𝙝𝙚𝙧 𝙡𝙖𝙨𝙩 𝙬𝙚𝙚𝙠’𝙨 𝘼𝙄 𝙫𝙤𝙡𝙖𝙩𝙞𝙡𝙞𝙩𝙮 𝙗𝙚𝙘𝙤𝙢𝙚𝙨 𝙖 𝙝𝙚𝙖𝙡𝙩𝙝𝙮 𝙧𝙚𝙨𝙚𝙩 𝙤𝙧 𝙩𝙝𝙚 𝙨𝙩𝙖𝙧𝙩 𝙤𝙛 𝙖 𝙗𝙧𝙤𝙖𝙙𝙚𝙧 𝙧𝙚𝙖𝙨𝙨𝙚𝙨𝙨𝙢𝙚𝙣𝙩. 𝙒𝙞𝙨𝙝𝙞𝙣𝙜 𝙮𝙤𝙪 𝙖 𝙥𝙧𝙤𝙨𝙥𝙚𝙧𝙤𝙪𝙨 𝙩𝙧𝙖𝙙𝙞𝙣𝙜 𝙬𝙚𝙚𝙠 𝙖𝙝𝙚𝙖𝙙! 👍

Not investment advice. The author may have financial interests in the mentioned instruments.