NVIDIA and the Five Trillion Dollar Pin
NVDA market cap hits $5.17T with a 0.81% FCF yield vs a 5.10% 10Y Treasury. Options market structure signals a $220 Max Pain pin amid 2.5% Nasdaq decline.
Technology
Morning Blast: TSM and the Price of Silicon
Morning Blast: Taiwan Semiconductor (TSM) capital expenditure physics, leading-edge 3nm/2nm gross margins, and global fab subsidy economics.
Morning Blast: Microsoft and the 5.2% Yield Wall
Morning Blast: Microsoft valuation audit, Azure decelerating margins against $80B annualized AI infrastructure spend in a 5% rate regime.