July 2026 · Interim Note
A Record Market, a Rough Week for the Core Sleeve
The full monthly letter is where I report the whole book against SPY. This isn't that. This is a shorter note for the weeks in between, when something worth writing about happens and waiting three weeks to mention it would mean pretending it didn't.
Two real things happened this week
First: the Dow closed above 53,000 for the first time on July 6, and the Nasdaq gained about 1.1% the same day — a genuinely strong week for the broad market. Second, and separately: AMD, Micron, and Intel fell for a second straight session on the same day, down roughly 4.3%, 5.5%, and 5.3%, as AI-semiconductor valuations kept giving back part of a historic run. Those two things happened at once, to the same market, and to two different parts of my own book. I wrote both up in full on the News page: the semiconductor divergence and SpaceX's fast-tracked Nasdaq-100 inclusion, which touches both my SPCX and QQQ positions.
Why this is worth a note, not just a headline
AMD, MU, INTC, and SNDK together are 28.52% of the book — my single largest theme. A week where the index does well and that specific cluster does not is a small, live example of exactly the concentration risk the July letter already flagged. I'm not trading on a two-day move. I'm writing it down because the entire point of this site is that I don't get to notice a pattern privately and only mention it once it's convenient.
Nothing here changes any position size. The next full letter will report whether this was noise or the start of something that actually calls for a trim.