Software (IGV) names continue to edge higher, and I must admit I’ve been spying on The Trade Desk (TTD) very closely since CEO Jeffrey Green purchased $148,101,266 in shares at prices between $23.49 and $25.08.

Good Pause

Yesterday, the market could have been down 1% to 2%,  and nobody would have batted an eye.  Instead, major indices climbed off the canvas early, and even though they mostly closed in the red, market breadth was encouraging. A majority of shares closed higher:

• S&P 500 55%
• S&P 400 65%
• S&P 600 59%

For the most part, other measures of breadth were split down the middle, with advancers slightly outpacing decliners on the New York Stock Exchange (NYSE), and a dead heat on the NASDAQ Composite. The bright spot was new highs over new lows.

Factors

Growth and Momentum finished in the red, as did low volatility.

The S&P 600 Small Cap Index (SML) is on fire and seems poised to move even higher.

“Greed is back…” “extreme greed” is the next stop.

Anthropic Scores Again

Anthropic and Amazon (AMZN) extended an existing deal for $5.0 billion now, and potentially an additional $20.0 billion. The Artificial Intelligence (AI) Trade cannot be denied – it's just best to find the biggest winners. Other names moving on the news: Astera Labs (ALAB), Credo Technology (CRDO), and Marvell Technology (MRVL).

President Trump invoked the Defense Production Act (DPA), which covers a wide swath of industries, including energy to power data centers.

It’s a major move that underscores the administration’s commitment to America winning the AI race.

Today’s Session

President Trump gave a wide ranging interview on CNBC, but didn’t make big news.  I appreciate his strong confidence on Iran.

Stay focused on the AI Economy – these stocks are screaming.

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