This market is moving so much, I can’t stop writing… Hat tip to the bears - they were right! NVDAs downfall would be a Chinese model, just not the kind they expected.
Last week produced the largest weekly cut in US fundamental L/S gross since Covid. A lot of people have now reduced their books, bought themselves some breathing room and are waiting to see what happens next. The problem is that getting your exposure down doesn’t necessarily mean that the difficult decisions are behind you.
