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Why I Bought the Dip
Futures are green pre-market on strong Microsoft earnings and a big Lam Research report guiding $8.1 billion for next quarter, with the stock up around 11%. Microsoft spiked and the narrative credits leaving CapEx unchanged, while Meta sold off on softer forward guidance after only raising the bottom of its CapEx range, which reminds me a bit of the 2022 Meta and Netflix drawdowns. I do like the business and did NOT buy the Meta dip.
Defense names keep posting huge backlogs, and the Pentagon committed over $120 billion for Patriot and missile work going mostly to Lockheed Martin, including a…
The skinny
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