Morning Briefs.

Market Pulse

Fear & Greed is 23, Extreme Fear.

What moved

CRDO +18.8% last close $159.57

MU +9.2% last close $465.66

RMBS +7.6% last close $121.73

ICHR +5.8% last close $64.01

NBIS +4.8% last close $161.94

Relative strength (actionable, not extended)

PSTG last close $64.00: cleanest not-extended storage tape; holding above the $64.00 handle keeps it in the work list versus the stretched memory names.

NTAP last close $98.89: quiet relative strength, but still the least-deviating storage name here; better as a defensive hold than a chase.

CBOE last close $300.75: low-beta tape with minimal one-day drift; useful parking spot if the high-beta semis keep oscillating.

Today's focus

• MU $465.66 and RMBS $121.73 are the memory tells after a one-day +9.2% and +7.6%; if either gives back the move, the $460.00 and $120.00 handles matter first.

• CRDO $159.57 and NBIS $161.94 stay on momentum watch with no fresh research_log catalyst; use $160.00 and $162.00 as the near-term reference levels into the next tape check.

Market Pulse

Fear & Greed is 21, Extreme Fear.

What moved

CRDO +12.3% last close $134.36

SNDK +11.8% last close $952.50 — now the clean public NAND lever; the move keeps storage in the highest-beta part of the tape.

NOK +9.6% last close $10.37 — networking side stays bid; watch $10.00 into the next fiber / metro read-through.

SMTC +7.8% last close $91.83 — CopperEdge / FiberEdge exposure remains the market’s preferred AI connectivity expression.

LASR +6.9% last close $69.86 — defense and industrial laser demand are still paying through in the name.

NBIS +6.6% last close $154.56 — the vertically integrated AI cloud bid is still intact; watch $150.00 and any flow tied to AI compute peers.

Relative strength

DOCN last close $79.87: not extended, but the 1D bounce against a negative one-week reads like support off the prior air pocket; use $80.00 as the line.

PSTG last close $63.25: not extended and holding a tight 1M/1W base; better for incremental add than chase.

CBOE last close $300.30: low-beta hold up tape; good parking spot while growth names gap around it.

RKLB last close $70.62: not extended with positive 1D/1W; still one of the cleaner space names for continuation if risk appetite narrows.

NTAP last close $98.40: not extended and back above the near-term wobble; treat as a quieter storage relative-strength proxy.

LHX last close $357.95: flat 1M and slightly soft 1W; defensive defense exposure, not a momentum chase.

Today's focus

• CRDO at $134.36 and SNDK at $952.50 are the two most aggressive one-day movers; both sit in the storage / connectivity complex that has been driving the tape, with CRDO’s +12.3% and SNDK’s +11.8% setting the tone.

• Fear & Greed at 21, Extreme Fear, while DOCN sits at $79.87 and NTAP at $98.40; that’s the kind of backdrop where we prefer the not-extended names with clean levels over the stretched crowd.

Market Pulse

Fear & Greed is 12, Extreme Fear. No VIX or put/call read is available in the feed.

What moved

AXTI +8.3% $45.46

COHR +8.2% $307.50

POWL +8.0% $201.70

VIAV +7.4% $38.54

MRVL +7.1% $128.49

LITE +5.6% $815.75

Theme watch

Optical Networking & Photonics did the heavy lifting again: COHR +8.2%, VIAV +7.4%, and LITE +5.6% all beat the theme’s 3.0% average absolute one-day move, with the group still working off strong 1W/1M momentum across the table.

Data Center Power & Cooling was quieter but constructive: POWL +8.0% was the standout versus the theme’s 2.2% average absolute day move, while ETN +1.4% and VRT +1.4% kept the bid intact without the same urgency.

Relative strength

AXTI: not extended, but the +8.3% one-day pop versus a -13.8% one-week backdrop says this is still tradable for mean-reversion if it holds $45.46.

AMKR: steady not-extended setup with +1.3% on the day and a clean +15.4% one-week trend; use $47.62 as the line for add-versus-fade.

TTMI: +3.8% on the day and +12.5% over one week keeps this in the constructive packaging subset; not extended, so it remains buyable on a shallow pause.

VRT: +1.4% with +12.0% one week and +8.5% one month keeps the data-center power tape firm without forcing chase behavior.

ENTG: +2.5% against +9.1% one week and +5.4% one month still supports the semicap capital-equipment group; not extended, so dips stay actionable.

Today's focus

• Keep AXTI on the desk at $45.46: +8.3% day after a -13.8% week leaves it as a high-beta reclaim candidate, while the next clean reference is the not-extended relative-strength basket.

• POWL at $201.70 and VIAV at $38.54 are the cleanest same-day reads off the tape; both sit inside themes that are still posting above-average one-day moves, and neither has a dated catalyst in the feed.

Market Pulse

Fear & Greed is 16 and the label is Extreme Fear. No VIX close is available in the feed.

What moved

AXTI +8.3% — last close $45.46. No research log driver. Watch: $45.00 on follow-through versus the 1W −13.8% reset.

POWL +8.0% — last close $201.70. No research log driver. Watch: $200.00 as the round-number hold; name is still 1M +25.1% and extended yes.

VIAV +7.4% — last close $38.54. No research log driver. Watch: optical test/assurance peer read against 1D strength in LITE and CIEN.

LITE +5.6% — last close $815.75. No research log driver. Watch: $800.00 area after a 1W +24.6% run; still extended yes.

LEU −5.5% — last close $173.47. No research log driver. Watch: $170.00 support after the sharp one-day reset; 1M −8.2% keeps this cleanly in tape-risk mode.

NBIS +4.3% — last close $117.40. No research log driver. Watch: $120.00 if the AI cloud bid keeps extending; 1W +27.3% and 1M +31.4% remain hot.

Theme watch

Optical is still the fastest tape in the book: LITE +5.6%, VIAV +7.4%, and CIEN +3.1% all outpaced the group’s 2.3% average absolute one-day move. That matters because the participation is broad, not just one stock carrying the move.

Data center power was active but more orderly: POWL +8.0% was the outlier versus the group’s 2.2% average absolute one-day move, while VRT +1.4% and ETN +1.4% stayed constructive without chasing. Advanced packaging was quieter by comparison, with TTMI +3.8% leading a 1.6% average absolute day move group.

Relative strength

AMKR — $47.62, 1D +1.3%, 1W +15.4%, 1M +14.4%. Clean not-extended packaging exposure; better for add-on strength than for front-running.

JBL — $272.85, 1D +2.0%, 1W +10.3%, 1M +13.2%. Still usable as a steadier packaging winner if the group keeps rotating into names with room.

TTMI — $99.29, 1D +3.8%, 1W +12.5%, 1M +12.9%. Best day-to-day momentum in the not-extended packaging bucket.

VRT — $262.30, 1D +1.4%, 1W +12.0%, 1M +8.5%. Power/cooling exposure still constructive without being stretched.

MU — $377.58, 1D −0.1%, 1W +17.3%, 1M +2.0%. Still the cleaner memory name on intermediate timing; not forcing it on the day.

Today's focus

• $200.00 POWL and $170.00 LEU are the two levels that matter most into the open; both names had large one-day moves and are easy to fade or chase depending on acceptance.

• April 17 matters for the next catalyst clock in the group, and the cleanest non-extended follow-through candidates remain TTMI $99.29 and AMKR $47.62.

Market Pulse

Fear & Greed is 14 and the label is Extreme Fear. No VIX print was available in the feed.

What moved

AXTI +8.3% last close $45.46. Watch: not extended; 1M +40.4% keeps the tape constructive despite the 1W -13.8% reset.

POWL +8.0% last close $201.70. Watch: 1W +20.4% / 1M +25.1% while the name is extended yes; today’s move is in a stretched data-center power tape.

VIAV +7.4% last close $38.54. Watch: optical names remain active; 1W +21.2% and 1M +38.2% versus an extended yes flag.

LITE +5.6% last close $815.75. Watch: 1W +24.6% / 1M +46.1% keeps this firmly momentum-led; extended, so chase risk is elevated.

LEU -5.5% last close $173.47. Watch: nuclear is mixed today; 1W +2.9% but 1M -8.2% leaves this one-day downtick in a softer intermediate setup.

NBIS +4.3% last close $117.40. Watch: 1W +27.3% and 1M +31.4% keep the AI-cloud bid intact; extended flag remains the issue, not the trend.

Theme watch

Optical is still the cleanest momentum pocket: VIAV +7.4% and LITE +5.6% both outpaced the theme’s 2.3% average absolute one-day move, with each name already stretched on 1W/1M. Data center power also stayed bid but less explosively: POWL +8.0% was the clean standout versus the theme’s 2.2% average, while ETN +1.4% and VRT +1.4% were steady rather than urgent.

Relative strength (actionable, not extended)

AXTI — use the $45.46 level as the reference; 1M +40.4% says this is still playable even after the 1W -13.8% pullback.

TTMI — $99.29 holds as a clean momentum proxy in advanced packaging; 1D +3.8% with 1W +12.5% is still tradable.

AMKR — $47.62 keeps it in the better-behaved packaging cohort; not stretched, with 1W +15.4%.

VRT — $262.30 remains one of the cleaner power names; 1W +12.0% without an extended flag.

JBL — $272.85 stays actionable on constructive 1W +10.3% / 1M +13.2% without being extended.

Today's focus

• April 9 positioning: optical remains the highest-beta pocket, with VIAV $38.54 and LITE $815.75 both still extended; use the theme’s 2.3% average absolute one-day move as the yardstick, not the whole story.
• Keep POWL $201.70 and NBIS $117.40 on the active list today; both sit in names with 1W > 20%, so the trade is continuation versus digestion, not new initiation at any price.

Market Pulse

Fear & Greed is 14 with the label Extreme Fear. No VIX close is available in the feed.

What moved

AXTI +8.3% last close $45.46 — sharp one-day rebound against -13.8% one week and +40.4% one month; Watch: $45.46 is the reclaim level if the move keeps repairing the prior week’s damage.

POWL +8.0% last close $201.70 — still extended off +20.4% one week and +25.1% one month; Watch: $201.70 is the near-term handle for the datacenter-power tape.

VIAV +7.4% last close $38.54 — optical and test remains one of the cleanest momentum groups, with +21.2% one week and +38.2% one month; Watch: $38.54 needs to hold if the cohort is going to keep pressing.

LITE +5.6% last close $815.75 — still one of the most extended winners in the optical stack at +24.6% one week and +46.1% one month; Watch: $815.75 is the mark after the latest squeeze leg.

LEU -5.5% last close $173.47 — notable downside outlier inside an otherwise strong tape; Watch: $173.00 is the first level to defend while the stock sits at -8.2% one month.

NBIS +4.3% last close $117.40 — AI cloud remains momentum-led with +27.3% one week and +31.4% one month; Watch: $117.40 is the near-term line while the group stays extended.

Relative strength (actionable, not extended)

TTMI: best risk-reward in the not-extended group; buyable on shallow dips while $99.29 holds.

JBL: packaging exposure stays constructive at $272.85 without the crowding seen in the faster optical names.

AMKR: still workable at $47.62 as a cleaner advanced-packaging continuation candidate.

VRT: $262.30 remains a solid datacenter-power reference without the same extension profile as the hottest names.

ETN: $368.85 is the steadier large-cap power expression if you want breadth confirmation.

AMAT: $354.31 keeps semicap exposure alive without needing the most stretched tape.

Today's focus

• LEU $173.47 versus the -5.5% one-day break: if $173.00 fails, the nuclear sleeve likely stays the weaker pocket into the next headline cycle.
• NTAP $97.61 versus -3.3% one day and -3.4% one month: storage remains the clean weak spot, with $97.61 the first level traders will key off.

Market Pulse

Fear & Greed is 17 with the label Extreme Fear. No VIX close is available in the feed.

What moved

STM +5.6% last close $36.25 — semis stayed bid with +11.4% one week and +8.8% one month; Watch: $36.25 is the level to hold if the foundry trade keeps improving.

MU +4.0% last close $380.89 — one-day recovery against a still-mixed -4.1% one month backdrop; Watch: $380.89 is the first reclaim level if memory is going to stabilize.

RKLB +3.6% last close $70.21 — space and launch momentum improved with +15.2% one week; Watch: $70.21 is the active level while the tape stays constructive.

MOD -3.6% last close $211.35 — clearest downside outlier in the group, with -1.2% one week but still +3.2% one month; Watch: $211.35 is the level to defend if the pullback is going to remain contained.

NOK +3.5% last close $9.13 — network gear kept pressing with +14.4% one week and +16.3% one month; Watch: $9.13 is already extended, so treat it as confirmation rather than fresh chase.

SNDK +3.5% last close $725.78 — storage and memory kept squeezing higher at +17.9% one week and +28.3% one month; Watch: $725.78 is extended and needs to hold if the group is going to keep trending.

Relative strength (actionable, not extended)

NBIS: strongest non-extended momentum mix in the set, with $111.38 the first reference for add-backs.

GEV: $893.02 remains a clean power and infrastructure hold without an extended flag.

ICHR: $48.03 is still a workable advanced-packaging support reference with decent one-week follow-through.

POWL: $181.70 kept datacenter-power exposure alive without the extension tag that showed up a day later.

JBL: $269.27 remains a steadier packaging proxy if you want less tape heat.

VRT: $262.48 stays on the active list as a clean power breadth check.

Today's focus

• MOD $211.35 after the -3.6% one-day break: if $211.35 fails, the name probably needs more digestion before the trend can reassert.
• RKLB $70.21 after +3.6% one day and +15.2% one week: the question is whether $70.21 can hold as the launch tape broadens.