Intel showed up first today.

Not the name people were focused on… but it held bids most of the session. Small dips, then buyers stepping in without much noise. That’s been happening a little more often.

Intel (INTC) didn’t really break out, just didn’t get sold.
Broadcom (AVGO) felt similar… maybe a bit stronger.

Didn’t feel like a normal rotation.

The easy explanation is still the same. Money moving out of crowded names, looking for something else.

Maybe.

But the scale of what’s happening in AI right now keeps nagging at me a bit. Training runs pushing into $20–50 million, infrastructure spend drifting toward $250 billion a year across the big players.

That’s… not small anymore.

At some point, companies stop renting everything. They start building more of it themselves.

Intel’s messy, still is.

But the foundry piece doesn’t feel optional anymore. All this custom silicon has to land somewhere, and there aren’t that many places that can actually handle it. Fewer than people probably think about day to day.

Broadcom’s just cleaner. Already pulling in $10+ billion tied to AI systems that don’t get swapped out easily once they’re in place.

Slight tangent, but it keeps coming up.

Every big tech cycle eventually runs into something physical. Not because the idea breaks… just because the infrastructure takes time to catch up.

Feels like we’re getting closer to that layer now.

Anyway.

Today didn’t feel aggressive. No real urgency to the move. Just a steady bid that kept showing up, backing off, then showing up again a little higher.

I notice that more than the big spikes.

I’m not doing anything with it tonight.

Just… keeping it in the back of my head a bit…

because sometimes these quieter shifts show up before anyone really lines up on the same story.

 – Editor, TCI