Bears Watch Chips, Insiders Buy the Dip

AI and Tech Under the Microscope

Short sellers are circling the AI chip space. CBRS saw short interest jump 19 points in a week to 25.6% of free float. Options markets are reinforcing that bearish view. NVDA carries massive put positioning in the June 18 expiry chain, despite light short interest of just 1.2%. Bears appear to be hedging through derivatives rather than direct borrowing. PLTR also faces pressure — analysts trimmed their target to $182.75 while its options structure hints at a vol squeeze ahead.

Macro Backdrop Shifts

Oil fell to a three-month low after President Trump said the US is close to an Iran deal. Stocks and government bonds gained on hopes the energy shock would ease. European defence stocks reversed their recent rally on funding concerns. Gold sank to a six-month low — its worst quarter in nearly a decade — as Iran war risk fades and US rate expectations rise.

Insiders Buy Into Weakness

Corporate insiders are not spooked. TXO Chairman Bob Simpson filed over $16M in purchases across six transactions. NSP CEO Paul Sarvadi bought $7.9M worth of shares on June 3. NCLH CEO John Chidsey spent $2.5M on Norwegian Cruise Line shares. That's a notable cluster of C-suite conviction buying.

Earnings Week Ahead

KR and KMX headline a busy reporting week. Kroger holds its Q1 call Wednesday morning. CarMax reports the same day with 11.5% of its float shorted — one of the higher readings among reporters. UK water utility PNN posts full-year results Tuesday. Homebuilder LEN faces the sharpest analyst target cut this week, with nearly 9% of its float short as housing sentiment stays soft.