The US 30-year bond yield hit its highest level since 2001 this week. Heavy AI-driven bond issuance from hyperscalers like AMZN and GOOGL is pushing up borrowing costs in non-dollar markets too. The Treasury market is increasingly dominated by hedge fund activity — a dynamic analysts say adds volatility risk. Chinese tech valuations are now trading at multiples of US peers, with Beijing's support powering a 29% gain in the Star 50 index year-to-date.
Chips are the week's most contested sector. Applied Materials drew two opposing analyst calls in a single day — UBS cut its target to $675 while Craig-Hallum lifted to $585. Options flow in Micron Technology remains firmly bullish. The stock is up 233% year-to-date with just 2.7% of its free float sold short. Fresh 13F filings showed Soros Fund Management and Coatue both disclosing stakes in , which is up 183% year-to-date.
Replimune Group heads into earnings with short interest at 37.8% of free float — up 10.4 percentage points in a week — even as analysts turn bullish. Baidu is the opposite story: bears are retreating and the borrow market is loosening ahead of its Q2 print. Wolfspeed remains the most heavily shorted large name at 85.2% of free float.
Analysts are more upbeat on consumer names. Telsey upgraded both Target and Ross Stores to Buy today. Home Depot reports Tuesday — its results will be a key read on the US consumer. Bill Gates filed purchases of Republic Services worth over $81M this week, a notable buy-side signal in the waste management space.
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