Andrew and Tom discuss memory chips ripping again with ASML and LRCX up 5% on the SK Hynix listing, Broadcom&#x27;s new multi-year custom ASIC deal with Apple through 2031, Solstice&#x27;s $14.5 billion cash-and-stock acquisition of Element Solutions with Goldman advising, and Mario Draghi&#x27;s proposal to restructure the EU into smaller blocs to unlock growth. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

Memory Chips Rip Again + Broadcom Wins Apple ASIC Deal Through 2031 | July 6, 2026 – Morning Market Briefing

The Morning Market Briefing

Hey everybody, welcome to the Morning Market Briefing. It's Monday, July 6, 2026. Hope you're doing well. Hope you had a good 4th of July weekend. We'll recap the social activities, sporting events, etc. at the end. But opening up, we're seeing some memory chip ripage, Tom. ASML, LAM Research up about 5% after a weak start to the quarter. We've only had a few trading days in this quarter, but we've seen a very different market dynamic than we saw the previous quarter, which is further cementing my view of just the

pace with which these mini cycles are going is really hard to keep up with. I feel like we actively trade portfolios. I would not describe our investment strategy as trading. And so we have seen even internally, clients have probably seen it pretty interesting whipsaws in terms of internal portfolio performance where, hey, if these things are ripping and we don't have enough exposure, okay, we're going to underperform, but we've

seen a bit of a change of pace at least up till today, but perhaps running back to the theme we saw last quarter. Yeah, it's interesting because the big headline this morning on Bloomberg from 15 minutes ago was that Morgan Stanley put out a report that says now's the time to get out of the chips and go back to the hyperscalers. Things like Microsoft, NVIDIA, and Meta are at unbelievable valuations because, I mean, if you look at the major drag on portfolios for us last year, last quarter, it was not that we didn't own the chips.

Memory Chips Rip Again + Broadcom Wins Apple ASIC Deal Through 2031 | July 6, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Memory Chips Rip Again + Broadcom Wins Apple ASIC Deal Through 2031 | July 6, 2026 – Morning Market Briefing

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.