Update
Deutsche Bank Updates on Semiconductor Production and GPU Prices
Deutsche Bank notes that semiconductor production and exports from South Korea and Taiwan have accelerated in the third quarter. The bank expects Mega Cap Growth and technology earnings to remain near 54% annual growth. The S&P 500 is near historical highs, but the net exposure of long/short funds is moving in the opposite direction and remains relatively low. If earnings continue to surprise positively, there is still plenty of fuel for new purchases. The price seems euphoric, but the positioning remains cautious.