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Monday's rally had a tidy narrative attached to it $META launched a new chatbot that hit no. 1 in the app store, ahead of ChatGPT So what did the market do? It went and bought anyone who might be able to sell a semiconductors to an AI chatbot. $ARM +17%, $INTC +12%, $AMD +10% through $1 trillion (Leopold will be happy!) No deal was signed. No hypserscaler placed a chip order. $NVDA said nothing. Neither did $AMD despite jointing the trillion dollar club It was a narrative trade built on 730,000 app downloads Narrative trade are perfectly tradeable. The problems start when you forget why you bought and start defending it like there's fundamentals underneath A story can get repriced in an afternoon, by the same hot money that bought it up yesterday. Only 8% of consumers say they'd trust $META with their passwords... so the jury is out on how quickly/successfully they'll be able to commercialise their new chatbot I cover Monday's rally and more in today's desk note 👇🏻 https://t.co/fFDxztjLqq