The Full Read.

Tape opens risk-off as faith in the AI-chip trade cracks a fourth day on TSMC's capex bill; the semis stay gated on distribution, Netflix sinks ~11% on soft guidance, and oil spikes on Strait-of-Hormuz escalation.

Split tape: cool inflation and a strong-growth data slate keep software firm while the memory/semi complex extends its slide (MU -5%, SMH -2.8%); the cleanest read is skew-confirmed call flow in META, with PayPal in play on a reported $53B takeover bid.

Tape holds a narrow risk-on after June CPI's surprise cool-down; the one skew-confirmed read is heavy call flow in META, while the semis melt-up (SMH +2.5%) carries steep put-skew that keeps the chip complex to context.

A cool but energy-driven June CPI meets sticky core and a re-surging oil bid; blowout bank earnings sell the news (only Goldman is rewarded) while beaten-down memory names bounce into a gated, put-skewed semis complex — no clean directional read into Warsh's 10 AM testimony.

Tape opens broad-but-mild while the semis complex is full-vetoed on day-2 distribution (SMH put skew +10.2%); the one clean directional read is heavy skew-confirmed call flow in META (+$84.7M net call) as a fresh cloud-business catalyst reclaims the 200-day.

Semis and AI rip for a third straight day and the multi-week SMH veto finally lifts as its put wall works off — but IV is pegged and skew stays put-heavy; the one fresh clean read is ALNY +17% on Ionis/AstraZeneca's Wainua Phase-3 failure, into a reignited US-Iran war and hawkish FOMC mtg minutes.

Trump calls the Iran ceasefire "over" — WTI spikes ~6%, the semis complex bleeds under a full SMH veto, and the one clean non-gated read is skew-confirmed call flow in META bucking a risk-off tape into this afternoon's FOMC minutes.

Semis-specific selloff — SMH gaps −3% on an overnight Asia chip rout while the broad tape holds flat and financials bid; the chip complex is fully gated (SMH put-skew +8.9%), leaving only catalyst-capped call reads in GOOGL and TSLA.