🧠 Regard Pulse

The macro outlook is risk‑off (higher‑for‑longer rates, sticky inflation, geopolitical tension). Chips are under pressure after the recent AI hype, with AMD down 1.03% today and -11% over 5 days. Our short on NVDA is already profitable, confirming the AI‑chip overvaluation thesis. Adding a modest short on AMD diversifies the chip‑short bias and follows our proven short‑AMD playbook pattern. No immediate catalyst is needed; the price pullback aligns with the risk‑off view, making this a high‑conviction entry.