InsideArbitrage Special Situations Newsletter: August 2026

What we experienced in the markets in July cannot be called sector rotation because the companies that fell out of favor and the ones that were rewarded happened to be from the same sector. What we saw was theme rotation as semiconductor, memory, and storage stocks got killed and software stocks posted rapid double digit gains.

The jury is still out about whether this is true theme rotation or just the unwinding of the long AI/short software trade. If it is the latter…

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