Today’s activity in the high-tech (HT) market has been relatively subdued, with overall volumes down by around 33%. This decrease in momentum trading could be attributed to several factors, including:

1. Crowded positioning: The space has become extremely crowded, with many investors piling into popular stocks. This overcrowding can lead to profit-taking and a slowdown in growth.
2. Negative checks for AMD: Reports of DC revenue slowing on CPU deployments in Q2 have had an impact on the sector. As AMD is a key player in this area, the negative check has contributed to the overall weakness in the market.
3. Digestion of the WH/Anthropic battle: The recent news surrounding the White House’s decision to withdraw its support for Anthropic and the subsequent pulling of Fable 5 and Mythos has had a lingering effect on investor sentiment. This could be another factor contributing to the subdued activity in the HT market today.
4. Profit-taking: With recent gains in the space, it’s possible that investors are taking some profits today. This could also be a result of the US/Iran MOU, which has had an impact on sentiment and trading activity.
5. Absence of supply: There hasn’t been a significant addition of capital to the MAG7 recovery, with more absence of supply than we saw last week. This lack of fresh capital could be limiting the sector’s growth potential.

Overall, today’s subdued activity in the HT market could be due to a combination of these factors. As always, it’s important to stay informed and keep an eye on market trends to make informed investment decisions.