The 2026 chip trade is fracturing. Software is stirring.

Buy China equities⚡ — Three sources confirm PBOC’s dovish-yuan signal and Gulf capital push; FXI has risen 4.7% this week but remains 16% down YTD, leaving room for catch-up.

Sell Samsung Electronics — Two sources flag the 7% post-earnings drop despite a 19x profit surge; oversupply fears are capping the stock.

Buy Hugo Boss⚡ — Three sources confirm the board's rejection, suggesting the company is undervalued; BOSS.DE at 11.3x trailing P/E and 14% below its high leaves room for a bump.

Sell Frasers Group⚡ — A failed bid could hurt Frasers' credibility, and a higher bid would stretch its balance sheet; FRAS.L trades at 7.4x trailing P/E but only 9% YTD gain.

Buy Micron Technology⚡ — Three sources confirm SK Hynix’s record listing validates memory demand; MU at 6.6x forward P/E after a 214% YTD surge still cheap if memory cycle persists.

Buy Software sector⚡ — Bloomberg’s Vlastelica notes the chip-software trade is falling apart; IGV down 8.5% YTD and 20% below high, positioning for a software catch-up.

Watch Semiconductor sector⚡ — Two narratives collide: record memory listing boosts chips, but the broader chip trade is weakening; SMH up 62.8% YTD but 10% below high, watch for break.

Sell Nvidia — FT exclusive on AI model sales to blacklisted groups could tighten chip export controls; NVDA at 15.9x forward P/E already reflects some growth deceleration, but regulatory risk adds a new headwind.

Sell AMD — AMD, like Nvidia, faces potential export curb expansion; its 5.67% pop last session may be an opportunity to short given YTD +144%.

Sell Alibaba — FT notes Alibaba subsidiary received US AI models; a sanctions escalation could hit BABA, which despite a 15.6% weekly bounce remains down 28.6% YTD.

Sell Baidu — Same sanctions risk as Alibaba; BIDU down 21.8% YTD with a 12.9x forward P/E, already cheap but could get cheaper.

Sell Tencent — Tencent also listed in the FT report; TCEHY down 25.8% YTD at 11.8x forward P/E, but sanctions could prolong the sell-off.

Buy Gold — Gold benefits from dedollarization and geopolitical risk; GLD is 26% below its 52-week high, so there's room to run if the thesis catches on.

Sell US Dollar — A single source highlights fading bond protection for the dollar; UUP near all-time highs offers a contrarian short with low conviction.

Sell Wipro — Bloomberg highlights AI existential threat to IT services; Wipro already down 34.3% YTD and only 4% above its 52-week low, so risk-reward for shorts is poor but momentum is negative.

Sell Tech Mahindra — Tech Mahindra at 17.1x forward P/E and down 9.7% YTD, but AI headwinds could erode earnings further.

Buy BHP Group — Single-source report flags BHP port strike lifting iron ore; BHP’s 2.06% pop last session and 15.7x forward P/E suggest modest upside if disruption persists.

Buy Fortescue Metals — Fortescue’s production stalemate adds to supply tightness; FMG down 16.3% YTD at 10.5x trailing P/E, cheap if iron ore rallies.

Buy Nigeria equities — Bloomberg highlights Nigeria’s top dollar returns; NGE is massively beaten down, and a sustained rotation could spark a re-rating.

Sell South Korea equities — Korea’s Kospi rally reversed as AI stocks declined; EWY up 80.7% YTD but 16% below high, momentum fading.

Sell India equities — Single-source report flags RBI’s massive dollar short unwind; INDA already weak, but further rupee weakness could push it lower.

Sell Long-duration Treasuries — Sticky fuel prices could delay rate cuts; TMF is down 9.9% YTD and 24% below its high, so the short-treasury trade has room if inflation stays stubborn.

Watch Crude oil — Two narratives clash: sticky products support crude, but conflict-related crude drop and ETF outflows weigh; USO down 2.85% last session but still up 58.1% YTD — direction uncertain.