Chips Lead, Small Caps and High BetaSurge, Mega Caps Unimpressive – Carry Flag Tightens

*If you missed yesterday’s daily wrap titled, The Yen Carry Trade Hypothesis: Testing the Engine Behind 2026’s Procyclical Surge and Defensive Squeeze, this post builds directly on it — you’ll want to catch up for the complete picture. The 2026 theme is intact. Tech is, unsurprisingly, in the leadership role today after a solid earnings…