Good morning, investors. Chip stocks just took a bludgeoning around the world and technology — for what feels like the first time in a long time — suddenly became the most unloved corner of the market.

But the AI headlines actually hid one of the most notable dislocations of the year.

Let’s dive in.

Memory stocks had their worst trading session in years the same day boring stocks pushed higher.

South Korea’s AI-heavy stock market cratered nearly 10% and Micron led American AI stocks to double-digit losses while most of the blue-chip constituents of the Dow Jones Industrial Average turned green.

Yet capital wasn’t exiting the market so much as finding new positions to test.

Investors swapped the now-crowded AI trade for slow-growing that have spent much of this year being ignored.

Micron, Sandisk and Marvell all fell more than 9%.

That followed a bloodbath in South Korea.

The country’s benchmark index saw multiple trading pauses, and it’s two AI behemoths Samsung and SK Hynix each fell roughly 12%.

South Korean media reported that forecasts for Nvidia's chip platform were drifting lower, and that SK Hynix was steering capacity away from high-bandwidth memory and back toward ordinary DRAM.

Remember, high-bandwidth memory is what turned these companies from commodity makers into mega-winners of the AI trade.

It shouldn’t be surprising, then, that even a hint of demand slowdown would make investors question the trade.

But as those uncertainties unfolded, mainstays of the Dow like Walmart, Johnson & Johnson, Procter & Gamble, and Merck all turned positive.

Tuesday provided a real-time snapshot of a market rotation.

The same investors who couldn’t get enough AI exposure on the way up turned out to be the first ones to turn to toothpaste and groceries and laundry detergent once conditions reversed.

To me, the bears who call the top of the AI trade here will be wrong.

Not only do rotations happen in every healthy and long bull market, but the AI demand story is still accelerating, price action be damned.

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🚀 IBM rallied more than 4.5% after a JPMorgan upgrade to overweight. The firm cited greater confidence in a second-half software acceleration based on a new analysis of IBM's software business. (Yahoo Finance)

🚀 SpaceX is preparing a $20 billion bond sale. Goldman Sachs and Morgan Stanley lead a deal that taps debt markets immediately on the heels of Elon Musk's company hitting public markets. (Simply Wall Street)

🏦 Wall Street sees 68% odds of a Fed rate hike in September, up from 29% a week ago. Hawkish commentary from policymakers pulled the 10-year Treasury yield back to roughly 4.5%. (Morningstar)

Brian Belski, chief investment officer for Humilis Investments, has spent more than three decades picking stocks on Wall Street. We unpacked his highest conviction investment ideas, the outlook for earnings, his strategy to finding under-the-radar stocks and more.

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🗓 June 24, 2009: The Fed held the federal funds rate at 0-0.25%, formalizing the "exceptionally low levels for an extended period" forward-guidance language that defined post-crisis monetary policy.

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