CMC Asset Watch: The Chip Squeeze Hit IT Budgets June CPI cooled Monday, the 10Y eased toward 4.55%, and the duration selloff stopped spreading. Then IBM stole the show: -25% in a day, -30% on the week after a Q2 warning on budgets shifting to servers, storage and memory. Crypto bounced on soft C

CMC Asset Watch: The Chip Squeeze Hit IT Budgets June CPI cooled Monday, the 10Y eased toward 4.55%, and the duration selloff stopped spreading. Then IBM stole the show: -25% in a day, -30% on the week after a Q2 warning on budgets shifting to servers, storage and memory. Crypto bounced on soft C

4/AI Winners and Losers: IBM Shows the Cost of the Chip Squeeze IBM fell 30.1% on the week to $211.20, with an about 25% single session drop, its steepest in 58 years. CEO Arvind Krishna said IBM “faltered.” The read through is the important part: enterprises pulled spend toward servers, storage a