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The Buy Lists Arrive — One Week After K3, the Street Reaches Past Semis

A thesis read for the day the street showed its hand — companion to this morning's Morning 10. The three-part Kimi-K3 series this builds on: what happened · the chip chain · the Rubin map.

Thomas Look's avatar
Thomas Look
Jul 21, 2026
∙ Paid

The buy lists arrive

It took one week. Kimi K3 landed on the 16th, the semiconductor complex had its worst week in over a year, and last night the first institutional buy-the-pullback notes hit client inboxes. UBS’s trading desk — Michael Romano, who runs hedge-fund equity derivative sales — argues the momentum unwind may be nearing its end: hedge funds …

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