What Was Software Is India

The country-level read behind today's Morning 10 — the split we track inside the US tape, translated onto the map, with a referee print before the open.

The split, translated into countries

The divide running through the US tape — the semi complex repriced for build-out risk while software recovers — has a country-level twin, and the pairing is almost mechanical. Korea and Taiwan trade like the semiconductor fund: a huge year, then a violent month. EWY is up 61.6% this year and 117% over twelve months — …