Equities

The Chip Chain

Sector Deep Dive

How Semiconductors Became the New Oil

A NOTE ON THIS MONTH'S FORMAT

Sector Deep Dive is Liquidity Desk's monthly format where, instead of tracking the entire map, we focus on one sector in depth. Not just prices and charts, but structure, logic, and why it matters right now.

This month we chose a thematic sector rather than a classic industrial one. The distinction matters. Industrial sectors, such as financials, energy, or healthcare, follow the economic cycle. Thematic sectors follow an idea. And ideas are sometimes more powerful than the cycle.

THE GEOPOLITICAL SHOCK AND THE RETURN OF THE INFLATIONARY REGIME

Why the history of stocks and bonds is written in regimes, not in years INTRODUCTION In October 2022, something unusual happened to the portfolios of millions of investors around the world. It was not just equities that fell. Bonds fell too. Simultaneously. Over the course of one year, the S&

THE WAR IRAN WON WITHOUT WINNING

Hormuz, drones, and the price of a war no one calculated in advance. Liquidity Desk | May 2026 | Geopolitical Analysis Introduction: The Wrong Question Everyone is asking who won the war. The right question is who changed the rules. When a conflict ends without a clear winner, history tends to remember

SpaceX IPO: The Biggest Legal Robbery in the History of Financial Markets

I usually keep a measured tone when writing about markets. I try to explain the mechanics, provide context, avoid drama. But what is being constructed around the SpaceX IPO on June 12 is so brazenly engineered against the ordinary investor that I cannot call it anything else: daylight robbery. Legal,

Three Markets, Three Different Stories.

One of Them is Probably Wrong. A Liquidity Desk Analysis | May 2026 Crude oil is up nearly 80% this year. The S&P 500 just hit a new all-time high. And the yield on the 30-year US government bond (the benchmark for the true long-term cost of borrowing in

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THE GEOPOLITICAL SHOCK AND THE RETURN OF THE INFLATIONARY REGIME

THE WAR IRAN WON WITHOUT WINNING

SpaceX IPO: The Biggest Legal Robbery in the History of Financial Markets

Three Markets, Three Different Stories.