Sigma Signals

Week of October 19, 2026

The past week proved challenging for technology companies tied to artificial intelligence and data-center infrastructure.  We view the pullback as a potentially typical market correction rather than evidence of a more fundamental breakdown.  While speculative excesses are evident, the current environment does not yet resemble the conditions that preceded lasting cracks in previous overheated sectors.  Our Signals remain unchanged.

Bob Bilkie, CFA