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Friday's tape has a pattern worth naming: the market now sells the best news. MRVL -10.2% on a double beat with PTs raised to $300-325; NVDA -4.6% a day after a blowout and a $108B guide. Meanwhile software with lower bars ran — CRM +24% week, CRWD +20.5%, ESTC +17.9%. Expectation management, not beat size, is driving the next move. Monday's question: do software leaders follow semis into sell-the-news?

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