Macro Market Intelligence: Pre-NFP Positioning & AI Value Chain Restructuring

Ahead of the June U.S. nonfarm payrolls report, equity futures edge higher while crypto markets stage a tentative bounce. The dominant narrative shifts from AI hardware scarcity to value chain restructuring, with capital rotating from memory/semiconductor plays toward hyperscale cloud providers. Bitcoin's long-term holders resume accumulation, but extreme fear sentiment and neutral stablecoin flows suggest the market remains in a deleveraging phase.