Signal Ledger Lab

SIGNAL LEDGER LAB / DAILY RESEARCH

The Closing Ledger.

The market in perspective. The businesses behind the numbers.

SESSION 2026-09-28FREE RESEARCH
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THE ARCHIVEBrowse past editionsSep 28, 2026

Each date opens its published report, with the figures and research recorded for that session.

Strategy moved +4.7%Read editionAST SpaceMobile faded into the closeRead editionMarvell moved +4.6%Read editionArm moved -8.7%Currently readingSupermicro moved +4.2%Read editionStrategy moved +16.4%Read edition
Nasdaq 100QQQ · ETF proxy-1.06%
S&P 500SPY · ETF proxy-0.76%
Dow 30DIA · ETF proxy-0.66%

01 / THE MOVE THAT MATTERED

RISK-OFF

Arm moved -8.7%

Arm closed down 8.71% on the session. Candidate catalyst: AMD｜amd-20260926. Semiconductor leadership: BROAD SEMICONDUCTOR MOVE.

RISK-OFF: Broad decline with small caps participating.

Arm closed down 8.71% on the session.

SOXL closed down 5.96% on the session.

Intel closed down 5.58% on the session.

THE OBSERVATION

A market move is an observation. A causal explanation requires separate evidence.

SESSION SNAPSHOT

The closing picture

02
QQQ-1.06%SPY-0.76%DIA-0.66%DECLINE0ADVANCE
Close-to-close return · ETF index proxies
Reported session values. These bars compare returns; they do not imply an intraday price path.

LEADERS & LAGGARDS

A session of contrasts

03
SOXX-2.04%ORCL-3.24%AMD-3.58%GLD-3.93%SOXL-5.96%DECLINE0ADVANCE
Selected instruments · session return
Session observations

SOXX -2.04% — Semiconductor index closed down 2.04%.

GLD -3.93% — Gold closed down 3.93%.

SOXL -5.96% — SOXL closed down 5.96%.

AMD -3.58% — AMD closed down 3.58%.

ORCL -3.24% — Oracle closed down 3.24%.

The reported selection, not a ranking of the entire market.

PICK-NY / MODEL PORTFOLIO

What moved the portfolio

04
PortfolioNot available
S&P 500 · SPY-0.76%
Excess returnNot available

Holding contributions were not included in this report.

Only material contributions are shown. Their sum may differ from the full portfolio return.

EVIDENCE & CONTEXT

What explains the move?

05
REPORTED EVIDENCE

AMD｜amd-20260926

Evidence: 5 source(s) naming a ARM cohort peer; first published 2026-09-28T15:55:09.000Z.

Related assets: ARM, SPY, QQQ

Attribution: LIKELY

SIGNAL LEDGER / VALUATION WATCH

Price is not value.

06
ORCL-3.24%SESSION ESTIMATENot publishedNo comparable current valueMSTR-0.96%SESSION ESTIMATENot publishedNo comparable current valueTSLA-3.96%SESSION ESTIMATENot publishedNo comparable current valueAMD-3.58%SESSION ESTIMATE$582.71Valuation input changedASTS-1.31%SESSION ESTIMATENot publishedNo comparable current value

ORCL: no current estimate was published for this session. Its price moved -3.24%; an estimate change cannot be measured.

MSTR: no current estimate was published for this session. Its price moved -0.96%; an estimate change cannot be measured.

TSLA: no current estimate was published for this session. Its price moved -3.96%; an estimate change cannot be measured.

AMD: the session estimate moved from $451.49 to $582.71.

ASTS: no current estimate was published for this session. Its price moved -1.31%; an estimate change cannot be measured.

Historical estimates as of this session. Open a company to see its latest research. A missing estimate is not a zero valuation.

SIGNAL LEDGER LAB

Own great businesses. Let time do its work.

END OF EDITION / 2026-09-28

Signal Ledger provides independent investment research and analytics for informational and educational purposes only, not personalized investment advice. It does not provide brokerage, trade execution, custody, or managed accounts, and it never places trades.