Calls ativas
SHORT Big Tech CAPEX-heavy — FCF compression tese ativaLONG ouro vs. real yields +11.2%LONG BRL 1Y NDF carry +6.8%LONG 10s30s steepener UST +44 bpSHORT EURJPY +3.1%SHORT petróleo prompt spread +1.9%LONG semis vs. software asset-light tese ativaSHORT HY hyperscalers via CDS Oracle 170bp
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