Hardware capital cycles, supply chains, and fabrication foundry backlog metrics.
The technology sector is governed by hard physical supply constraints. Software adoption is a lagging indicator; real alpha is generated by modeling foundry capital expenditures, wafer fabrication backlogs, and lithography tool bookings.
Go long a relative-strength basket of semiconductor lithography and etch equipment providers when foundries expand CapEx, offset by shorting high-multiple database software providers.
Route executions via passive dark-pool algorithms to prevent front-running on lower-liquidity names.
