Beaten down IT majors catch fancy of prop traders

This was largely due to money moving out of domestic IT companies into overseas firms such as Samsung, Nvidia, TSMC and Microsoft, connected with the AI trade. Normally, futures trade at a premium because of the cost of carry—the financing cost of holding a position until expiry. However, due to extreme bearish sentiment or corporate action such as dividend payouts, futures slip into a discount to spot or underlying shares.