The Tape Read — Pre-Market Intelligence Brief for July 31, 2026.

A historic AI-capex melt-up — Microsoft's record +15.5%, Amazon's AWS reacceleration, and memory/neocloud/power names +18–31% — runs into a hawkish Fed and Apple's China/Services miss; the framework reads the chased +20% gaps as context, no fresh directional card.

Full written brief for paid subscribers at thetaperead.morganbranch.co. Educational and observational only — not investment advice.