SITREP #007 · WEEKLY SITUATION REPORT · 24–30 AUG 2026

The Complex That Drove the Rebound Left

Overnight BlueOcean notional fell 26.4 percent to $18.89B. Memory ran a series-high 33.9 percent of the tape two weeks ago and a nine-week-low 21.3 percent this week. It happened during the week Nvidia and Marvell reported.

Sapinover Intelligence · Sunday, August 30, 2026 · Overnight figures computed from the three-venue pipeline; BlueOcean components verified against the master parquet.

00BLUF

//The Stack

Five layers of market plumbing, and where each one stands this week. Click any layer for the detail.

01The Tape Left Too

BlueOcean ran five sessions this week. The night running into Nvidia's Wednesday print was the second-lightest of the week; the night after it, the first with the numbers public, came in 65 percent higher.

The names underneath

SanDisk carried $3.93B for the week in #006, the single largest symbol on the tape. This week it printed $1.62B, down 59 percent, and it was no longer the largest name. The complex did not move as one: Nvidia carried the only meaningfully positive median timing differential among the large semis and memory names at +35.3 basis points, while SK hynix ran -52.8 and the leveraged Korea wrapper -58.0. Three of the ten largest names on the tape were leveraged wrappers rather than operating companies.

The open marked the tape back every night. The share of names that opened above the prior close ran 9.6 to 12.2 points below overnight breadth in all five sessions, widest on Tuesday at 69.3 percent against 57.1. Friday split outright: 52.7 percent bid overnight, 42.5 percent opened higher.

02Memory's Round Trip

Two weeks ago memory was the largest share of the overnight tape recorded in 45 weeks of data. It is now the lowest in nine. Nothing in between was gradual.

One caution on that comparison. These are not all-time lows. The series runs back to September 2025, when the complex was a tenth of the tape rather than half, and memory ran under one percent. What is unusual here is the speed, not the level.

A note on Moon ATS. Prior editions read several sessions this month as the venue printing zero notional. On review, those zero readings track our own web scrape of the operator's published page, not a confirmed absence of trading. A scrape returning nothing is not the same fact as a venue reporting nothing, and we cannot currently tell the two apart from our own pipeline. Rather than publish a dark-session narrative built on that ambiguity, we are holding Moon ATS out of this edition's totals while we fix the collection gap, and the "three dark sessions" read in the prior edition should be treated as unconfirmed pending the same review.

03An Empty Window

No Form ATS-N filings of any kind were made between August 24 and August 30. Verified three ways rather than asserted: EDGAR full-text search returns exactly one ATS-N family filing across August 14 to 31, the IntelligentCross ATS-N/MA of August 17 that SITREP #006 already covered. The submissions API confirms the most recent ATS-N filings for Level Markets, PureStream and Admiral Securities all date to August 13. Nothing has been filed since. The previous window carried one filing. This one carries none.

04What We Published

Three reports since SITREP #006. One opens a new series on the lit exchanges. One follows up on the Nasdaq/LeveL piece with the full exchange-ATS acquisition record. One reads all 33 operating NMS Stock ATS filings and grades the market by who decides who you meet.

05Forward Calendar

• The August employment situation lands Friday, September 4. Ahead of it, July job openings, August ADP employment and the ISM manufacturing survey publish Tuesday, September 1, followed by the Fed Beige Book Wednesday and jobless claims plus ISM services Thursday.
• The week of August 31 is a full five-session week. Labor Day falls the following Monday, September 7, so the shortened week is the one after this one.
• Broadcom reports in the same week, and it is the test of this week's finding. If the semis share of the overnight tape is falling because the complex has stopped being the marginal overnight story, a large semiconductor print should not move it back. If it does, this week was a two-name lull around Nvidia and Marvell rather than a rotation.

06Get SITREP

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Correction, September 15, 2026. An earlier version of this edition gave the share of names that opened above the prior close as 69.3, 39.7 and 52.7 percent for Tuesday, Wednesday and Friday, and said Monday was the only session where that share departed from overnight breadth. Those three figures came from a stored field that a pipeline defect had overwritten with the breadth measure. Recomputed from prices, they are 57.1, 29.0 and 42.5 percent, and the open ran below overnight breadth by roughly 10 points in every session. The chart and pull quote have been updated.

SITREP is a weekly situation report on market structure, published Sundays. Overnight notional figures reflect Sapinover's overnight pipeline and are not comparable to full-market consolidated volume. This analysis is for information only and is not investment advice, a recommendation, or a solicitation. For methodology see the support page.