Highlights: AI inference is taking the equity market by storm, with semiconductor and cloud infrastructure companies experiencing over 60% EPS growth, driven by corporate demand. This remains a narrow market segment, with consumer adoption yet to materialize. The bottom leg of the K is beginning to see some relief as oil prices moderate back to pre-war levels, replenishing household pockets. Industrial companies are seeing cyclical upturn, though it's unclear if this inventory replenishment will sustain. While energy concerns have eased, ongoing geopolitical tensions pose an unwelcome risk that could reverse positive momentum in the broader economy.