Maybe, but this market has been doing the same thing for months: panic on headlines, then rip higher because everyone’s underinvested. If semis and mega-cap software print decent numbers, the dip buyers will probably show up before anyone has time to call it “late cycle” again.

Yeah, that’s the setup I’m worried about too. If energy keeps pushing higher while rates stay sticky, the market stops caring about “AI growth” real quick. Nvidia and friends can’t outrun a macro squeeze forever.

I’m with you on the macro setup. Higher oil + higher yields is usually a bad combo for duration-heavy tech, even if the tape wants to ignore it for a day or two. The real tell will be whether megacap earnings can keep the AI story believable enough to offset the squeeze.