This was a week where the memory/AI-infra bull thesis went from strong to almost euphoric, with SanDisk's investor day acting as a match that lit the entire NAND/DRAM complex on fire and dragged KOSPI into a full bull-market reversal. CoreWeave's blowout quarter reinforced that AI capex is translating into real margins, not just revenue, keeping the broader AI trade underpinned even as skeptics (Shkreli, Fidelity's cycle-peak warning, SoftBank trimming TSMC) offered a bearish undercurrent that mostly got run over by bullish flow. Meanwhile rates traders got exactly the soft-landing data they wanted—in-line CPI, flat PPI—pushing September hike odds down toward 32% and giving no-hike sectors like XLC/XLRE a lift, even as the stubbornly high 30-year yield kept term-premium concerns alive. Geopolitics stayed stuck in a grinding, headline-whipsaw stalemate with Iran, oil bouncing between $80-90 on alternating deal-hope/deal-collapse stories that traders learned to shrug off by week's end. Overall mood: euphoric risk-on in semis/memory, cautiously optimistic on rates, and numb fatigue toward Iran headlines that no longer move markets much.