This was a week where geopolitics and bonds fought stocks to a standstill — Iran escalation kept oil grinding higher and diesel cracks at records, while surging long-end yields (30-year at 19-year highs) hammered chips and AI-infra names three days running despite falling Fed hike odds. Memory stocks bucked the gloom with SK Hynix and Samsung unleashing massive buyback/capital-return announcements, giving bulls a reason to chase DRAM even as SOXX broke down technically and a lone $129M synthetic short loomed over sentiment. Bessent's Treasury buyback gambit added a new wrinkle, seemingly undercutting Warsh's inflation-fighting credibility and raising odds the Fed eventually has to hike harder. Healthcare quietly broke out as the chip-weary rotation trade, and 13F season revealed smart money reshuffling into Amazon/Meta/Microsoft while trimming memory. Overall mood: nervous, yield-driven risk-off punctuated by pockets of capital-return euphoria and geopolitical whiplash, with bullish extremes (BofA survey) flashing contrarian caution.