This was a whipsaw week where every macro headline felt violent but the underlying bias kept tilting risk-on. Iran strikes and oil spikes toward $95 rattled the tape early, then Waller's dovish hint unleashed a furious rally in Bitcoin, Tesla, and high-beta names before Friday's hot jobs print yanked hike odds back above 50% and gave it all back. Underneath the macro chop, the real story was the AI trade rotating hard — from chips into software (Snowflake's blowout) and now into memory/storage (SanDisk, SK Hynix, Seagate ripping), with China's DRAM/NAND share gains generating scary headlines that mostly proved overhyped since Micron kept winning anyway. Diesel at all-time highs, stalled Russia sanctions, and Trump's Fed-cut pressure campaign all lurked as background tail risks the market kept shrugging off, leaving traders staring at the Sept 15-16 FOMC as the real reckoning.