This was a white-knuckle week where oil and rates ran the show — Brent's spike toward $108 and yields hitting multi-decade highs (30yr 5.35%, 10yr near 4.9%) pushed stagflation fear and Fed-hike odds to near-certain territory, battering breadth and private credit while only Mag7/semis held indices up. Memory stocks whipsawed hard: Wednesday's Goldman-driven rally reversed into Thursday's macro rout, then Friday brought a fresh gut-punch as DeepSeek's efficiency breakthrough hit Korean HBM names while Micron/SanDisk/WD proved more insulated. Fundamentals (TSMC records, Micron's SCAs, Huang's capex reiteration) kept the bull case alive even as valuations for SK Hynix/Samsung looked increasingly priced for perfection. Friday's relief rally — oil cooling on Iran-Oman talks, Oracle's beat, dip-buyers stepping in — offered a reminder that risk appetite isn't dead, but the underlying mood stayed tense heading into next week's Fed decision.