Heading into the weekend the tape feels tense but not panicked — everyone's just parked in front of two binary events, FOMC and Micron earnings, waiting for direction. Oil and bond yields keep grinding higher (30yr at 2007 levels) and the real economy is visibly cracking, yet Friday's dip-buy rally shows nobody's willing to fully capitulate on Mag8/semis leadership. Memory names are the emotional whipsaw of the week: DeepSeek scares slam Korea, then Goldman/JPMorgan swoop in calling the bottom, and Micron/TSMC keep printing strength that argues the AI capex story is intact. It's a market pricing stagflation and secular AI boom simultaneously, with breadth thin and nerves near the surface but conviction in the winners still holding.