Last night, Wall Street staged a textbook-level reversal: PPI hit a new high for the year, yet the stock market surged violently—Dow Jones up nearly 930 points, Nasdaq up 2.54%.

The core issue is: the market doesn't recognize inflation, only that "the war will end."

Trump announced in the afternoon that he would cancel the strike on Iran, causing oil prices to plummet over 4% instantly. With the inflation engine turned off, even a hot PPI is considered worthless. The capital logic has shifted to: ceasefire → oil prices fall → inflation peaks → buy, buy, buy. Yesterday's worst-performing tech and industrial sectors led the gains today, while the defensive sectors that acted as safe havens the day before were sold off in reverse.

Internal AI divisions continue: Micron, SanDisk, and Intel all surged collectively, with hardware being fiercely bought up; Oracle and Adobe, despite exceeding earnings expectations, still fell, as software is being abandoned. The market's underlying message: the money for computing power is visible, but the moat of software is invisible.

Tonight, there's a major event: SpaceX will list on Nasdaq, raising $75 billion (the largest ever), with a valuation of $1.75 trillion. In 15 days, it will be included in the Nasdaq 100, forcing passive funds to buy over $20 billion. But with an 88x price-to-sales ratio, Senator Warren opposing, and Morningstar calling it "overvalued," the opening will be a battle between greed and skepticism.

Finally, a reminder: this rebound was driven by a single post. It can be pulled back just as easily as it was pushed up. The real test will come next week—when the Fed, Bank of Japan, and Bank of England meet simultaneously, and the record-breaking demand increase in PPI is still working its way into CPI. $SNDK ‌$MU ‌