After a three-day market closure, this week could be the heaviest of Q2. MRVL was added to the S&P 500 today, but passive funds have already been building positions since the June 5 announcement date, so don’t expect the effective date to bring much of a surprise. The real heavy hitters are ahead: Tuesday FDX → the thermometer for the real economy; Wednesday MU → the most honest midterm exam of the AI bull market; Friday Core PCE → the Fed’s next move’s secret weapon. The MU event has me most on edge—if HBM slips even a little, the valuation logic for the entire AI sector will have to be revisited. #SP500 #MU #FDX