Yesterday told two stories at once.
What happened:
- Micron crossed $1 trillion market cap. Marvell beat EPS ($0.80 vs $0.75 est). AI hardware confirmed.
- Salesforce guided below estimates after hours. Shares fell. The "agentic AI" narrative is under pressure.
- Nikkei briefly touched 66,000 — a historic first — then reversed to close at 64,999. NT ratio at record 16.37x.
- Iran ceasefire draft includes Hormuz reopening language. Brent near $95. One headline from $100.
What it means: Chips are fine. Enterprise software is on trial. The bond market hasn't moved — 10Y UST at 4.52%, JGB at 2.73% (30-year high). Traditional hedges remain broken.
Today's key watch: CRM open reaction. MRVL gap sustainability. Any formal Iran announcement.
Bottom Line: Don't trade AI as one trade anymore.