Cisco just validated the entire AI infrastructure thesis — $9B in hyperscaler orders, networking up 50%, and shares gapping +18%. Jensen Huang is at the Trump-Xi table tonight. But PPI hit +6% YoY, the 30-year cracked 5%, and the new Fed chair takes over tomorrow with his hands tied. This is a borrowed-time rally with three binary events today.

Oil surges +3% overnight as Iran ceasefire talks fall apart — and CPI drops at 8:30 AM. Semis are taking the hit: SMH −1.75%, INTC −3.55%, AMD −2.44%. HIMS cratered 16% on earnings. The Dow is flat while Nasdaq bleeds. This isn’t panic — it’s rotation. But the 8:30 print changes everything.

Oil surges +3% overnight as Iran ceasefire talks fall apart — and CPI drops at 8:30 AM. Semis are taking the hit: SMH −1.75%, INTC −3.55%, AMD −2.44%. HIMS cratered 16% on earnings. The Dow is flat while Nasdaq bleeds. This isn’t panic — it’s rotation. But the 8:30 print changes everything.

A senior Iranian official rejected the US peace framework. NET, TTD, HUBS, and UPWK are all down 14–19% on earnings carnage. And April NFP drops in 3 hours. The tape looks calm. It isn’t. Here’s everything you need to know before the open.

Oil crashed 7%, S&P hit a new all-time high, AMD blew out earnings with Data Center revenue up 57% – and now the market is renting this rally on an Iran peace deal that isn’t signed yet. Here’s everything you need to know before the open.