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The broad market kept riding the relief bid, but semiconductors haven’t fully shaken off the pressure yet. $SPY finished at $758, +1.5%. $QQQ at $701, +1.9%. $SOXX at $508, +0.7%. Cheaper oil and lower pricing on frontier AI models are still tilting capital toward cloud and software first. Memory and CPU names haven’t gotten a clean story on pricing or margins heading into the close. *Standouts:* $SNDK $1,297, +6.8% This was the best hardware signal of the day. It went from down ∼4% pre-market to up 7%, while $SOXX barely moved at +0.5%. That’s buyers chasing rebound beta. For this to turn into real estimate revisions though, the whole storage group needs to confirm. $WDC $530, -2.8% The memory narrative is still divided. $WDC closed red, $MU was slightly up, and $SNDK rallied hard. The market isn’t treating this as a full pricing-discipline recovery yet. It’s separating a one-day bounce from an actual supply story, and that distinction matters more than the index recovery. $AMZN $284, +4.7% Cloud and application-layer names are still leading. AWS’s growth beat and capex reset from Friday are still in play. Today’s strength says investors prefer businesses where lower model costs flow straight into usage and revenue, instead of squeezing component margins first. $PLTR $126, +2.5% Earnings are after the bell. It’s holding gains in the same software-led environment. The key into the report is whether growth and margins can prove application-layer leadership is sticking, on a day when hardware only got a partial repair. $SOL $BEAT $KAITO