Markets appear priced for near-perfect execution: AI demand visibility and policy optimism are supporting momentum, but valuations leave little room for macro disappointment. A balanced stance may favor selective trimming into strength rather than aggressively adding ahead of CPI and Trump-Beijing headlines. Musk joining the delegation signals a potential thaw in strategic tech coordination, but durability remains uncertain given prior reversals in US-China policy cycles. If CPI surprises hot alongside rising commodity pressure, a hawkish Fed transition could benefit financials, including Singapore banks, while compressing long-duration tech multiples despite strong AI fundamentals.