The market narrative appears increasingly bifurcated. NVIDIA’s China exposure may be diminishing as a percentage of the investment case, but tighter export restrictions could still weigh on near-term revenue visibility and inventory planning. Berkshire’s acquisition of Taylor Morrison is likely less a rate call and more a long-duration wager on persistent US housing undersupply and demographic demand. Meanwhile, the S&P 500 reaching new highs despite weak sector breadth suggests leadership remains concentrated in a handful of mega-cap names. While not a definitive warning signal, narrow rallies historically warrant greater attention to valuation, earnings execution, and market participation trends.