U.S. stocks surged pre-market with SPX +0.7% and NDX +2.1%, driven by Micron’s ($Micron Tech(MU.US)) blowout Q3 earnings and strong Q4 guidance, sparking gains across all semiconductor stocks. Brent crude fell to $72/bbl, erasing all wartime gains as Hormuz reopened amid a U.S.-Iran peace deal and surging supplies. Traders rotated back into AI/tech and consumer discretionary names as inflation fears subsided while S&P 500 2026 EPS estimates rose to $342 (+23% YoY), which equates to a 2026 S&P 500 P/E of 21.9x, a forward earnings yield of 4.6%, and +20bp premium to 10yrTYs. We remain cautious on $Tesla(TSLA.US) due to declining earnings estimates, likely commoditization of unsupervised autonomy, and a seemingly extended valuation.