U.S. equities were flat pre-market ahead of $NVIDIA(NVDA.US) earnings, July PCE data, and Fed Chair Warsh’s Jackson Hole speech. Oil fell further on Iran-Oman Hormuz re-opening talks; treasury yields edged higher while BTC rose. Chip stocks mixed; $Meta Platforms(META.US) gained on state AG settlement talks, TSLA slightly lower after a Cybertruck price hike. S&P 2026 EPS estimates continue to climb (+31% y/y to $346) on AI investment, bringing the forward E/P in line with the 10-year treasury yield (vs normal equity premium +50-100bp). I remain cautious on $Tesla(TSLA.US) due to declining forward earnings estimates, commoditization of unsupervised autonomy, and extreme valuation.