US stocks neared fresh highs pre-market Tuesday (SPX +0.2%, NDX +0.3%) as Brent crude fell 2% to $98/bbl and the 10-year yield dropped to 5.27%, easing inflation concerns. Equity gains are being driven by earnings and AI infrastructure spending, not multiple expansion. Chipmakers continued to rise after last week’s strong Micron strong results with $NVIDIA(NVDA.US) hitting a record high. $Tesla(TSLA.US) gained +0.7% to $380, extending two days of gains on last week’s strong 3Q deliveries. S&P 2026 EPS estimates of $366 (+32% YoY) imply a 21.2x P/E and 4.7% earnings yield, and remain inverted versus 10year treasuries. I remain cautious on $Tesla(TSLA.US) largely due to a stretched valuation, falling longer-term estimates, and continued commoditization of unsupervised autonomy.