SpaceX rallying 9% then reversing 9% tells you everything. Revenue beat means nothing when you burn $18.4B in one quarter. That’s not sustainable, that’s Tesla 2018 vibes. Dow hitting 54K feels like late-cycle euphoria while PLTR’s 29% pop looks like AI FOMO again. If the market can’t handle one big capex number without panic, breadth is way too fragile.
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