US stocks were mixed pre-market after soft July consumer inflation data supported a Fed hold at next month’s Fed meeting, offset by Iran/Hormuz deal doubts; 10year treasury yields and oil fell. AI spending enthusiasm lifted South Korean stocks into a technical bull market after last month’s plunge. S&P 2026 EPS estimates are now +30% y/y on strong AI/energy spending, with S&P earning yields now matching 10yr Treasury yields for the first time since early 2024 and before that the 2000 internet bubble. I remain cautious on $Tesla(TSLA.US) amid declining short- and long-term earnings estimates, TSLA’s lack of progress in scaling its unsupervised autonomous fleet, and a rich valuation.