U.S. stocks were mixed pre-market Tuesday (SPX unchanged, NDX -0.3%) after South Korean data-center firm Elice plunged 32% on its debut, reviving AI-spending return concerns ahead of $Netflix(NFLX.US), $SpaceX(SPCX.US), $Tesla(TSLA.US) and $Meta Platforms(META.US) earnings today and tomorrow. The SOX fell -1.4% ( $NVIDIA(NVDA.US) -0.4%, $Micron Tech(MU.US) -2.6%. $SK Hynix(SKHY.US) -3.9%) as investors continued to reduce record tech holdings as a % of S&P 500. Brent crude rose 1.7% to $111, and the 10-year treasury yield eased to 5.11%. TSLA was flat at $368 amid SPCX-TSLA merger speculation. S&P 2026 EPS estimates of $367 imply a 21x P/E and inverted earnings yield vs. Treasury yields (echoing the late-1990s dotcom bubble), though yields are expected to retreat as the Iran conflict ends. TSLA remains expensive to us with a 2026 P/E of 230x vs +45% long-term forward EPS growth as unsupervised autonomy continues to commoditize, led by China.