Current copper price is around $6.24/lb, stable in the near term; WTI is around $96, retracing previous losses; DXY is around 97.93, relatively weak; HY OAS is narrowing at low levels; VIX is 17.18; 2Y/10Y spread is moderately positive — the narrative leans towards a combination of loose liquidity and a soft landing.

Today, MongoDB and Snowflake rose by ten points, and Palo Alto Networks rose by seven points. The three companies are simultaneously pricing on the AI enterprise infrastructure chain of database + data cloud + security. I believe this narrative still has room within the window where DXY doesn't rebound and VIX doesn't break 20; if DXY returns above 100, the valuation recovery will need to be reassessed.