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The relief rally continued across equities, but semiconductors still haven't fully shaken off the pressure. 📈 $SPY +1.5% | $QQQ +1.9% | $SOXX +0.7% Cheaper oil and falling frontier AI model costs continue to favor cloud and software over hardware. Investors are rewarding businesses that monetize AI demand directly, while memory and CPU names still face questions around pricing power and margins. Standouts: 🔥 $SNDK +6.8% The strongest hardware signal of the day. After opening down ~4% pre-market, it reversed sharply and finished up nearly 7% while the broader semiconductor index barely moved. Buyers are clearly hunting rebound beta, but the storage group still needs broader confirmation before this becomes a true earnings-revision story. ⚠️ $WDC -2.8% The memory trade remains fragmented. $WDC closed lower, $MU posted modest gains, and $SNDK surged. The market isn't pricing in a full recovery for memory yet—it’s distinguishing between a short-term bounce and a sustainable supply-driven pricing cycle. ☁️ $AMZN +4.7% Cloud remains the market leader. AWS growth and capex commentary continue to drive optimism. Lower AI model costs are viewed as a tailwind for software and cloud adoption, where increased usage can translate directly into revenue growth. 👀 $PLTR +2.5% Earnings are up after the bell. The focus is whether Palantir can reinforce the software leadership theme with continued growth and margin expansion while hardware sentiment remains mixed. Crypto Watch 🟢 $SOL 🟢 $BEAT 🟢 $KAITO