You could almost use today as a case study for the entire market in 2026. PCE this morning tells us what happens next to the discount rate. Micron ($MU) tonight tells us what happens next to one of the fastest growing parts of the AI earnings cycle. Those two forces are fighting each other constantly right now. On one side: - Sticky inflation. - 5%+ long-term yields. - Expensive capital. - Oil near $100. On the other: - AI capex still accelerating. - Semiconductor demand still strong. - Memory pricing still strong. - Earnings estimates still moving higher. This contrast is why the market has been so interesting (and challenging for most) this year. The macro backdrop is not supportive by many historical standards, but the fundamental acceleration underneath AI has so far proven powerful enough to absorb a very surprising amount of it. In short: Macro is trying to compress the multiple. AI is trying to grow the earnings underneath it. Right now those two forces are fighting each other every day. And so far, the earnings have been a lot harder to kill than people expected.