Yesterday I said PCE and Micron would tell us a lot about the market we're dealing with in 2026. Now we have both... Core PCE came in at 0.2% MoM and 3.0% YoY. That gives the Fed a little more room, even with headline inflation still running at 3.4% and long-term yields sitting around levels that make capital expensive. A few hours later Micron reported $54.2B in quarterly revenue. A year ago that number was $11.3B. They guided the next quarter to roughly $61.5B and expect fiscal 2027 to set another company record. This is the part of 2026 I keep coming back to: The economy is carrying a high cost of capital while one section of the earnings cycle is growing at a pace we almost never see at this scale. For the AI infrastructure names I own, that earnings growth is giving them a huge amount of room to absorb what is still a difficult macro environment. Yesterday gave us a pretty clean example of it.