Inflation Smiled, AI Winced

S&P500 barely budged today, up 0.03%, while the Nasdaq slid 0.56% — the two indexes went their separate ways. What split them was the market's shifting patience with AI spending: a report that quarterly revenue had doubled on AI computing deals still saw the stock get hammered 8%, a signal that even blowout numbers get sold off when they miss sky-high expectations, and that dragged tech down with the Nasdaq. Meanwhile calmer oil prices pulled inflation back under 3% for the first time in three months, and that relief gave the broader market just enough lift to keep the S&P in the green. Odd thing though — utilities and real estate, the usual winners when inflation cools, actually fell, while money kept chasing AI and self-driving names, which tells me the market still trusts the growth story more than the macro good news. With exports and employment holding up the real economy and currencies/commodities staying friendly, I read today's wobble as the AI rally catching its breath rather than the bigger trend cracking. So once again I closed the day without adding a single new name, just watching from the sidelines.