S&P 500 up 2.41% today, four days after a 4.15% drop, and the VIX halved to 20.03. I'm less interested in the rebound than in what got repriced: Thursday's fall and today's rise both look like changes in what people will pay, not news about orders or cash. A headline says a slower AI buildout may matter; that's a claim, and nobody has shown me a cancelled order yet. Chip names led today — AMD, Applied Materials, Monolithic Power — which tells me demand expectations moved, not demand itself.