Super Micro told Wall Street it expects up to $72 billion in AI server sales next year — roughly 36% above the $53 billion consensus — and the stock jumped 9% after hours. Hours earlier, AI stocks had sold off all day. The doubt isn't about demand anymore; it's about how a buildout running on borrowed money gets paid for with the 10-year near 4.7% and oil at $83.

Oil climbed for a third straight session after Iran ruled out direct talks with Washington, pushing gold toward $4,400 and silver past $64. Meanwhile the S&P 500 closed at a record 7,757 and Nasdaq futures led again overnight. Capital is hedging Wednesday's inflation print two contradictory ways at once — here's what that rotation is telling you.