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Samsung just booked the largest quarterly operating profit any technology company has ever reported by charging its own customers 60% to 89% more for memory they cannot ship AI without. Nasdaq futures opened red into that print. The tape has an opinion about whose margin that was.

Payrolls and Tesla deliveries share the 8:30 ET clock this Thursday, the market shuts Friday, and the only instrument that admitted a view overnight was the VIX, ticking back in three sleeps early.

The Supreme Court preserved Fed independence on Monday and stocks took it as a gift. Strategy’s board took it as a cue to authorise $1.25 billion of Bitcoin sales. Bitcoin took both and stayed under $60K.

Three nights of US-Iran combat, including Iranian strikes on the US Fifth Fleet HQ in Bahrain and the Air Base in Kuwait, and gold fell. The market has now priced the seventh peace agreement with the bombs still landing.

Apple raised iPad and MacBook prices 20 percent on memory costs and the stock paid back 6. The Dow set an all-time high. The Nasdaq logged a 4-day losing streak it had not managed since February. The bond market did not engage. Equity leadership did.