U.S. stocks slipped as a deepening chipmaker rout spurred by the plunge in Korean semiconductor stocks and AI spending doubts outweighed gains from lower oil prices and treasury yields. Brent crude fell 3.5% to $85 amid an extended U.S.-Iran pause and Hormuz talks; 10-year yields eased to 4.61% ahead of a Fed meeting widely expected to hold rates. Big Tech and consumer earnings loom, with focus on AI capex. S&P 2026 EPS estimates have risen +25% YoY to $346 (21.4x P/E). I remain cautious on $Tesla(TSLA.US) due to declining forward earnings estimates, the likely commoditization of unsupervised autonomy technology, and a seemingly excessive valuation.