Before the CPI release, U.S. stocks fell for the second consecutive day, but AI computing power and optical communications led the way, with tech stocks continuing to diverge internally. CoreWeave's revenue grew 112% year-over-year, and Lumentum's revenue doubled, both surging after hours. Meanwhile, the Hormuz standoff pushed up oil prices, and Fed officials continued their hawkish stance. Tonight's CPI will be the key variable, determining whether funds flow back into tech stocks or continue to compress high-valuation assets.