Walsh's comment, 'The Fed still has work to do,' immediately hit the brakes on the AI party. The probability of a rate hike in September quickly surged to 62.6%. NVIDIA dropped over 4%, and semiconductors collectively pulled back. But Amazon, Microsoft, and Google bucked the trend and gained strength—turns out, the more money AI burns, the more these cloud giants look like the stable 'rent collectors.' Meanwhile, upstream sectors like chips, MLCC, and CCL are seeing another wave of price hikes, making the cost of AI infrastructure even more expensive. This week, from Broadcom's earnings to the non-farm payroll report, the market faces a key question: Can AI still outperform increasingly expensive capital and increasingly costly hardware?