Waller’s one-liner about 'pausing rate hikes' reignited risk assets overnight. The three major U.S. stock indices rose for the second consecutive day, Tesla surged 5%, Snowflake skyrocketed over 16%, Palantir jumped nearly 8%, Bitcoin briefly hit $82,000, and gold climbed back to around $4,500. However, the market hasn’t fully shifted back to a dovish trade. Waller is simply handing the decision-making power back to the data coming in over the next two weeks, with tonight’s non-farm payrolls report being the first hurdle. Another clear trend is emerging on the board: AI software is starting to take over from hardware. Snowflake and Palantir led the gains, while Broadcom and Ciena, despite decent earnings, are being sold off due to guidance that’s 'not impressive enough.'