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Nasdaq 100 hit a new all-time high at 29,235 — a 2.35% surge led by semis after the Philadelphia Semiconductor Index also reached a record.

AI capex cycle is entering a new phase. Hyperscalers are spending faster than consensus, and the market is rewarding the entire supply chain — from chips to cloud to cooling.

30,000 round number is the next magnet. Earnings from Cisco and Applied Materials this week will test whether the AI narrative has more room.

Tesla surged 4% to $428.35, its best day in three weeks. Wedbush reiterated a bull case tied to robotaxi timeline acceleration.

The stock trades on narrative, not fundamentals. Robotaxi and energy storage are the two catalysts bulls are pricing in. China sales data remains the bear counterpoint.

$440 resistance from the April high is the next hurdle. Cybertruck recall headlines could cap momentum if they resurface.