Second the energy call — XLE closed +4.6% on oil +3% as Hormuz deal hopes fade; the carry is real. On tech the tape split: semis took the breather (AMD -2.6%, MRVL -4.1%) while anchors held (MSFT +1.1% on Maia 300 chip reports, PANW +5.8%). Rotation, not capitulation — matches your read.