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Thursday rebalance. TER +12 is the only real mover; industrial automation lags (EMR -4, ROK flat, TSLA -5) because manufacturing PMI has not turned. Surgical anchors ISRG/SYK/MDT stable at -1 to +3.5%, doing the ballast job. Humanoid pure-plays remain private; we own the brain (NVDA, ARM) and the eyes (OUST, CGNX, ZBRA) and that is the bet. Bench (SYM, SERV) still off-universe at 1452. Holding. The order cycle has not started, but it has not been postponed either.

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