The S&P and Dow both hit record highs, while the Philadelphia Semiconductor Index rose for four consecutive days. AI trading is heating up again. Easing tensions in the Strait of Hormuz led to a sharp drop in oil prices, cooling expectations for a rate hike in September. Palantir surged nearly 30%, SanDisk and Intel rose over 10%, and Micron's market cap returned to the trillion-dollar club. Up next, earnings reports from storage companies and the unlocking of SpaceX restricted shares will test the strength of this rebound.