US indices pushed to fresh all‑time highs, powered by tech and AI, while oil, bonds, and geopolitics lurked in the background but didn’t derail the party. For investors, it’s a textbook late‑cycle feel—great news, stretched valuations, and narrow leadership—which is exciting but also exactly when discipline starts to matter most.

What is happening 📈

US indices: records on records. The S&P 500 gained about 1.4% on the week, the Dow roughly 0.9%, and the Nasdaq around 2.4%, with all three closing at new record highs. That marks the ninth consecutive weekly gain for the S&P 500, an unusually persistent run.AI still the main character. Nvidia reported another blowout quarter, with revenue jumping to roughly 81.6 billion (about 85% year‑on‑year growth) and profit more than tripling versus a year ago, beating already‑lofty expectations. Management followed up with an $80 billion share buyback authorization and a sharp increase in the quarterly...