Five of the Magnificent Seven reported earnings this week, and the results read like a report card the market has been waiting all year to hand out. The S&P 500 closed Friday at 7,489.72, up roughly 1% for the week and enough to cap a fourth straight winning month for the Dow. But that calm headline number hides a genuinely wild few days underneath it. Microsoft jumped, Meta got hammered, Amazon soared, Apple slid, and Alphabet spent the week clawing back a chunk of the 15% it lost the week before. Add a divided Fed and oil finally cooling off from $100 a barrel, and you’ve got a week that did more to clarify where markets stand on AI than the previous three months combined. 📰 What’s Happening The theme of the week was simple, even if the stock moves weren’t: investors stopped accepting “we’re spending big on AI” as an answer on its own. They wanted to know whether that