Mohamed, your analysis perfectly captures the current balancing act in the markets. The resilience we are witnessing indeed suggests a massive recalibration of liquidity as it rotates into sectors capable of navigating the current macro uncertainty. It is particularly insightful how you highlight the growing disparity between corporate earnings and household sentiment; this seems to be the core tension of the current cycle. As we monitor the upcoming PCE data, it will be interesting to see if the market continues to prioritize AI-driven productivity narratives or if the macro realities—especially the shifting dynamics in energy and fiscal policy—begin to force a more defensive posture across the board. Excellent overview of the regime change we are navigating.