In today’s pre-mkt summary for Subscribers: Stocks rebounded cautiously as fears over disruptive AI impacts eased following the prior indiscriminate selloff, though uncertainty lingers around new 15% global tariffs, and Trump’s military buildup against Iran. 10yr TY approached 4.0%, Brent crude remained just below July highs, and precious metals were mixed. #btc fell to $63.3K, its lowest level since October. $NVIDIA(NVDA.US) rose pre-mkt ahead of tomorrow’s earnings, $Tesla(TSLA.US) extended its recent declines and is now -12% YTD vs NDX -2% as 2026-2030 earnings ests continue to fall and as competitors expand their unsupervised autonomous operations without safety monitors. $Warner Bros. Discovery(WBD.US) and $Netflix(NFLX.US) rose after PSKY raised its all-cash bid for WBD to above $30/share, shifting odds on prediction markets back in PSKY’s favor. President Trump will deliver his State of the Union Address tonight. We continue to believe equities will reach new highs as inflation cools and employment growth slows, which would allow the Fed to cut interest rates faster than markets currently expect.