AI-led rotation meets macro relief — CPI eases as neocloud winners surge, but market reactions expose growing expectation gaps

Today’s tape was dominated by a renewed AI/neocloud bid and softer-than-feared CPI, yet high-profile earnings produced mixed price action: some cloud and hardware names jumped while several beats (including Cisco and Cerebras) faced sharp selloffs. The result: momentum-driven leadership alongside renewed questions about valuation, margins and the informational edge between retail and institutions.