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June 5, 2026 was not a leadership change.

This is an AI-led uptrend taking a one-day breather, not a leadership handoff.

This is a late-stage AI/tech bull broadening down the compute stack, not a rotation out of AI.

As of the 2026-06-01/06-02 sessions, this is a narrow melt-up led by AI infrastructure.

As-of session 2026-06-01, the tape is a narrow, risk-on AI-infrastructure melt-up at fresh highs (SPY $758.54 / QQQ $742.74, both new 52-week highs, ~11% above the 200DMA) where a placid +0.27% cap-weighted headline hides a violent intra-tape rotation.

As of the 2026-05-29/30 close this is a risk-on, AI-capex-led continuation regime, not the clean "tech-to-real-assets handoff" the popular narrative describes.