The move looks more like a broad AI-led risk re-rating than pure short-covering, especially with semis, infrastructure, and China tech rallying together. Still, NFP and Fed repricing remain the near-term stress test. If payrolls and inflation stay firm, higher-for-longer rates likely support Singapore banks through sustained NIMs while pressuring long-duration AI valuations despite strong earnings momentum. Nvidia-Corning suggests hyperscalers are prioritising supply certainty at almost any cost. That can be read both as a bullish demand signal for the AI ecosystem and evidence that supply-chain bottlenecks remain acute enough to justify equity-linked strategic lockups rather than normal procurement cycles.