Break a leg by tapping it (or its gate) — watch the loop keep grinding or stall
How the earnings-and-seasonality grind works without rate cuts: two legs spin a grind flywheel; two break gates can stall it AI capex surge hyperscalers · cloud re-accel AI food chain chips · cloud · infra Broad S&P 500 EPS Q1 +30% · Q2 ~+32% wide beats break 1 2027 EPS held Fed on hold 3.50–3.75% parked Real yields eased no multiple drag 10-yr ~3.99% · real ~0.99% break 2 Fed hold intact the grind two legs compounding Modest grind higher steady, not a surge Grind stalls loop de-energized Q4 seasonality Oct Nov Dec strong · Dec softer