Michael Reinking, Senior Market Strategist at the NYSE, reviews a volatile week in which a Democratic sweep and a wave of data center ballot measures upended the AI trade. The S&P 500 rallied over 1.5% Wednesday, as oil fell, but neoclouds and data center infrastructure stocks plunged while mega-cap hyperscalers gained on hopes of slower cash burn. On Thursday, fears of an AI capex peak sent the index down ~4% below its range, with the VIX above 25 and the 200-day moving average near 7,325 in focus. Healthcare and clean energy rallied on election-driven rotation, while defense lagged. Looking ahead, Friday’s jobs report and Tuesday’s CPI take center stage.