A split-tape day: hot inflation pushed yields and the dollar to multi-month highs, but tech-led equities still set new record closes. Crypto, gold, and the rate-sensitive corners paused.

Bitcoin $79,687, -1.2%. Slipped below $80,000 in the hour after the 6 percent year-on-year PPI print and held just under the level into the close.

S&P 500 7,444.25, +0.6%. New record close despite the inflation shock as Nvidia and the AI-infrastructure complex absorbed the hit after Cisco's strong print.

Nasdaq 26,402.34, +1.2%. Also a record. Tech-heavy bid carried from semis to software, with chip names leading on the Huang-joins-China-trip headline.

US 10Y 4.48%, +6 bps. Ten-month high as the PPI surprise pulled rate-cut bets further out and the curve bear-steepened.

DXY 98.52, +0.3%. Above 98 for the first time since Tuesday's CPI digestion, with the broad dollar bid extending against the yen and euro.

Brent $110.87, +0.4%. Held firm after the IEA's monthly report called the war-driven supply shock the largest in oil market history, with inventories draining at 4 mb/d.

Gold $4,681, -0.8%. Eased from this week's record after India hiked import duty from 6 percent to 15 percent. The structural bid remains.

The market is now openly testing whether the AI capex thesis can outrun the inflation thesis. Thursday's CPI tells us more.