The S&P 500 ($SPX) and Nasdaq remain up over the past week despite a recent momentum unwind that saw high-beta semiconductor names drop 10-15%. Specific volatility was noted in $META following news regarding compute constraints and Nvidia due to new product launches, while $MU is consolidating after strong earnings. The author views this drawdown as a healthy correction within a bull market, suggesting that Q2 earnings and capex guidance will be critical for the ongoing AI trade.