US Sept PPI Jumps 6.3% as Retail Sales Beat; TSMC Posts Record Q3

The tension here is that macro and earnings are pulling in opposite directions. Sticky core inflation widening keeps the rate outlook unsettled, yet TSMC's record quarter and above-consensus guidance suggest AI demand remains intact — making the chip-stock pullback look sentiment-driven rather than fundamental. The read-through for RWA and tokenized-equity markets is that macro data now competes with AI earnings as the dominant driver of risk appetite, and whether that divergence resolves toward inflation worry or earnings strength is the open question.