Last week the AI trade finally split in two. Chips won. Software lost. The equal-weight S&P beat the cap-weighted version for the first time in an AI-driven rally. SK Hynix priced above range at $25.7 billion. Anthropic locked up a 20-year data center lease while Meta (META) sold excess capacity to the cloud market. Two of the largest AI spenders cannot both be right about the same infrastructure cycle.

The Fed released minutes showing a tied committee. Trump declared the Iran ceasefire over Wednesday and Iran called seeking a deal Thursday. Salesforce (CRM) got a KeyBanc downgrade telling it Agentforce is not ready. Microsoft (MSFT) closed its worst month since the dot-com bust.

This week the tied Fed gets its first tiebreaker. Warsh testifies twice. Big banks report through the week. Every session tests whether last week's split extends into Q3 or reverses on its own success.

Here is what to watch.

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June CPI lands Tuesday morning. It is the first major macro test of the second half. The Fed minutes showed the committee split down the middle with no tiebreaker. Waller called the risks completely flipped. Kashkari penciled in a hike. The doves have equal standing. CPI is the first data that moves the vote.

The bar is specific. If core CPI comes in at 0.2 percent month-over-month or lower, energy disinflation is working and the doves win the July debate. Services inflation stays under 4 percent and the September hike conversation dies quietly. If core prints at 0.3 percent or higher, services stayed sticky through the summer and the hawks bring the same argument back in September with more data behind them.

Warsh testifies before the House Financial Services Committee Tuesday afternoon and the Senate Wednesday. His first congressional appearance as chair lands directly into the CPI reading. Whatever he says gets read against the print in real time.

Watch Signal

The two-year yield reprices at 8:30 Tuesday morning. The 30-year yield reprices on Warsh's Tuesday testimony. If both fall together, the doves have the momentum. If both rise together, the hawks are back with fresh ammunition.

The rotation broadened last week. Banks led the equal-weight breakthrough. This week tests whether that leadership holds.

JPMorgan Chase (JPM) reports Tuesday morning alongside Citigroup (C) and Wells Fargo (WFC). Goldman Sachs (GS) and BlackRock (BLK) follow the same day. Bank of America (BAC) and Morgan Stanley (MS) report Wednesday. PNC (PNC) and Bank of New York (BK) follow. State Street (STT), M&T Bank (MTB), and Truist (TFC) round out the week.

Three questions matter. First, are trading revenues holding into the Iran-driven volatility? Second, is investment banking activity picking up as the SK Hynix and SpaceX (SPCX) listings suggest? Third, are commercial real estate loan books stable now that oil is off its highs and rates have eased?

JPMorgan's Jamie Dimon named two co-presidents as succession candidates last month. His guidance carries extra weight this quarter. Goldman's Solomon on trading. Morgan Stanley's Pick on wealth management. Every major bank CEO gets a microphone into a market watching whether the rotation into financials was justified.

Earnings Signal

Watch the net interest income guidance across the six largest banks. If NII holds or expands, the rotation into banks has fundamental support. If NII compresses, the rotation was flow-driven and reverses on the first hawkish CPI print. The bank trade is the entire second-half rotation in one data point.

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Netflix (NFLX) reports Thursday after the close. Citi cut its price target to $100 from $115. The stock is down more than 20 percent this year. It is the first major platform name to report after Salesforce got demolished on the KeyBanc downgrade.

The common thread is not enterprise AI adoption. It is monetization. Every digital platform has users. The question is which ones turn those users into incremental revenue. Salesforce's problem is seat conversion. Netflix's problem is turning subscriber scale into ad dollars.

Ad-supported tier growth is the only metric that matters. If ad revenue is accelerating, Netflix cracked the code and the multiple rerates. Every streaming and software name gets a lift. If ad revenue is flat, the monetization layer stays under pressure and the concern extends across the sector.

The timing matters. Alphabet (GOOGL) reports July 22. Microsoft reports July 29. Meta and Amazon (AMZN) follow. Netflix's guide sets the tape into those larger prints.

Watch Signal

Watch ad revenue growth against subscriber growth. Ad revenue growing faster than subscribers means monetization is working. Subscribers growing faster than ad revenue means the ad tier is diluting, not adding.

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Retail sales land Thursday morning. The K-shaped consumer story got stress-tested last week. PepsiCo (PEP) missed on North American consumer softening. General Mills (GIS) cut prices. Nike (NKE) beat with a tariff refund attached but the core was softer than the headline. Delta (DAL) reports Friday and guides through the same question.

Retail sales at the aggregate level tell you whether spending is holding. A strong headline number with weak control group underneath means spending is narrowing rather than broadening. A weak headline number means the consumer is pulling back at the aggregate level.

The number lands the same morning as jobless claims and the Philly Fed Manufacturing Index. Three consumer-adjacent data points stack into one 8:30 window.

Earnings Signal

United Airlines (UAL) reports Wednesday after the close. Delta's guide Friday morning already frames the airline read. United confirms or breaks it. Two consecutive airline guides on premium travel demand plus retail sales give the K-shaped consumer question its first real answer of Q3.

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Johnson & Johnson (JNJ), Abbott Labs (ABT), UnitedHealth (UNH), Intuitive Surgical (ISRG), and Elevance Health (ANTM) all report this week. Healthcare had one of its best weeks of the year in June and became the cleanest defensive bid during the rotation.

Travelers (TRV) and GE Aerospace (GE) also report Thursday. Both sit at the intersection of the industrial rotation and the Iran-defense trade. A clean earnings week in healthcare and defense extends the rotation. Any single miss reprices the defensive bracket faster than the AI-adjacent names.

Every catalyst this week measures whether the split holds. CPI breaks the tied Fed vote or extends it. Bank earnings test whether the rotation into financials has fundamental support. Netflix tests whether platforms can monetize mature user bases. Retail sales test the K-shaped consumer story.

Alphabet reports July 22. Microsoft reports July 29. Meta and Amazon follow. The next two weeks resolve which side of the AI split the market backs. But this week decides the tone the tape carries into those prints. What the market believes by Friday is what it carries into the hyperscaler window.

The Fed is tied. The AI trade is split. The consumer is bending. The data this week names which of those three defines Q3.