Ted Thatcher says markets are showing headline fatigue around geopolitical tensions, with the S&P 500 staying near records as investors refocus on A.I. He highlights key earnings ahead for Tesla (TSLA) and ServiceNow (NOW), and flags a valuation disconnect in Oracle (ORCL). Thatcher also warns that sticky producer inflation, a tightening labor market, and higher energy costs may be starting to weigh on the U.S. consumer.