WS #11128

The dominant narrative in this window is the confirmation that the US is lifting export controls on Anthropic's Fable 5 AI model, with Lutnick stating approval to ensure alignment across the US government and strengthen America's AI leadership. This is corroborated by multiple sources including a Bloomberg report and a direct statement from Lutnick, signaling a significant policy shift that could benefit Anthropic and the broader AI sector. Separately, Trump's financial disclosure revealing $1.4 billion in crypto income from World Liberty Financial and meme coins raises conflict-of-interest concerns but is unlikely to move markets directly. The S&P 500 and Nasdaq closed at record highs for the quarter, led by tech and semiconductors, with AMD surging 7.68% and Intel up ~6%, indicating strong investor appetite for AI-related names despite geopolitical noise. Oil prices remain subdued near $70 WTI as Hormuz flows normalize, with Morgan Stanley forecasting a surplus. The Senate voted to halt the Iran war, but this is largely symbolic. Nike's earnings beat was overshadowed by a 2% after-hours drop due to ongoing turnaround concerns, though tariff refunds provided a one-time boost. The overall market narrative is STABLE with a bullish tilt on AI/semiconductors, while energy and consumer discretionary face headwinds.