WS #11193

The dominant signal in this window is the continued escalation of Meta's cloud infrastructure announcement, which has driven META shares up ~9% to $617. This development directly addresses the biggest overhang on the stock—monetization of AI capex—and is corroborated by multiple sources (CNBC, Bloomberg, Seeking Alpha, social media). The narrative is ESCALATING as Jefferies reiterates Buy with $825 target and multiple analysts weigh in positively. Separately, the USMCA trade pact non-renewal narrative continues to escalate with no new counter-signals, adding uncertainty for North American supply chains. Oil markets show a clear de-escalation signal: key US oil grades slump as Strait of Hormuz traffic normalizes, and ECB views diverge on further rate hikes. In MAG7, META's cloud pivot is a strong positive contradicting the broader tech selloff narrative, while MSFT shows large dark pool activity ($312M and $155M orders) suggesting institutional accumulation. Other notable items include: Alibaba to pay $600M to settle US probe (bearish BABA), Robinhood rolling out perpetual futures in Europe (bullish HOOD), and Trump's crypto ventures generating >$1B (positive for crypto sentiment). The Fed's Warsh picks ex-BOE chief Mervyn King for communications task force, a neutral development. Bitcoin remains under pressure with outflows and technical signals suggesting potential reversal.