WS #5872

The data window shows a continuation of the strong tech rally, with the Nasdaq 100 hitting its best 4-week rally since 2020 and the Nasdaq Composite closing at a record high, powered by semiconductor stocks. NVIDIA (NVDA) became the first company to close above a $5 trillion market cap, reinforcing the AI bull thesis. Intel (INTC) received a price target raise from UBS to $83, maintaining Neutral. On the M&A front, iHeartMedia (IOM) is reportedly in merger talks with Sirius XM (SIRI), causing iHeartMedia shares to trade lower. Geopolitically, Trump escalated rhetoric on Iran, stating a deadline and that oil infrastructure will soon be damaged by lack of exports, which could impact oil prices. The DOJ backed Elon Musk's xAI in a lawsuit against Colorado's AI bias law, a positive signal for AI companies. A large dark pool order of $428M in SPY was detected, indicating institutional activity. Overall, the market remains bullish on tech, but geopolitical risks and potential M&A activity provide cross-currents.