WS #7297

The dominant signal in this window is the blockbuster IPO of Cerebras Systems (CBRS), which opened at $350, nearly 90% above its $185 IPO price, pushing its market cap above $100 billion. This is corroborated by multiple sources (CNBC, Investing.com, Seeking Alpha, Benzinga, Alpaca, and social media) and represents the largest US tech IPO since Uber in 2019. The strong debut reinforces the AI infrastructure investment theme, lifting sentiment across the semiconductor space (NVDA, AVGO). Separately, the Clarity Act, a landmark crypto market structure bill, cleared the Senate Banking Committee on a 15-9 vote, a significant win for the crypto industry. This is reported by Bloomberg, CNBC, CoinDesk, and The Block. In UK politics, Health Secretary Wes Streeting resigned, and Labour MP Josh Simons triggered a by-election for Andy Burnham to run for Parliament, causing the pound to fall to a one-month low. On the geopolitical front, Bessent stated China will help 'behind the scenes' to reopen the Strait of Hormuz, a potential counter-signal to the ongoing oil supply crisis. The IEA estimates >10% of global oil supply has been taken offline, creating a large supply-demand gap. Finally, Trump disclosed large stock purchases in Boeing and Nvidia ahead of his China trip, a notable insider trading signal. The macro narrative is one of AI-driven tech strength (Cerebras IPO, NVDA rally, Broadcom upgrade) offset by persistent energy/inflation concerns (Hormuz crisis, oil supply gap). The UK political turmoil adds a bearish tilt to GBP-exposed assets.