WS #7300

The dominant signal in this window is the continued AI rally, with the S&P 500 hitting a record 7,500 and the Dow crossing 50,000 intraday, driven by Cisco's earnings beat and Nvidia's China chip win. Nvidia (NVDA) is up seven straight days, nearing a $6T market cap, with Cantor Fitzgerald seeing 49% more upside ahead of earnings. The Cerebras (CBRS) IPO opened at $350, 89% above its $185 IPO price, validating acute AI silicon scarcity. Separately, the CLARITY Act passed the Senate Banking Committee 15-9, sending crypto stocks and tokens higher (Bitcoin hit $82,000, Coinbase surged). On the macro front, US jobless claims rose to 211K vs 205K est., indicating a cooling labor market, while retail sales (+0.5%) remain firm. The 30-year bond yield is above 5%, adding pressure on growth stocks. Geopolitically, Iran allowed 30 vessels through the Strait of Hormuz after charging up to $2M per ship, a de-escalation signal that counters the oil supply crisis narrative. However, a US report claims China is secretly supporting Iran militarily, adding a new layer of tension. Boeing (BA) stock is falling after Trump announced China will buy only 200 jets, disappointing expectations. Trump also revealed his latest stock trades, including holdings in Dell, Intel, Palantir, Sandisk, and Nvidia, which may raise ethical concerns but also signals confidence in these names. The narrative arc is ESCALATING for AI/crypto themes and DE-ESCALATING for the Hormuz crisis.