WS #7362

The dominant narrative in this window is the continued tech/AI rally, with Wall Street hitting fresh records driven by AI shares and strong earnings. Cerebras (CBRS) surged 68% in its Nasdaq debut, the year's largest IPO, valuing it at $67B, though Jim Cramer warned the valuation is too rich. The US cleared H200 exports to China, boosting AVGO (+5.5%), NVDA (+4.4%), and PANW (+4.6%). Cisco (CSCO) surged +13.41% on strong revenue, pushing the Dow to 50,000. Meanwhile, the Supreme Court allowed mifepristone access by mail/telehealth to continue, a positive for healthcare access but limited direct market impact. On the geopolitical front, the US-China summit continues with Trump and Xi, with a joint statement on revaluing the Iraqi dinar (low credibility). Ukraine struck Black Sea oil terminals, and Iranian blockade effects persist with Strait of Hormuz traffic at 10-20% of normal. Gold is heading for a weekly drop as inflation fuels rate-hike bets. Fed Governor Barr gave a speech arguing against shrinking the balance sheet, which is dovish-leaning but not market-moving. Insider selling at AAPL noted by multiple tech insiders. Soybean futures slid with no export news from the summit. The prevailing macro theme is tech rally (ESCALATING) with AI as the primary driver, while inflation and rate-hike expectations are a counterweight.