WS #7835

The dominant signal in this window is the SpaceX IPO filing, confirmed by multiple sources (NPR, AP, Bloomberg, TechCrunch, Business Insider, Seeking Alpha, Decrypt, MarketWatch). The S-1 reveals a $75B raise at a $2T+ valuation, $4.69B Q1 revenue, $1.45B Bitcoin holdings, and underwriters Goldman Sachs, Morgan Stanley, and Bank of America. This is the highest-significance event and is STABLE (no new data beyond the filing details). NVIDIA's Q1 earnings beat (revenue $81.6B vs $79.2B est., EPS $1.85 vs $1.78, Data Center $75.2B vs $73.5B est.) and strong Q2 guidance ($91B vs $87.2B est.) are also high-signal, with the CFO stating 'customers do not buy GPUs, they build AI factories' and revealing $43B in startup holdings. However, after-hours futures are down 0.4% as the stock whipsaws, suggesting the beat was already priced in. A MAG7 carve-out: Meta initiating 8,000 job cuts globally could signal cost discipline but also demand weakness. Other notable items: Intuit down 10.3% on revenue miss and 17% workforce cut; e.l.f. Beauty up 5% on beat and plans to reverse tariff-related price increases; Anthropic projecting $10.9B revenue for Q2 (130% surge); OpenAI reportedly preparing to file for an IPO 'in the coming weeks'. Geopolitical noise includes US sending new text proposal to Iran via Pakistani mediators, but no new actionable data. The narrative arc for SpaceX IPO is STABLE, for NVIDIA earnings is STABLE (with after-hours dip as a counter-signal), and for Iran negotiations is STABLE.