WS #7859

The dominant signal in this window is the SpaceX IPO filing on Nasdaq under ticker SPCX, corroborated by multiple sources, which could be the largest IPO in US history. This is a new development escalating the AI/tech IPO narrative. Separately, the US-Iran conflict continues with oil prices elevated (Brent at $106/barrel) and Trump threatening strikes if peace talks fail, while the UAE's bypass pipeline is 50% complete. The Hormuz blockade remains a structural bullish factor for energy. On the counter-signal side, gold held gains on Trump's comments suggesting Middle East conflict may be nearing an end, and Asian shares surged after oil prices slipped and Wall Street resumed its AI rally. JPMorgan's Dimon said the bank will hire more AI specialists and fewer bankers, a structural shift for financials. Samsung's largest union suspended a planned strike after a tentative pay deal, easing fears of chip supply disruption. Nvidia largely conceded the China AI chip market to Huawei, per Huang, a bearish signal for NVDA's China exposure. OpenAI is targeting a $1 trillion valuation for its IPO, per Reddit. AMD began production ramp of 'Venice' EPYC on TSMC 2nm and invested $10B in Taiwan ecosystem. Pakistan's military chief is traveling to Iran for talks, a potential de-escalation signal. The AI narrative is escalating with SpaceX IPO, OpenAI IPO prep, and AMD investments. The oil/geopolitical theme is stable but elevated. The Samsung strike suspension is a de-escalation for chip supply fears.