WS #8830

The dominant theme in this window is the accelerating disruption of traditional exchange business models by perpetual futures (perps), following CFTC approval for bitcoin perps on Kalshi. CME, Cboe, ICE, and Nasdaq are all sliding sharply as Barclays warns perps could displace equity-index products. This is a direct escalation of the regulatory disruption narrative from the previous window. Separately, Trump signed an AI executive order requiring companies to share models with the government for voluntary review up to 30 days before release, a move that tightens oversight but stops short of mandatory requirements. The order is corroborated by NBC, Axios, and The Guardian, confirming high significance. In corporate news, Marvell surged 26% after Jensen Huang called it the 'next trillion-dollar company,' but Jim Cramer expressed concern about euphoria. Coherent hit an all-time high on optical interconnect demand. Berkshire's Taylor Morrison acquisition continues to lift TMHC, though Truist downgraded the stock to Hold. MicroStrategy's first Bitcoin sale since 2022 is pressuring MSTR and bitcoin sentiment, with Standard Chartered suggesting it may mark a bottom for Ether. Ukraine continues to strike Russian oil refineries, but Iran is reviewing a U.S. ceasefire proposal, tempering oil prices. The UAE is considering an additional bypass pipeline for the Strait of Hormuz, partially offsetting supply disruption fears. SpaceX is targeting a $1.75 trillion valuation in its IPO, with plans to raise at least $75 billion.