WS #9089

The dominant signal in this window is the Meta (META) equity raise story, which is now corroborated by multiple high-quality sources (Financial Times, Alpaca, Seeking Alpha, and multiple social media accounts). The FT reports Meta is considering selling tens of billions of dollars in new stock to fund AI infrastructure, following Google's record $85B share deal. This is a significant negative catalyst for META specifically and adds to the bearish tech narrative, as it signals that even mega-cap tech may need external financing for AI capex. The story is still developing ("weighing," not confirmed), but the market reaction has been sharp, with META shares down ~6% and bearish options activity detected. Separately, the Paramount Skydance-Warner Bros. Discovery deal faces a new regulatory hurdle: multiple U.S. states are preparing a lawsuit to block the acquisition, per Reuters. This is a medium-significance development for PARA and WBD. Geopolitical headlines (Putin rejecting Zelenskyy talks, Iran negotiations collapsed, Israeli strikes in Lebanon) are carry-forward items with no new escalation in this window. The macro backdrop (strong jobs report, no rate cuts) remains unchanged and continues to pressure tech and crypto. The META equity raise is the key new signal that could drive further tech weakness in the next 1-8 hours.