WS #9091

The dominant signal in this window is the Financial Times report that Meta Platforms (META) is considering a stock offering to raise tens of billions of dollars to fund AI infrastructure. This has been corroborated by multiple sources (FT, Seeking Alpha, Benzinga, and numerous social media posts), and META shares have extended losses to -7% on the day. The report follows the earlier SpaceX S-1 amendment disclosing a $920M/month GPU service agreement with Google (GOOGL), which has fueled speculation about AI capex financing across mega-cap tech. Separately, the US jobs report (+172K vs +85K expected) has triggered a broad risk-off move: QQQ -3.4%, SPY -0.95%, gold erasing year-to-date gains, and crypto assets sharply lower (BTC -5.7%, ETH -11.6%). The strong payrolls data dampens Fed rate cut expectations, pressuring growth stocks. On the geopolitical front, Axios reports that Trump's Iran envoys quietly convened nuclear experts in Tennessee, while fresh strikes on Kuwait and Oman undermine de-escalation hopes, keeping oil markets on edge. The narrative arc is ESCALATING for META dilution risk and macro hawkish repricing, while the Iran situation remains STABLE but with underlying tension.