WS #10440

The dominant signal in this window is the escalating AI talent war, with Alphabet (GOOGL) losing two top AI researchers to OpenAI and Anthropic, driving GOOGL down ~6%. This corroborates the earlier DeepMind VP departure and confirms the AI talent exodus narrative is intensifying. Separately, AbbVie (ABBV) has agreed to acquire Apogee Therapeutics for ~$10.9B, adding late-stage immunology programs, a significant M&A signal in biotech. On the geopolitical front, Trump stated Iran will agree to major weapons inspections, a positive development for the U.S.-Iran peace process, which counters the Strait of Hormuz disruption narrative and supports defense sector weakness. The yen jumped on reports of Japanese Finance Minister Katayama and U.S. Treasury Secretary Bessent holding talks, signaling potential FX intervention. Tesla (TSLA) shares surged on a Megapod trademark filing for modular AI infrastructure, a bullish signal for TSLA. The U.S. Strategic Petroleum Reserve fell to its lowest since July 1983, supporting oil prices. The tech rally narrative is seen having more runway as AI spending gains speed, per Bloomberg and Columbia Threadneedle. Defense stocks are trading lower as the U.S.-Iran peace process remains intact. The Ethereum Foundation talent exodus continues with co-executive director Hsiao-Wei Wang stepping down, adding to at least eight senior departures.