WS #10549

The dominant signal in this window is the strong earnings beat from Cerebras Systems (CBRS), which reported Q1 revenue of $193.4M (+92% YoY) and guided Q2 core revenue of ~$194M (+88% YoY), beating analyst estimates on both top and bottom lines. The stock fell 5% in extended trading despite the beat, likely due to the stock being down 28% since its IPO. Separately, SpaceX priced a $25B inaugural bond issuance across five tranches (2031-2056), a massive debt offering that signals strong investor demand for high-grade corporate credit. On the geopolitical front, the US Senate voted 50-48 to limit Trump's ability to strike Iran without congressional authorization, adding to the Iran war powers narrative. The Strait of Hormuz reopening continues to drive oil prices lower (WTI settled at $73.21, Brent at $77.08). Morgan Stanley capped redemptions at a private credit fund after an 11.6% exit request, highlighting stress in private credit markets. The narrative arc is STABLE with no major escalation.