WS #12577

The dominant signal in this window is Super Micro Computer (SMCI) releasing a preliminary Q4 FY2026 business update after-hours, with the stock ripping +20% on expectations of gross margins of 15-17% (roughly double the consensus 8.2-8.4%) and over $60B in new orders in Q4. This is a high-significance, company-specific catalyst that could drive SMCI and related AI/semiconductor names in the next session. Separately, Ukraine's Zelenskyy fired Commander-in-Chief Syrskyi amid protests, a geopolitical development that may add uncertainty but is unlikely to directly move US markets materially. A large batch of earnings reports (Capital One, Chubb, Interactive Brokers, Western Alliance, etc.) showed mostly beats, but none are market-moving beyond their own tickers. The macro backdrop remains stable with no new Fed or geopolitical shocks.