WS #12591

The dominant narrative remains the US-Iran conflict, which is STABLE with no new escalation data points in this window. However, several high-signal developments have emerged. First, Ukraine's military leadership has been reset: President Zelenskyy fired Commander-in-Chief Syrskyi and appointed Drapatyi, following protests over the removal of Defense Minister Fedorov. This signals potential strategic shifts in the war effort. Second, Super Micro Computer (SMCI) reported a surprise doubling of gross margins to 15-17%, causing its stock to soar and lifting Dell (DELL) on rival strength. Third, AMC Entertainment surged 25%+ after posting its strongest quarter in 106 years with $1.6B revenue and record EBITDA, though the stock later reversed to -10.6% in after-hours, indicating volatility. Fourth, Nvidia (NVDA) confirmed its Vera Rubin platform remains on schedule with major customers testing hardware, and its server supplier Wistron opened a Texas factory for Blackwell AI servers, reinforcing the AI infrastructure buildout. Fifth, KKR is exploring a sale or merger of its commercial real estate lending arm, signaling stress in CRE. Sixth, the Teamsters reached a tentative deal with United Airlines (UAL) for 11,000 mechanics, including a $54M signing bonus and industry-leading wage increases, which could reduce labor cost uncertainty for UAL. Seventh, gold is holding firm above $4,000 on buy-the-dip trade. Eighth, Nikkei futures are trading sharply higher at 67,290 vs cash close of 66,232, suggesting a strong open for Asian markets. Ninth, the US-Iran war has cost $37.5B so far, with Hegseth seeking $87B in additional funding, but no new operational developments. Tenth, rare earth prices are surging outside China due to export curbs, with dysprosium up 700% in Europe, impacting EV and defense supply chains. The overall market tone is cautiously optimistic with tech rebounding, but the undercurrent of geopolitical risk and CRE stress persists.