WS #5871

The data window contains several high-significance developments. The DOJ has dropped its criminal probe into Fed Chair Jerome Powell, removing a key uncertainty for markets and supporting Treasury bonds. This is corroborated by multiple sources including GDELT and social media. Separately, Meta (META) is reportedly planning to lay off 10% of its workforce (~8,000 employees) on May 20, as part of cost-cutting to fund AI investments, with a leaked internal memo cited by Bloomberg. This contradicts the prevailing tech rally narrative and signals potential near-term weakness for META. Additionally, Intel (INTC) filed an 8-K regarding the resignation of Chief Accounting Officer Scott Gawel, with CFO David Zinsner taking over. This follows INTC's recent 20% surge and could introduce uncertainty. NVIDIA (NVDA) hit a record market cap of $5.1 trillion, with a Bloomberg headline confirming a breakout to its first record since October. This reinforces the AI/semiconductor bull thesis. On the geopolitical front, the EU and US signed a memorandum on critical minerals strategic partnership, aiming to reduce dependence on China, which could benefit rare earth and mining stocks. However, this is a longer-term development. The DOJ dropping the Powell probe is the most immediate market-moving signal, as it removes a tail risk for financial markets and the Fed's independence.