WS #6825

The dominant signal in this window is a 'changing of the guard in AI' narrative, corroborated by CNBC and multiple sources, with Intel and AMD surging while Nvidia lags. This is a significant rotation within the AI trade. Additionally, a Russia-Ukraine three-day ceasefire has been announced by Trump, which could de-escalate geopolitical risk temporarily. On the geopolitical front, Iranian state media claims ongoing attacks on US destroyers, but this is countered by Polymarket trades suggesting low probability of a permanent peace deal. In corporate news, Inspire Brands has filed for an IPO, and Cerebras is expected to price its IPO at $125-$135 per share. A US court has ruled Trump's 10% global tariff illegal, which could pressure trade policy and impact importers. The narrative arc is ESCALATING for the AI rotation and DE-ESCALATING for Russia-Ukraine tensions.