WS #6835

The dominant narrative remains the risk-on rally driven by the strong jobs report and AI optimism, with no counter-signals or de-escalation in geopolitical or health crises. The most significant development is the reported preliminary agreement between Apple and Intel for Intel to manufacture chips for Apple devices, which sent Intel shares up nearly 14% and Apple shares up 2%. This deal, if completed, would be a major vote of confidence for Intel's foundry business and signals a total pivot for chipmaking, reducing Apple's reliance on TSMC. Separately, argenx received FDA approval expanding VYVGART and VYVGART Hytrulo for all serotypes of generalized myasthenia gravis, which is bullish for ARGX. Geopolitical tensions remain elevated with reports of an explosion at a military facility in Konarak, Iran, and a massive drone incursion in Iraqi Kurdistan, while the U.S.-Iran war has made the Strait of Hormuz nearly impassable, halting roughly 20% of the world's oil supply and pushing gasoline prices above $4 per gallon. The S&P 500 recorded weekly gains following the strong jobs report, defying geopolitical jitters. Other notable items include NVR announcing a $750M share repurchase, Galaxy Digital filing for a $500M ATM offering to support data center expansion, and several analyst rating changes.