WS #7247

The dominant signal in this window is the pricing of Cerebras Systems' IPO at $185 per share, with 30 million shares offered, implying a market cap of approximately $55.5 billion at the high end. This is a significant AI chip IPO that will trade under CBRS starting May 14. Separately, Cisco reported a strong Q3 with record revenue of $15.8B, 35% y/y product order growth, and nearly doubled its AI infrastructure orders guide for FY26, sending CSCO up 12% after hours. This corroborates the ongoing AI infrastructure buildout theme. The Trump-Xi summit in Beijing is underway, with Goldman Sachs viewing it as a tactical catalyst for Chinese equities and the yuan, but no new substantive outcomes have emerged yet. Oil remains above $100 as OPEC cut its 2026 demand forecast, with the Strait of Hormuz closure continuing to pressure supply. The Blackstone REIT IPO for data centers raised $1.75B, further signaling institutional demand for AI-related real assets. The South Carolina Supreme Court overturned Alex Murdaugh's murder conviction, which may have limited market impact but is notable for legal watchers. Overall, the AI infrastructure narrative is escalating with Cisco's beat and Cerebras IPO, while the geopolitical situation (Trump-Xi, Strait of Hormuz) remains stable with no new escalation.