WS #7281
The dominant signal in this window is the Cerebras Systems (CBRS) IPO, with shares indicated to open at $370-$400, more than double the $185 IPO price, marking the largest Nasdaq debut of 2026. This is corroborated by multiple Reuters updates and social media posts, indicating massive institutional demand for AI chip exposure. Separately, Cisco (CSCO) continues its post-earnings surge with Wells Fargo raising its price target to $130 and Keybanc to $125, reinforcing the 'networking supercycle' narrative. On the macro front, Treasury Secretary Bessent's comments on 'substantial disinflation' ahead and the Warsh Fed transition provide a counter-narrative to recent hot CPI/PPI prints, though import/export prices jumped most since 2022 on fuel costs. Geopolitically, Saudi Arabia proposed a mutual non-aggression agreement with Iran, which could de-escalate tensions and dampen the oil supply disruption thesis. Russia launched a massive strike on Kyiv, killing at least seven, escalating the Ukraine conflict. The AI trade broadens with Applied Materials (AMAT) hitting $440 on analyst upgrades for the AI chip supercycle, while Dynatrace (DT) saw analyst cuts after weak Q1 guidance. Alphabet (GOOGL) hit a new intraday record on potential SpaceX data center partnership and new laptop launches.
Key developments
- Cerebras Systems IPO indicated to open at $370-$400, more than double $185 IPO price
- Cisco (CSCO) surges 14% on AI 'networking supercycle'; Wells Fargo raises target to $130
- Bessent sees 'substantial disinflation' ahead; Warsh Fed transition to ease policy fears
- Russia launches massive strike on Kyiv, killing at least seven
- Saudi Arabia proposes non-aggression pact with Iran, de-escalating Middle East tensions
- Alphabet (GOOGL) hits new intraday record on SpaceX partnership and new laptop launches
- Applied Materials (AMAT) hits $440; analysts raise targets to $550 on AI chip supercycle
- Dynatrace (DT) analysts cut price targets after weak Q4 earnings and Q1 guidance