WS #7282

The dominant signal in this window is the Cerebras Systems (CBRS) IPO, with shares indicated to open at $386-$410, 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, reinforcing the 'networking supercycle' narrative. On the macro front, US jobless claims rose 12K to 211K, slightly above expectations, while continuing claims climbed to 1.78M. Crude oil futures are flat as Strait of Hormuz traffic creeps higher, with more supertankers exiting the waterway. Geopolitically, Saudi Arabia proposed a mutual non-aggression agreement with Iran, which could de-escalate tensions and dampen the oil supply disruption thesis. The AI trade broadens with Alphabet (GOOGL) hitting a new intraday record on potential SpaceX data center partnership and new laptop launches. Nvidia (NVDA) continues its record-breaking run, adding $245 billion in market cap in a single day, now trading at $5.7T. Broadcom (AVGO) received a Wells Fargo price target raise to $545 on AI chip supercycle optimism.