WS #7283

The dominant signal in this window is the Cerebras Systems (CBRS) IPO, with shares indicated to open at $375-$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, the IMF issued a series of statements: it sees the world economy moving into an 'adverse scenario' with higher oil prices, is discussing assistance with member countries impacted by the Iran war, and welcomes constructive US-China dialogue. The IMF also noted global financial conditions remain accommodative. On the geopolitical front, reports indicate UAE and Saudi Arabia allegedly carried out secret bombing raids on Iran, and India condemned an attack and sinking of a ship in the Gulf of Oman, escalating regional tensions. Oil flows through the Strait of Hormuz are creeping higher as more supertankers exit, offering limited relief. OPEC production is down 20% since February due to the Iran war. Bitcoin traded below $80,000 ahead of the US Senate CLARITY Act markup vote. Nvidia (NVDA) continues its record-breaking run, adding $245 billion in market cap in a single day, now accounting for nearly 60% of the move in SPY. A bearish call on Meta (META) surfaced, citing ad growth of only 3% y/y and a P/E of 30, with a target of -30% in 9 months. Canada unveiled a C$1 trillion plan to double electricity grid capacity by 2050. Ford (F) stock extended its rally as Morgan Stanley sees a $10 billion energy opportunity in its energy storage business.