WS #7352

The dominant narrative from the prior window (SpaceX IPO, Cerebras, Figma, etc.) remains stable, but several high-signal developments emerged in this batch. Trump announced that China will order 200 aircraft from Boeing, a major deal directly boosting BA's backlog and revenue outlook. Applied Materials (AMAT) reported a strong Q2 beat with EPS of $2.86 (+7% vs estimate) and revenue of $7.91B (+3% vs estimate), driven by the AI semiconductor super cycle, reinforcing bullishness for NVDA and the broader semi equipment space. UBS raised its NVDA price target to $275, corroborating the positive semi narrative. On the geopolitical front, the Strait of Hormuz disruption continues to support crude oil prices above $100, with a Chinese-owned supertanker reportedly transiting without paying the $2M toll, suggesting potential sanctions erosion. The Supreme Court's administrative stay on the mifepristone telehealth ruling lapsed, allowing restrictions to take effect, which could impact healthcare/pharma sentiment. SpaceX IPO prospectus expected next week (carried forward from prior window, still high significance). The Cerebras IPO popped 68% in its Nasdaq debut, minting two billionaires and setting a $95B market cap, reinforcing AI enthusiasm. The Winklevosses invested $100M in Gemini, boosting crypto sentiment. Blackstone and KKR are taking over a dental firm after slashing 70% debt, signaling distressed PE activity. The US Supreme Court allowed the ban on mail-order abortion pills to take effect, a negative for pharma/healthcare. The World Bank team will visit Venezuela, a potential diplomatic shift. The US and EU lawmakers pledge scrutiny of Paramount's WBD deal, a regulatory headwind for media mergers. The narrative arc is ESCALATING for AI/semiconductors and energy, while geopolitical tensions in the Middle East and regulatory actions create cross-currents.