WS #7833

The dominant signal in this window is the SpaceX IPO filing, which reveals a $1.75 trillion valuation target, $18.67B in 2025 revenue, and 18,712 BTC holdings worth $1.29B. This is corroborated by multiple sources (Benzinga, NPR, CNBC, TechCrunch, The Verge, CoinDesk, Alpaca) and is the highest-significance event. NVIDIA's Q1 earnings beat (revenue $81.6B vs $79.2B est., EPS $1.85 vs $1.78) and strong Q2 guidance ($90.6B vs $87.2B est.) are also high-signal, with the CFO stating 'customers do not buy GPUs, they build AI factories' and reaffirming $1T revenue forecast for Blackwell/Rubin. However, a potential dividend cut controversy surfaced on social media, creating a MAG7 carve-out signal that contradicts the bullish macro. Geopolitical noise includes Iran ceasefire negotiations (Trump says 'final stages'), Russia nuclear drills, and US indictment of Raul Castro, but these lack new actionable data. UK cost-of-living measures (free bus travel, food tariff cuts) are noise for US markets. The narrative is STABLE for SpaceX IPO and NVIDIA earnings, with the dividend cut concern as a new counter-signal.