WS #7895

The dominant signal in this window is the U.S. Senate postponing the reconciliation bill vote-a-rama until after Memorial Day, effectively abandoning the June 1 deadline for immigration enforcement funding. This is corroborated by multiple sources (Punchbowl, Reuters, Bluesky posts) and represents a significant legislative setback that removes a near-term fiscal catalyst. Separately, the Iran/Hormuz narrative remains stable but unresolved: Iranian President Pezeshkian stated it is a 'delusion' that Iran will be forced into submission, which pushed crude oil up ~3% despite two Chinese tankers transiting the Strait. This counters any de-escalation thesis. On the tech front, Trump abruptly scrapped the signing of an AI security executive order, citing concerns it could hinder U.S. leadership—a positive for AI companies (NVDA, MSFT, GOOGL) as it removes regulatory overhang. Additionally, the Pentagon is testing rival AI models to replace Anthropic, signaling potential shifts in defense AI contracts. In quantum computing, D-Wave (QBTS) surged 28% on news of a $2B U.S. quantum stimulus, with $100M allocated. IBM also announced America's first quantum foundry. Mark Cuban sold most of his Bitcoin, calling it a failed hedge—a bearish signal for BTC but positive for gold. The Senate postponement and AI EO delay are the highest-significance developments, with the former dampening fiscal stimulus expectations and the latter boosting tech sentiment.