WS #8546

The dominant signal in this window is the confirmation of strong enterprise AI spending from Dell's massive earnings beat (+32.8%) and corroborating moves in NOW (+14.4%), ORCL (+10.8%), and PLTR (+9.2%). This reinforces the AI capex narrative and is a carry-forward positive from earlier in the day. Geopolitically, Iran has denied a finalized ceasefire deal with the US, contradicting earlier reports and keeping oil risk elevated. Ukrainian drone strikes hit Russian oil infrastructure (Yaroslavl, Volgograd, Temryuk), supporting oil price upside. A federal judge reopened Trump's $10 billion IRS case, citing potential deception, reintroducing legal overhang for Trump-related entities. The widespread withdrawal of musical acts from Trump's Freedom 250 celebration is largely noise with no direct market impact. Nvidia, Microsoft, and Arm are teasing Nvidia's new N1X laptop processors ahead of Computex, which could be a catalyst for NVDA and related stocks. The USPS proposal to restrict mail-in ballots is a political development with no immediate market implications.