WS #8817

The dominant market-moving signal in this window is HPE's blowout earnings, with the stock surging 25% on a massive earnings beat driven by AI server demand. This corroborates the ongoing AI infrastructure buildout thesis and has positive read-through for Dell (DELL) and the broader AI server ecosystem. Separately, the US JOLTS report showed job openings jumping to 7.62M vs 6.87M expected, a two-year high, which may reduce Fed rate cut expectations ahead of Friday's NFP. On the geopolitical front, Iran has stopped communicating with mediators after Israel threatened to bomb Beirut, and HSBC flags a 'super-squeeze' in oil markets due to the Strait of Hormuz closure, with Goldman warning of a US diesel crunch by August. Russia launched one of its largest attacks on Ukraine, and a US delegation will attend the St. Petersburg Economic Forum this week. Bitcoin slipped below $69,000 to a two-month low amid institutional outflows. The Alphabet $80B equity raise and Berkshire's $10B participation is a carry-forward from the previous window.