WS #8935

The dominant narrative this window is the SpaceX IPO filing, which is a major risk-on catalyst. SpaceX aims to raise $75B at a ~$1.75T valuation, with 555.6M shares at $135 each, proceeds for AI compute and Starlink. This is corroborated by Bloomberg, Reuters, CNBC, and multiple social media sources, marking it as high-significance. The IPO roadshow starts June 4, pricing June 11, debut June 12. This could boost sentiment for space/tech and related tickers like TSLA (Musk connection). Meanwhile, the macro picture remains mixed: oil prices are elevated (WTI +2.6%, Brent +2%) amid US-Iran tensions, with reports of Israeli strikes on Lebanon, a 'crazy' phone call between Trump and Netanyahu, and Iran claiming to target a US command ship. However, Trump also stated Iran is 'close to a deal,' creating a counter-signal. The S&P 500's winning streak ended, with markets closing lower. In after-hours earnings, Broadcom (AVGO) beat estimates but fell 6.5% on the revenue miss narrative, while CrowdStrike (CRWD) beat and guided higher but fell 9%. Costco reported strong May sales (+14.5% YoY), signaling resilient consumer spending. Bitcoin dipped to $64,851, its lowest since late March. Dark pool activity was detected in MU (two large orders totaling ~$383M) and IVV ($114M), suggesting institutional positioning. Geopolitical risks are escalating: Iran warns that an attack on Beirut would restart the war, and Israeli strikes kill nine in Lebanon. The Strait of Hormuz remains shut, with companies seeking alternative routes. The US Strategic Petroleum Reserve is at its lowest in decades (357M barrels). However, Trump's comment that Iran is 'close to a deal' and the US-Iran ceasefire narrative provide a counter-signal. The Fed's Logan hinted at possible rate hikes later this year, which could weigh on growth stocks. The AI-driven boom is expected to continue, with Broadcom's CEO noting AI semiconductor bookings over $30B. The SpaceX IPO and Marvell's $2B investment from NVIDIA underscore the AI infrastructure theme.