WS #9026

The dominant signal in this window is the confirmation that Alphabet (GOOGL) is conducting an $84.75B equity capital raise, with Berkshire Hathaway investing $10B. This is a massive dilution event for GOOGL, but the involvement of Berkshire provides a strong vote of confidence. Separately, SpaceX has signaled it will not move its $135/share IPO price despite surging demand, reinforcing the S&P DJI's decision to keep fast-entry rules unchanged—this is a positive for the IPO market and index inclusion expectations. On the macro front, oil prices steadied after a drop on peace talk optimism, while the Strait of Hormuz closure continues to pressure energy markets. The Blackstone BCRED withdrawal cap is a notable signal of stress in private credit markets. Lululemon (LULU) fell 10% after-hours on weak guidance, a negative for consumer discretionary. The U.S. designated Cuba's president as an SDN, adding geopolitical friction. The prevailing narrative is one of mixed signals: tech mega-cap dilution vs. strong IPO demand, easing oil vs. ongoing geopolitical risks, and private credit stress vs. broad market resilience.