$UPWK

W/ Oil -6% last wk, the S&P gained 2% led by semis +11%. Memory & CPUs surged helped by $INTC +25% $AAPL +5% news, $AMD +26% earnings & reports of Anthropic ARR imminently reaching $45B from $9B at the end of 2025. Some solid software earnings drove $IGV +5%. On the negative side, oil is only down to the mid-$90s and “love taps” to quote President Trump are happening between Iran and the US. But his characterization of these military exchanges shows his desire to de-escalate the war before his meeting this upcoming week with President Xi around trade and Iran among other topics. While no “grand bargain” is expected, significant progress should occur. With US mid-terms coming up, President Trump will want some trade momentum going into that along with lower oil prices. Lower oil prices is