$DIS

Last wk, S&P +1.4% its 9th straight up wk as oil fell 10% to $87 w/ bond yields down 9-12 bps across 2/30yr curve supporting the move. Tech led w/ Mag7 +2% w/ $SMH +4% & $IGV +8% w/ some notable earnings from $DELL +43% and $SNOW +48%. Headline and core PCE (the Fed’s preferred metric prior to current chairman Warsh) coming in below expectations was also welcome. This follows some higher than expected inflation readings of PPI and CPI over the prior two weeks. One macro positive for the AI trade was Anthropic raised $65B at a valuation of $965B at $47B in annualized revenue run-rate vs $9B at the end of 2025. This shows the continuing availability of capital to fund AI capex. This follows the news two weeks ago that Anthropic expected to be profitable in Q2. That helped answer the questi