Cisco’s AI quarter — orders raised to $9B, hyperscaler demand +217% YoY — ignited the AI complex; all major indices hit records, Dow retook 50,000. Trump-Xi’s 9-point summit (200 Boeing jets, Hormuz pact, trade board) broadened the rally; transports led at +1.40%. April import prices nearly doubled estimates (+1.9% vs +1.0%), compounding 6.0% PPI; December rate-hike odds now 39%. Warsh assumes Fed Chair tomorrow with the hottest trade inflation since 2022. Cerebras (CBRS) IPO +68% — largest tech debut of 2026.
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