Seems like another AI chipmaker IPO is on its way with Cerebras.
Source: Bloomberg
In case you missed it.... KKR Funds Loses $560 Million In 3 Months
The WSJ reports KKR’s big private-credit fund for regular investors just took a $560 Million bath (10% of its value) as loan defaults jumped to 8.1%. KKR's largest private-credit fund, primarily held by individual investors, experienced a significant $560 million loss in the first quarter due to an increasing number of loan defaults. Wall Street Journal (Markets) posted on X that this development highlights the challenges faced by private-credit funds as economic conditions fluctuate. The fund, which has been a popular choice among individual investors seeking higher yields, has been impacted by the financial instability of several borrowers. KKR share price has been cut in half and it’s now junk-rated.
75% chance Crypto Clarity Act passes
Source: Kalshi
US–China Sanctions Escalation Over Iranian Oil
Jack Prandelli argues that 90% of Iran’s oil exports go to China, prompting a US sanctions escalation aimed at Beijing. The US has built a multi-step pressure strategy including sanctions on shadow fleet vessels, teapot refineries like Hengli Petrochemical, and networks of front companies across Asia. It has also issued warnings to Chinese banks about potential secondary sanctions if Iranian oil payments continue flowing through their systems. Full secondary sanctions on major Chinese banks remain a possible next step, which could significantly escalate US–China financial tensions. Outcome depends on Beijing.
Republicans surge past Democrats in Senate midterm odds projected to remain in power.
Source: Polymarket
Megacap Tech gets more powerful.
This Q1 earnings season, the contribution has made an outsized impact. Megacap Tech about 17.3% of the total S&P 500 earnings - close to double that of Q4, 2025. Here, Megacap Tech = AMZN, AAPL, META, MSFT, NVDA, GOOGL Source: Ayesha Tariq, CFA, Factset, S&P
The hyperscalers' combined free cash flow is expected to fall to ~$4B in Q3.
Their free cash flow this year will likely be at its lowest level since 2014, when revenues were about a seventh of their current size. Source: Edward Conard, FT
Since the start of 2026, the S&P 500 has risen by +8%, consensus forward 12-month EPS estimates have risen by +13%, and the P/E multiple has declined from 22x to 21x.
Source: Neil Sethi, Goldman Sachs
