S&P 500 crosses 7,500, Dow reclaims 50,000 - The S&P 500 closed at 7,501 Thursday while the Dow finished at 50,063 - its first close above that level since the Iran war began in February. From war lows to S&P 7,500 in ten weeks. Respect the price action.

PPI skyrockets 1.4% - hottest wholesale inflation in three years - Monthly PPI rose 1.4% and core PPI surged 1% in April, far above the 0.4% consensus, with the 10-year Treasury yield touching 4.48% - its highest of 2026. CPI at 3.8% was bad. PPI at 1.4% is the pipeline refill. Warsh walks into day one with the worst inflation print of his tenure already on the books.

Cisco surges 13% - best day in nearly 15 years - Cisco leaped after reporting better profit and revenue than expected, with CEO Chuck Robbins citing "very strong, broad-based demand" for its products. When a legacy tech giant has its best day in 15 years on AI infrastructure demand, pay attention.

Nvidia all-time high - US approves H200 chip sales to China - Nvidia jumped 4.4% Thursday, extending its monthly gain to 15%, after the US approved H200 chip shipments to 10 Chinese companies during Trump's Beijing visit. One regulatory approval added ~$200 billion to Nvidia's market cap. Reports May 20. Circle it.

SpaceX IPO prospectus lands next week - $1.75 trillion valuation - SpaceX plans to disclose its prospectus as soon as next week after confidentially filing in April, targeting a June listing. The biggest IPO in history. In the middle of the hottest inflation environment in years. With a brand new Fed chair in his first week.

Samsung falls 8% - 18-day strike from 45,000 workers from May 21 - Samsung's labor union confirmed it will proceed with an 18-day strike involving more than 45,000 workers starting May 21. Samsung is a critical node in global semiconductor supply chains. This doesn't just hurt Samsung.

Warsh calls Bitcoin "the new gold for anyone under 40" - and he's Fed chair now - Warsh has described Bitcoin as "an important asset" and a "very good policeman for policy," making him the first incoming Fed chair to hold direct exposure to digital assets including a stake in Bitcoin payments startup Flashnet. Eight years of Powell's cautious distance from crypto ended today.

Bitcoin holds $79-80K despite the worst inflation week of 2026 - Bitcoin was trading around $80,600 following the CPI report, with spot ETF outflows and a hawkish macro backdrop creating a ceiling that makes a new all-time high unlikely without a major geopolitical shift. BTC absorbed 3.8% CPI and 1.4% PPI in one week and held $79K. That's resilience. The $83,700 ETF cost basis is still the ceiling to break.

CLARITY Act markup today - the crypto regulation moment of 2026 - The Clarity Act markup is scheduled for the Senate Banking Committee - the day after Warsh's confirmation - setting up the most crypto-consequential 48 hours in Washington since the Bitcoin ETF approval. Pro-Bitcoin Fed chair confirmed. Crypto market structure bill the next day. If both land cleanly, institutional money has no more excuses.