Midday update: US-Iran tensions resurged overnight — Nasdaq −1.5%, defense bid, oil whipsawed, gold tick-up. Nvidia went on an infrastructure spree: a 5GW AI build with IREN plus funding a Corning factory expansion. CoreWeave locked a monstrous US$21bn Meta contract plus a multi-year Anthropic deal. Cloudflare dumped −12% afterhours on 20% layoffs and a soft revenue guide; Coinbase posted a second straight quarterly loss. Locally, OCBC reports Q1 today and April US NFP lands tonight.

💬 Today's 3 Big Questions

1. NVDA-IREN 5GW + NVDA-Corning equity-linked funding + CoreWeave's US$21bn Meta deal + Anthropic multi-year — AI capex is now built into multi-year contracts and equity stakes, not just guidance. Peak-AI-capex confidence at the top, or under-priced reality with another leg up? Pick a side and a name.
2. Same week we got Snap −9%, Cloudflare −12%, Coinbase second loss. Three different "demand pressure / cost cuts" stories from smaller-cap tech in 7 days. Is this the first warning that the AI rotation is leaving the rest of tech behind (rotation pain), or just idiosyncratic stories — and how does it shape your tech allocation into Q2?
3. US-Iran resurgent + Nasdaq −1.5% + April NFP tonight + OCBC Q1 today. A 24-hour macro wormhole. Are you preposition LONG SG banks (NIM defended longer if Goolsbee's hawkish framing wins), LONG long-duration tech (if NFP misses), or hedged with optionality both directions? Tell us your line in the sand.

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⏰ Deadline: May 8, 2026, 11:59 PM (SGT)

📊 Quick Market Recap

🌍 Global Macro & Markets

• US-Iran tensions resurged: Nasdaq −1.5%; defense bid; oil whipsawed (spike then fade); gold tick-up; Treasury yields modestly higher.
• Goolsbee's "AI capex without productivity = rate hikes" framing from yesterday continues to color rate expectations into NFP.
• April US Non-Farm Payrolls tonight (SGT evening) — final macro anchor of the week.

🇺🇸 US Markets: AI Infrastructure Goes Multi-Year, Smaller Tech Cracks

• 📈 Nasdaq −1.5%; energy/defense diverged on Iran headlines.
• Nvidia + IREN — long-term partnership to deploy 5GW of AI infrastructure; Nvidia separately funding Corning factory to strengthen optical supply chain (with up to 18M Corning warrants confirmed earlier this week).
• CoreWeave — Q1 win sheet: US$21bn new contract with Meta, plus multi-year Anthropic agreement. AI compute commercialisation is firmly in execution phase.
• Cloudflare — Announced 20% layoffs; revenue guidance disappointed; stock −12% afterhours. Enterprise IT-spend tightness narrative reignites.
• Coinbase — Second straight quarterly loss as crypto trading momentum stays soft; "everything exchange" pivot in focus; stock under pressure.
• Watch tonight: RKLB and AAOI post-earnings reactions; AAOI especially as an AI-optical proxy alongside Lumentum / Coherent.

🇸🇬 Singapore Markets

• 📈 STI hovering near 5,000; OCBC Research target 5,250.
• OCBC Q1 today — bar lifted after UOB's softer print (−4% YoY, no special). Key watchpoints: NIM trajectory (FY25 −29bps to 1.91%), non-int income (+16% to S$5.5bn), Indonesia / ASEAN lending, capital-return commentary.
• PM Lawrence Wong at 48th ASEAN Summit (Cebu) — supply chain, energy, food security, green transition on the agenda; Acting PM Gan Kim Yong covers May 8–9.
• Companies Act 2026 Phase 1 effective May 6 — strengthened shareholder protection, tighter board accountability.
• Mapletree REIT season: MIT full-year DPU −6.3% to 12.71 cents; MLT 3Q DPU −9.3% to 1.816 cents; MPACT DPU +2.5% to 2.05 cents (Singapore-led).
• SIA — Confirmed SpaceX Starlink for next-gen in-flight WiFi (rollout Q1 2027 → end-2029, ~53 aircraft); A350-900LH first/business-class retrofit also delayed to Q1 2027.

🇭🇰 Hong Kong & China Markets

• HK financials watching for follow-through after HSBC's −5% drag earlier in the week.
• Tencent / Alibaba — DeepSeek (>US$20bn) talks ongoing; Baidu's recent +11.4% rip remains in the rear-view.

📅 Key Events Tonight / This Week

• 🇺🇸 RKLB / AAOI earnings reactions — Tonight
• 🇺🇸 April Non-Farm Payrolls — Tonight (SGT evening)
• 🇸🇬 HDB BTO HFE letter deadline — May 15
• 🇺🇸 EU auto/truck 25% tariffs effective — Next week
• 🇸🇬 DBS dividend (66c interim + 15c capital return) payable — ~May 20

Disclaimer: For reference only, not investment advice.