Large rotation from chips to hyperscalers – Wall Street returns to cautious stability while Trump's Iran war pushes the global interest rate path upward for years and the Fed opens its minutes under the restrictive Kevin Warsh this Wednesday – DAX tests the 25,900-point mark for the first time before profit-taking slows the ascent – TKMS explodes in the wake of a Canadian submarine contract – TeraWulf secures a 19-billion deal with Anthropic – Broadcom extends its Apple alliance until 2031

USA & MACRO ENVIRONMENT The US stock exchanges return to cautious stability after the long holiday weekend The S&P 500 is up +0.28%, while the tech-heavy Nasdaq 100 is practically flat with +0.30%. The Dow Jones recently marked a new record high; however, the S&P 500 and Nasdaq are still lagging behind their June peaks. The dominant theme at trading desks is sector rotation According to the strategists at Morgan Stanley led by Michael Wilson, investors are currently shifting from the overheated chip stocks to previously lagging...