Nvidia delivered the most anticipated earnings report of the season, posting 85% revenue growth year-over-year and raising its sales forecast to $91bn for the current quarter. The chip giant also announced $80bn in additional stock buybacks and increased its quarterly dividend to $0.25 per share from just a penny. Despite these strong results, shares barely budged, suggesting investors have set the bar exceptionally high for the AI bellwether.

Meanwhile, Elon Musk's SpaceX filed for what would be the largest initial public offering on record, though the company outlined significant risks including regulatory hurdles and potential commercial viability concerns. The filing reveals SpaceX as more than just a rocket company, resembling Tesla's complex business model.

Emerging markets showed unusual resilience following the Iran conflict escalation. Rather than experiencing the traditional sell-off and widening spreads, investors are selectively choosing winners within the asset class. This marks a stark reversal from decades of EM vulnerability to global risk sentiment shifts.

Sovereign credit rating upgrades signal this structural change, with EM convergence toward developed market status accelerating. The transformation reflects both EM improvements and developed market instability, particularly evident in bond markets like UK gilts.