Iran ran the week. Every other story, including the biggest tech earnings print of the quarter, ended up being a sub-plot to the back-and-forth between Tehran and Washington. The week started with markets pricing escalation risk, ended with Rubio saying the talks are showing "good signs" and Pakistan's Army Chief flying to Tehran. The price action followed that arc almost perfectly.

The mid-week macro shock was yields, not equities. The 30-year Treasury crossed 5.19% on Tuesday, the highest since 2007, and the 10-year hit 4.69%. That move forced an honest conversation about what risk assets are actually worth at these rates. By Friday yields had cooled to 5.09% and 4.57%, the relief that let stocks rebound into the weekend.

Nvidia delivered a textbook "good news priced in" lesson on Wednesday night. The print was a blowout: $81.6 billion in revenue, $1.87 EPS, $80 billion buyback, dividend hiked 25x. The stock closed Thursday at -0.9%. The AI-capex thesis is intact, but the second derivative is what matters now, not the absolute number.

SpaceX dropped its S-1 the same day, targeting June 12 IPO at $1.7 trillion. OpenAI filing reportedly imminent. The IPO calendar through Q3 just got crowded.

Crypto was a quiet hold. BTC opened the week near $77,800, traded down to $76,500 midweek under the yield pressure, and recovered to $77,400 by Friday. ETH stayed near $2,120 the whole way. Gold ground higher to $4,524.

What this sets up for next week: SpaceX roadshow countdown begins, Iran weekend headlines could open Monday in either direction, and yields hold the macro keys.

Enjoy the weekend. Back Monday.