Market Overview:

Tesla Q1: revenue $22.38B beat $22.3B est, EPS $0.41 beat $0.37, gross margin 21.1% (+478bps YoY). Deliveries 358K missed by 7.6K. FY capex raised to $25B+ from $20B and the stock gave back a 4% after-hours gain.

Microsoft, Alphabet, Meta and Amazon all report Q1 after the close today. Collective AI capex is running >$700B in 2026; the market is watching whether AI revenue is accelerating fast enough to justify the spend.

S&P 500 closed 7,137.90 +1.05% Wed on a record-close day led by semis, Nasdaq +1.6%. Rally faded in Thursday futures (-0.4%) after second-round US-Iran peace talks collapsed overnight.

Trump extended the Iran ceasefire 3-5 days but the peace talks collapsed Wed. Brent crude rose a fourth straight session to ~$101.73 (+3.3%). Trump warned 50% tariffs on China if it arms Iran.

IBM Q1: revenue $15.9B (+9% YoY, +6% constant currency), EPS $1.91 beat by 5.5%. Software +11%, Infrastructure +15% with IBM Z +51%. Guidance held; stock fell on the print.

AMD agreed to sell up to $60B of AI chips to Meta and let Meta take up to 10% of AMD. CoreWeave signed $14B of Meta compute. Anthropic's annual run rate topped $30B, up from $9B at end-2025.

Coinbase moved a New York prediction-markets lawsuit to federal court, setting up a sharper CFTC-vs-state-gambling jurisdiction fight. Legal chief Paul Grewal confirmed the removal Wed.

Crypto Updates:

Spot BTC ETFs logged a 5th straight day of net inflows on Apr 21 ($238M), the longest positive streak in weeks. BTC holding ~$78K. Crypto Fear & Greed Index recovered to 46 from 32 a day earlier.

GSR launched BESO on Nasdaq Apr 22, the first actively-managed US crypto ETF that holds BTC, ETH and SOL and pays staking rewards on the ETH and SOL sleeves. 1% management fee, weekly rebalancing.

CLARITY Act faces a hard Senate Banking markup deadline of Apr 25. Sen. Cynthia Lummis warned a miss pushes the bill to 2030 post-midterms. White House confirmed the stablecoin-yield compromise Apr 14.

Justin Sun sued World Liberty Financial in California federal court Apr 21, alleging the Trump-family-backed project blacklisted his wallet and froze ~$107M of his WLFI governance tokens.

Nium partnered with Coinbase Apr 21 to plug USDC into its cross-border payments rails across 190+ countries and 40+ licenses. Businesses can now settle in USDC or fiat at payout without prefunding.

Bitget launched preSPAX on Solana Apr 21, a tokenized pre-IPO exposure to SpaceX issued via Republic. The subscription sale broke $100M in commitments. Spot trading opened same day.

Kraken listed QCAD, a Canadian-dollar stablecoin from Stablecorp, giving Canadian traders a CAD-denominated settlement rail. Kraken operates in Canada as a registered restricted dealer.

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