Anthropic filed confidentially for an IPO, signaling a hot IPO market for AI. Alphabet is raising $80B for AI spending, highlighting the critical need for cash to build AI infrastructure. The AI race is global, with winners and losers expected over time.

Inflation outlook is 'wait and see' due to energy price impacts from the Strait of Hormuz closure. The Fed is likely on hold for a meaningful period as growth doesn't justify cuts nor hikes. The Yen will remain challenged until the Strait reopens, with further BOJ intervention likely.

The war is expected to end with a limited MOU between Iran and the US, likely focusing on the Strait of Hormuz. A full JCPOA replacement will take years. GCC states have shown remarkable resilience, adapting quickly with policy decisions. Iran's public commitment to not seek a nuclear weapon would be a key confidence builder.

Turkey's GDP slowdown is expected from tight monetary policy, but inflation remains stubbornly above 30%, making rate cuts difficult. The opposition faces a leadership crisis after court ousters, weakening its ability to challenge Erdogan, who may call a snap election before 2028.