Leads into Asia are very strong, not just SpaceX but specific tech leads into Japan and Korea. Micron up 10%, Teradyne up 7%. Low volatility drives higher dispersion allowing trading of semi-names without macro risk, suppressing credit volatility.

NVIDIA's $25B bond raise got $85B in orders. That credit bullishness feeds back into equity rally because capital raising will be used on semi-conductor capex. US capital raising ends up in Asian equity markets as earnings for semi-conductor companies. This flywheel is accelerating as macro concerns around Iran and inflation recede.

US average retail gas prices still 30% higher than before war started. Duration of war is key input into inflation decision-making. Under Kevin Warsh regime, he tends to look through volatile elements of inflation. If Fed says energy prices are transitory, equity markets will take that well.

Inflation swaps are restrained and rates volatility is very restrained, providing macro backdrop for equity gains.

SpaceX 40% in two days will accelerate risk appetite of retail coming back into Asia. Same investment community that has been buying dips all the way through. Retail community has strong holding hands and will continue to deploy capital as long as AI story remains intact.