Asian markets retreat from all-time highs due to US-Iran uncertainty, but Chinese tech stocks get a boost in Hong Kong led by Tencent. South Korea overtakes India as world's sixth biggest stock market. Japanese yen hovers near 160 level, prompting intervention warnings.

Alphabet raising $80B through equity offerings to fund AI spending, tapping into insatiable investor appetite. Anthropic pulling ahead of OpenAI with faster revenue growth, $47B annual run rate. Four hyperscalers on track to spend over $700B on capex this year.

June expected to be a choppy month for AI narrative with multiple large fundraises (SpaceX, Anthropic, Alphabet). Investors questioning valuations and considering rotation. Chinese tech names up 3% on Tencent AI developments, suggesting AI story not over yet.

EM leadership even narrower than US, concentrated in chip stocks. AI story incredibly strong but cost pressures emerging for consumer stocks. UK M&A running at $43.5B this year as overseas companies find value. Yields volatile with political uncertainty, long-dated gilts attractive at mid-5% yields.

Nvidia's new PC chip with 20 Arm CPU cores is 'right product, right time' for agentic AI workloads. Arm could reach 50% PC market share by end of decade. New server chip business responding to customer demand, on track for $15B revenue target. Memory chip shortage may persist but demand for AI compute is unprecedented and touches every industry.