Jeremy Richardson from the RBC Global Equity team explores the signals shaping markets right now, from a landmark IPO to easing geopolitical tensions that could open the door to new opportunities in the second half of the year. Highlights: SpaceX's $1.75 trillion debut has made headlines, but with less than 5% of its shares listed, the sense of balance between fundamentals and valuation is still ahead – and how that plays out could set the tone for the wave of high-profile AI-driven listings still to come. Positive momentum behind AI isn’t just re-shaping the economy, but lifting the entire market as well, powering a K-shaped dynamic, where strong AI optimism is lifting overall sentiment, continuing to drive a widening divergence between winners and the rest. US EPS growth expectations of 20% — and nearly 70% in semiconductors — are giving the market's enthusiasm real fundamental support, while international markets lag at around 9%, highlighting where concentration risk and selective opportunity are both building. Easing tensions in the Gulf could be the catalyst the bottom half of the K has been waiting for, hopefully in the form of lower energy costs, dissipating inflationary pressure, and improving business conditions may unlock richer opportunities for investors as we move through the second half of the year.