The S&P 500 has reached a new all-time high with 11 consecutive days of gains, and the market is pricing in that the war is basically over. Trump said the probability of reaching an agreement is very high, but the reality is that neither the negotiation location nor the timeline have been confirmed. Iran has stated that the U.S. position has changed multiple times and the statements are contradictory. The White House has also said there has been no formal request to extend the ceasefire. Netanyahu has expressed that Israel is prepared for war again. So, the war is far from over; it's just that the market doesn't want to wait anymore. Why doesn't Wall Street want to wait? Because earnings season is here. JPMorgan's stock trading profits in Q1 hit an all-time high, and Bank of America's trading department saw its highest level in nearly 20 years. These earnings signals are too strong, telling the market that while private credit exposure exceeds $100 billion, the risk is manageable. Basant also stepped up to back this up, showing that Wall Street is using actions to tell retail investors they are already positioning themselves early. The reason is clear software stock valuations have dropped from a P/E ratio of 40 last July to 21 now, a third lower than the 10-year average. Salesforce's P/E has fallen to 13, while its historical average is 45, and Adobe’s P/E has dropped below 10, with a historical average of 30. Institutions are, of course, interested in these valuations, and this week they've been actively bottom-fishing, with even bigger moves to come. SpaceX is expected to go public as soon as June, with a target valuation close to $1.75 trillion, potentially becoming the largest IPO in human history. Google holds a 5% stake, worth about $100 billion. Goldman Sachs, Morgan Stanley, and JPMorgan Chase are all lead underwriters. This is Wall Street’s long-awaited liquidity feast, and everyone needs to stabilize the market before the real event begins. The true bet for Wall Street right now is on the AI+IPO super cycle. So, has risk appetite fully returned? On the funding side, yes, it’s flowing back, but in terms of price movement, long-term funds are actually selling out. Hedge funds, using CTA algorithmic buying, continue to reduce their positions. The real heavy bets are coming from emotional funds that don't want to miss out. Retail investors are not wrong to follow, but we need to recognize that institutions are already preparing for the next stage. Global markets are now following the U.S. stock market, with Asian markets, including Japan, Hong Kong, India, and even Bitcoin, all recovering. As long as the Nasdaq holds up, it will support the market. But Wall Street's money is already positioning for the next track. Retail investors need to understand at which stage their holdings are in and not mistake the market’s exit as the beginning of a new rally.