WS #10113

The dominant narrative from the previous window (US-Iran MoU, oil supply crisis de-escalation, oil price plunge, Fed rate hike bets, semiconductor momentum) remains intact and is STABLE. The key market-moving signal in this window is the continued strength in semiconductor stocks, particularly memory names, driven by analyst upgrades and AI-related demand. Marvell Technology (MRVL) surged 11.9% on a 48% upside call tied to optical networking growth, with Intel (INTC) and Micron (MU) also rallying strongly (+8.6% and +9.3% respectively). The semiconductor sector is up 5.1% overall. Additionally, a major Ukrainian drone strike on the Moscow Oil Refinery has knocked out both key crude distillation units (CDU-6 and Euro+), which could impact Russian oil exports and provide a minor offset to the bearish oil narrative, though the broader de-escalation from the Iran deal dominates. Apple's upcoming price hikes due to memory chip shortages are a significant development for AAPL and consumer electronics. The Pentagon's $725M commitment to Energy Fuels for rare earth processing is a notable defense/industrial policy signal. Other items are noise.