WS #10420

The dominant narrative remains the US-Iran de-escalation via the 60-day oil license, with oil prices falling below $75/bbl. The UK political crisis is escalating: Keir Starmer has resigned as Prime Minister, with Andy Burnham expected to succeed him. This introduces UK political uncertainty but is unlikely to have direct US market impact. Lucid Motors announced an 18% workforce reduction, including elimination of the COO role, signaling ongoing EV sector weakness. Micron and Anthropic announced a strategic AI collaboration, driving MU shares up 5% in early trading. SpaceX disclosed a bond sale and $100.8B cash pile, but shares fell 5-6%, suggesting post-IPO cooling. Nvidia launched Halos, a full-stack safety system for robotics, which is positive for NVDA and robotics/AI themes. The Supreme Court allowed a ruling that limits Voting Rights Act protections in seven states, a political/legal development with limited direct market impact. Cross-source corroboration is strong on the UK political shift (multiple outlets), Lucid layoffs (TechCrunch, SEC filing, SeekingAlpha), and Micron-Anthropic deal (SeekingAlpha, social media). The prevailing macro theme of US-Iran de-escalation is STABLE, with oil prices reflecting the license. The UK political crisis is ESCALATING. EV sector weakness is STABLE. AI infrastructure spending remains a bullish undercurrent.