WS #10543

The dominant narrative in this window is the intensifying tech selloff, with the Nasdaq down ~3.2% (QQQ 3rd-worst day in 14 months) driven by AI bubble fears. NPR and Seeking Alpha both highlight the AI spending ROI debate, with Micron (MU) implied earnings move of 12.1% and shares down 12%. However, a significant counter-signal emerges: the U.S. Senate voted to halt an Iran war unless Congress approves, which could de-escalate geopolitical risk and dampen the oil/defense thesis. Additionally, Commerce Secretary Lutnick signaled possible action on Chinese robots, adding a trade-war dimension. SpaceX reportedly drew huge demand for its first bond sale (raising at least $25B), indicating strong credit appetite. Persian Gulf oil tanker rates have nearly doubled as exports ramp up, but the Senate vote may cap oil's upside. REITs (VNQ) had their best 2 days vs Tech (XLK) since Aug 2024, suggesting a rotation. The AI selloff is the primary signal, but the Iran de-escalation and trade policy signals provide cross-currents.