WS #10625

The dominant narrative remains oil de-escalation and tech/crypto pressure, but several new signals have emerged. The Strait of Hormuz has seen a full recovery to pre-conflict oil flows, with 72 ships and 20 million barrels transiting in the last 24 hours, per US Energy Secretary Chris Wright. This confirms the de-escalation trend and counters any remaining supply disruption fears. However, Iran's foreign ministry has issued contradictory statements, warning that US interpretations of the war-end MOU are not helping reduce mistrust, adding a layer of uncertainty. Meanwhile, Qualcomm held an Investor Day unveiling a comprehensive data center roadmap, including the Dragonfly C1000 CPU and AI300 accelerator, with Meta announced as a strategic multi-generation customer. This is a significant competitive move against Intel and AMD in the data center CPU market. Bitcoin continues to crash, falling ~5% to ~$59.36K, dragging crypto-related stocks like MSTR and RKLB down. The crypto bloodbath is intensifying. In politics, Mamdani-backed socialist candidates swept New York Democratic primaries, signaling a shift in the party's center of gravity. Kalshi is reportedly in talks to raise funds at a $40 billion valuation, highlighting the explosive growth of prediction markets. Intel shares rose over 3% after a key trading signal, and Nancy Pelosi disclosed new call positions in INTC and UBER. Broadcom and OpenAI unveiled the 'Jalapeño' AI inference chip, boosting AVGO shares.