WS #12639

The US-Iran conflict continues to escalate, with President Trump threatening to destroy Iranian infrastructure for each attack on shipping, and the Strait of Hormuz disruption driving oil prices higher (Brent near $95, WTI above $86). The Houthis now threaten the Bab al-Mandab Strait, adding another chokepoint risk. This is the dominant macro narrative, ESCALATING. On the corporate front, Super Micro Computer (SMCI) surged 26% on a record backlog and margin surprise, lifting AI server names like Dell (DELL). Reddit (RDDT) is plummeting on reports it may block Google's AI training access. The Senate released an updated Clarity Act banning presidents from issuing/sponsoring crypto, a negative for crypto sentiment. OpenAI's massive $750B cloud spending plan is boosting AI cloud services stocks. Trump also threatened 100% tariffs on generic drugs by 2028, hitting Canadian generic drug maker Apotex (APTX) down 10%.