WS #12718

The dominant narrative remains the Middle East conflict, which is ESCALATING. Multiple sources corroborate Houthi strikes on Saudi oil infrastructure (Jazan refinery), with oil prices surging over $100/barrel. Trump threatens 'twentyfold' retaliation against Iran, while the US House votes to limit his war powers (214-208), signaling political friction. A drone crashed near Israeli Minister Ben-Gvir's home, and Iran condemned a Ukrainian drone strike on a Caspian vessel. Counter-signals include active Polymarket trading on ceasefire outcomes and the US pausing strikes, but no concrete de-escalation. Separately, OpenAI CEO Sam Altman declared humanity is 'now in the singularity,' a potential bullish signal for AI-related tech stocks. Tesla's stock continues to slide (down 18% in a week, $130B wiped from Musk's net worth) due to weak Q2 earnings and high capex, while the Boring Company is reportedly raising $4B at a $20B valuation. Apple agreed to pay $250M to settle a class-action lawsuit over misleading AI advertising for iPhone 15 Pro and iPhone 16 models. The US imposed new tariffs on 80+ countries (10-12.5%), adding to trade uncertainty. The AI stock selloff narrative is STABLE, with no new major catalyst reversing the trend.