WS #12761

The dominant theme in this window is a significant de-escalation in the US-Iran conflict, with both sides pausing strikes after 13 consecutive nights of attacks. The US pause is driven by concerns over depleted missile stockpiles (Patriot, THAAD), while Iran has suspended retaliatory operations. Diplomatic channels are active: Iran confirmed readiness to continue negotiations via Pakistan, and talks with Oman on Strait of Hormuz management have made progress. However, a new oil tanker explosion in the Strait of Hormuz (attributed to a naval mine) and Houthi attacks on Saudi Aramco facilities introduce fresh risks. Separately, a major AI infrastructure deal was signed between NVIDIA, Samsung, SK hynix, and Broadcom worth over $750 billion, signaling massive capital deployment in AI. Alphabet's first-ever negative free cash flow as a public firm raises concerns about AI spending sustainability, while Robinhood Chain metrics surge ahead of HOOD earnings. The Berlin Pride attack has been classified as an Islamist terror attack by German authorities.