WS #12797

The dominant narrative remains the US-Iran pause in fighting, which is now in its second day and has caused oil prices to ease. Multiple sources (FT, AP, NYT, Bloomberg) confirm oil prices falling as the US and Iran pause attacks. This is a de-escalation of the previous escalation narrative. However, Trump posted AI-generated images of a strike on Iran's Kharg Island oil terminal, signaling potential renewed escalation. The Pentagon updated casualty figures, adding 140+ wounded and creating a new 'Overseas Operations' category, which may fuel domestic political pressure. Separately, a CNBC article highlights a tech rotation: Apple is outperforming due to its restrained AI spending, while Nvidia faces questions about customer saturation. Intel reported fastest revenue growth in 15 years on AI chip demand. Nvidia is in talks with OpenAI to guarantee $250B financing for data centers, per WSJ. These tech-specific signals contradict the broader macro narrative of a tech selloff.