WS #12908

The dominant narrative remains the tech selloff driven by AI payoff concerns and semiconductor rout, with Corning's weak guidance triggering a cascade in optical/AI hardware stocks. However, several counter-signals and MAG7 carve-outs emerge: Apple briefly hit $5 trillion market cap, contrasting with the broader chip weakness. Morgan Stanley launched Ethereum and Solana ETFs with the market's lowest fees, a bullish signal for crypto adoption. Visa plans to cut 7% of its workforce, signaling cost discipline. The Strait of Hormuz and oil-related Polymarket activity remains elevated, but no new escalation. The narrative is STABLE with minor de-escalation in oil prices.