WS #12909

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. Oil prices are retreating on hopes for US-Iran conflict easing, with Brent down $4/barrel, which dampens the energy crisis narrative. The narrative is STABLE with minor de-escalation in oil prices and geopolitical tensions.