WS #12958

The dominant signal in this window is a sharp escalation in US-Iran military tensions, with multiple sources reporting that Iran launched ballistic missiles at US forces in Jordan, which were intercepted. This follows US-Saudi joint airstrikes on Iran-backed militia targets in Iraq. The situation is ESCALATING, reversing a brief pause. Separately, the Nasdaq-100 entered correction territory as global chip stocks plunged on AI spending sustainability fears and Chinese competition. SK Hynix reported record Q2 profit but missed forecasts, while its commentary on H2 improvement and HBM4 plans provides a nuanced positive for the AI memory narrative. Apple hit a $5 trillion market cap, contrasting with the broader tech selloff. Jay Clayton was confirmed as DNI, and the Senate advanced Russia sanctions. Oil prices initially surged on the Iran missile news but later settled lower due to a bearish US inventory build.