WS #13106

The dominant narrative remains the AI-driven tech rebound, with Microsoft's blowout earnings (Azure growth, record $450B market cap gain) and Amazon's AWS strength (37% growth, EPS $5.75 vs $1.84 expected) validating AI infrastructure spending. This has triggered a global semiconductor rally: the Philadelphia Semiconductor Index surged 8.19%, South Korea's Kospi jumped 14% (Samsung +18.24%, SK Hynix +21.86%), and Arm reported record Q1 revenue of $1.289B (+22% YoY) with data center royalty revenue more than doubling. However, Apple's post-earnings drop (~6-6.5% after hours, wiping out ~$390B) on supply chain constraints and a 'hundred year flood' in memory chip pricing presents a counter-signal, specifically hitting AAPL and memory-dependent names. Geopolitically, the US-Iran conflict is escalating with fresh strikes (Egypt's Damietta port drone strike, renewed missile attacks), but oil prices are easing as Hormuz traffic recovers to 30-35% of pre-war levels, a counter-signal to the oil supply premium. The BOJ held rates at 1% but warned of inflation exceeding 2%, with yen intervention suspected. A potential Gaza ceasefire breakthrough (Hamas disarmament plan) is emerging but Israel calls terms 'unsatisfactory', creating uncertainty. Tesla's potential China business separation for a SpaceX merger (dismissed by Musk as 'fake news') adds idiosyncratic risk to TSLA.