WS #13474

The dominant narrative this window is the Google AI leadership reshuffle, which is ESCALATING with new details: Jeff Dean, Google's chief scientist and 30th employee, is leaving to co-found an AI startup (Discovery Loop) with Sanjay Ghemawat, while Demis Hassabis steps down as DeepMind CEO to become Alphabet's chief scientist. Alphabet stock is down ~5% on the news, corroborated by The Verge, MarketWatch, Seeking Alpha, and Investing.com. This is a high-significance MAG7 carve-out: while the broader tech narrative is AI-driven gains (S&P 500 at record high, NVDA up 3%+ on SpaceX's exclusive chip partnership), GOOGL is diverging negatively on leadership risk. Separately, the Hormuz de-escalation narrative is STABLE but with a new data point: Iran and Oman have agreed on a shipping route through the Strait, though the strait remains closed—this is a partial counter to the oil-supply-crisis thesis, with oil easing and US diesel exports at record highs. Other actionable items: Starboard Value disclosed a stake in Shake Shack (SHAK +11%), SpaceX's Q2 capex of $18.4B blew past estimates (stock -7%) but NVDA gained on Musk's 'exclusive' chip partner comment, and several earnings beats/misses (Cencora, Medline, Uber, Eli Lilly) are moving individual names.