WS #13795

Markets are bracing for a volatile session as oil prices surge over $2/barrel after Iran tempered hopes of a Hormuz reopening, with WTI touching $80 and Brent near $85. This is a direct escalation of the dominant geopolitical narrative, pressuring indices while boosting energy names. Simultaneously, a major M&A development in the eVTOL space: Archer Aviation is acquiring Boeing's Wisk Aero, SkyGrid, and Insitu, with Boeing taking a ~20% stake in Archer, sending ACHR up ~15-19% premarket. In tech, Intel announced a $15 billion stock offering to fund AI capacity, triggering a sharp selloff (INTC down ~5%, ~$20B market cap loss), while Microsoft is reportedly planning to launch its Maia 300 AI chip as early as next month, though TSMC capacity constraints may limit production. The macro backdrop is dominated by anticipation of Wednesday's CPI report, with futures lower and chipmaker earnings (SMCI, RKLB, PLUG, ACHR) in focus. A 7.4-magnitude earthquake in Colombia has caused significant damage and suspended air operations, a regional event with limited direct US market impact. The Iran/Hormuz narrative is ESCALATING, and the Intel offering is a high-significance counter-signal to the AI capex optimism.