WS #13806

The Hormuz/energy narrative remains ESCALATING with no counter-signals; oil prices hold gains, and no new geopolitical or policy developments have emerged. Intel's offering and NVDA's Lancium investment are unchanged from prior coverage. No new data points warrant inclusion in key_developments. This window carries 7 key development(s), 3 at significance:high: Oil prices surge ~5% as Iran keeps Strait of Hormuz closed, demanding US concessions; NVIDIA partners with Wall Street giants on $500B AI financing deal; Intel launches $15B stock sale to fund foundry buildout, stock drops 5%. A further 4 development(s) sit below significance:high.