WS #13829

The dominant market theme remains the Strait of Hormuz closure and its oil price impact, but this window introduces a significant new development: the Trump administration is reportedly open to ending the war with Iran without a nuclear deal, provided Iran fully reopens the Strait of Hormuz (WSJ, corroborated by multiple Bluesky posts). This is a potential de-escalation signal that could dampen the prevailing bearish oil/equity thesis, though Iran's conditions (sanctions relief, asset release, compensation) remain unmet, so the situation is still tense. Oil prices jumped ~5% (WTI ~$82, Brent ~$87.7) on continued uncertainty, while US equities closed slightly lower (Dow -0.11%, S&P -0.06%, Nasdaq -0.3%). US oil reserves fell below 300 million barrels for the first time since 1983, reinforcing supply concerns. In corporate news, several earnings reports stand out: Riot Platforms secured a $9.1B AI data center lease (20-year, 191 MW) with Q2 revenue beat, driving shares higher; AECOM slashed FY26 guidance (EPS from $5.90-$6.10 to $3.95-$4.15) after a massive Q3 miss, sending shares lower; Alcon beat and raised guidance; Plug Power beat and raised FY26 outlook; AST SpaceMobile missed badly but affirmed guidance; Rocket Lab reported mixed results with record backlog. NVIDIA announced a $500B AI compute infrastructure financing platform with major partners (Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, KKR), a significant positive for AI infrastructure names. Apple is testing Chinese memory chips from CXMT, a potential supply chain shift. Intel announced a $15B capital raise, weighing on the stock. Archer Aviation surged 12% on Boeing deal to acquire Wisk Aero, SkyGrid, and Insitu. Amazon is funding the largest gas power plant in the US, a controversial move with climate implications. Bitcoin fell ~1.5% to ~$64k amid Hormuz uncertainty.