WS #13859

The dominant US-Iran/Hormuz oil crisis narrative remains stable-to-escalating with the previously noted counter-signal of a possible US-Iran arrangement, and no new data points have emerged to alter the outlook. AI infrastructure and crypto-related themes continue as before, with no fresh catalysts. This window carries 5 key development(s), 3 at significance:high: Pakistan and Qatar signal US-Iran close to Hormuz arrangement; oil eases but Trump reparations demand caps downside; Nvidia partners with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, KKR to mobilize $500B for AI infrastructure; Intel $20B equity raise priced at $95, 5x oversubscribed, but shares fade on dilution. A further 2 development(s) sit below significance:high.