WS #13888

The dominant US-Iran conflict narrative remains in an escalation phase with oil prices surging, but advanced negotiations over Hormuz continue to be the key counter-signal. No new data points have emerged to alter the existing thesis. This window carries 7 key development(s), 3 at significance:high: US-Iran Hormuz negotiations reportedly in advanced phase, potential de-escalation; Super Micro Computer beats EPS massively, guides Q1 well above estimates; Lumentum beats and guides strongly higher on AI optics demand. A further 4 development(s) sit below significance:high.