WS #14206

The dominant US-Iran/Hormuz narrative remains stable with no new escalation or de-escalation signals, and no counter-signals or non-dominant-narrative developments have emerged. The previously identified themes (dark ships, Nvidia/SB Energy, Apple/Alibaba, Maryland tax ruling, Canada-US tariffs) remain unchanged with no new data points. This window carries 5 key development(s), 3 at significance:high: Covert oil flows through Hormuz exceed estimates, capping oil prices; Nvidia discloses $21B SpaceX stake, invests $3B in SB Energy; Apple developing China-specific AI model with Alibaba. A further 2 development(s) sit below significance:high.