WS #14223

The dominant theme remains the escalating US-Iran conflict centered on the Strait of Hormuz, with Iran's $30,000 bounty on American servicemen and Trump's annexation threat adding to escalation. Oil prices remain elevated (WTI above $82), and the market is pricing continued supply disruption. However, a notable counter-signal emerges: Trump's order to substantially reduce US-South Korea military exercises, corroborated by NBC and multiple social media sources, signals a potential de-escalation in a separate geopolitical theater, though its market impact is limited. In corporate news, Anthropic's Q2 revenue surged 14x to $115B, with a potential IPO at $2T valuation, which could boost AI sentiment and benefit Nvidia and other AI infrastructure names. Meanwhile, Meta's fair value cut to $754 on AI cost concerns persists, and Bitcoin's drop below $63K continues to drag crypto-linked stocks. The Fed's cooler PPI data has lifted tech stocks, with Super Micro surging 11% on the back of strong earnings and macro tailwinds.