WS #5785

The dominant signal in this window remains the escalating Iran-Israel conflict, with multiple corroborating reports: Hezbollah fired rockets at northern Israel in violation of the ceasefire, and Trump threatens military action against Iran, stating 78% of targets have been hit. Iran dismisses Trump's claims of a leadership rift, asserting national unity. Separately, Nike is cutting 1,400 roles in a second round of layoffs this year, and Meta is reportedly laying off 8,000-10,000 employees (10% of staff) as part of an AI efficiency push. Microsoft is offering buyouts to 7% of its U.S. workers. Intel's blockbuster Q1 earnings beat continues to drive sympathy moves in AMD, Arm Holdings, and Rambus. The EU approved a 90 billion euro loan for Ukraine and a new sanctions package against Russia. The Iran conflict escalation remains the highest-significance development, with potential for direct U.S.-Iran military engagement. The Intel earnings beat is a high-significance positive for the semiconductor sector and tech broadly, potentially offsetting some macro headwinds. The Nike and Meta layoffs signal ongoing cost-cutting in consumer-facing and tech sectors.