WS #5801

The data window is dominated by two major tech layoff announcements: Meta is cutting 8,000 employees (10% of workforce) and Microsoft is offering voluntary buyouts to 7% of US staff (approx. 8,750 employees). Both cite cost efficiency and AI investment reallocation. This signals a sector-wide shift toward AI capex at the expense of headcount, which could pressure tech stocks near-term but support AI-related names. Separately, the Paramount-Warner merger is advancing with shareholder approval, though regulatory review remains. The Strait of Hormuz crisis continues to escalate, with oil prices surging and geopolitical tensions high, but no new developments in this window. Other items are noise or low-significance.