WS #6140

The dominant theme this cycle is a sharp tech selloff driven by OpenAI's missed revenue and user growth targets, which is dragging down AI-linked stocks (ORCL, NVDA, AVGO, AMD, CORZ) and raising questions about AI spending sustainability. This is a new development that contradicts the prevailing tech rally narrative. Simultaneously, the Iran conflict continues to escalate with new developments: Trump says US will no longer send delegations to talk to Iran, and Aramco suspends LPG deliveries through May due to facility damage, adding fresh supply-side pressure. Oil prices remain elevated with Brent above $110 and WTI rising 5%. Counter-signals include Russia shipping the most crude in over a month as port attacks ease, and Iran may have oil options to drag things out, which could cap further oil upside. In earnings, GM raised its FY26 EPS guidance on strong truck/SUV demand, while BP reported its best quarter in years on oil trading. Coca-Cola beat estimates and raised its annual profit forecast. Hyperscaler earnings (GOOGL, AMZN, META, MSFT) are due Wednesday and will be closely watched for AI capex commentary amid the OpenAI miss. The OpenAI-linked selloff is the highest-signal item, as it directly impacts MAG7 and AI infrastructure names.