WS #6613

The dominant narrative remains the de-escalation of the Strait of Hormuz crisis and the bullish AI-driven tech momentum from AMD and Super Micro Computer results. However, new signals have emerged: (1) Ukraine struck Russia's Primorsk oil port, disabling tankers, which could tighten oil supply and support crude prices, countering the de-escalation narrative. (2) Honda halted plans for a $15B EV plant in Canada, a bearish signal for EV sector and Canadian economy. (3) Morgan Stanley flagged a $1.5 trillion funding gap for hyperscaler CAPEX, with FCF down 32% YoY, raising debt concerns for GOOGL, META, ORCL, AMZN, MSFT. (4) China's services PMI unexpectedly expanded, suggesting resilience despite Iran war shocks. (5) Silver surged nearly 3% to $75/oz, indicating safe-haven demand. (6) Australia announced a government-owned fuel reserve for 50 days of supply, a counter-signal to oil supply disruption fears. The Strait of Hormuz de-escalation narrative is stable but faces counter-signals from Ukraine port strike and potential US-Iran war resumption reports.