WS #7853

The dominant signal in this window is the massive rally in Asian equities driven by multiple catalysts: Nvidia's record earnings and $80B buyback, Samsung's strike cancellation, OpenAI's IPO preparations, and de-escalation signals in the Iran conflict with tankers transiting the Strait of Hormuz and Trump saying negotiations are in final stages. The Nikkei surged 3.58%, KOSPI jumped 7%, and Taiwan stocks rose 3.5%. Brent crude fell ~6% as three supertankers carrying 6 million barrels exited the Strait of Hormuz, and the UAE pipeline bypass is 50% complete. This counters the prevailing oil supply disruption thesis. Separately, SpaceX filed for a record-breaking IPO, Anthropic signed a $45B deal with SpaceX for AI compute, and OpenAI is preparing to file its IPO. India is mulling rate hikes as the rupee slumps. The US-Cuba tension narrative is stable with no new escalation beyond the Raul Castro indictment. The Nvidia China concession narrative is stable.