WS #8331

The dominant signal in this window is a major de-escalation in the Iran conflict, with multiple corroborating sources reporting a framework deal to restore Strait of Hormuz traffic within one month. This has triggered a sharp 5-6% drop in oil prices (WTI below $89, Brent near $95), directly countering the prior bullish energy thesis. The AI/semiconductor rally continues with Micron (MU) and SK Hynix both crossing $1 trillion market cap, though MU saw multiple long liquidations on Binance, indicating profit-taking. ECB's Philip Lane warned of worsening macro outlook due to Iran war, with upward inflation revisions expected in June. Robinhood's launch of AI agent trading is a notable development for retail fintech. PDD Holdings missed Q1 earnings significantly (EPS $1.38 vs $2.41 est), a bearish signal for China e-commerce. The Iran de-escalation narrative is ESCALATING (bullish for oil importers, bearish for energy stocks), while the AI semiconductor narrative remains STABLE but with profit-taking signals.