WS #8346

The dominant theme remains the Iran conflict, which is STABLE but with new diplomatic signals. The White House stated negotiations are 'proceeding nicely' and Trump has made red lines clear, while also stating Iran will not receive sanctions relief even if they stop enrichment. This maintains the status quo of high geopolitical tension without escalation or de-escalation. Separately, a major new signal emerged: multiple dark pool alerts show massive institutional buying in AAPL, with cumulative orders exceeding $1.5 billion in a short window, contradicting the prevailing macro narrative of tech weakness. This is a high-significance MAG7 carve-out. Additionally, PDD Holdings fell ~10% after a Q1 earnings miss, and Soitec reported FY results with strong Photonics-SOI momentum driven by AI data center demand. The Strait of Hormuz traffic remains at a crawl, and Russia is preparing a diesel export ban after Ukrainian strikes on refineries, which could tighten energy supply.