WS #8722

The dominant signal in this window is the escalating US-Iran military conflict, with fresh strikes exchanged and Iran's foreign minister warning that a ceasefire violation on one front is a violation on all fronts, including Lebanon. Oil prices are rising, with Brent above $94 and WTI above $90, as uncertainty over a peace deal persists. Trump stated talks will 'work out well,' but the situation remains volatile. Separately, Berkshire Hathaway is acquiring Taylor Morrison for $6.8 billion, a major M&A signal. IREN closed a $3.65B investment-grade GPU financing facility to support its AI Cloud contract with Microsoft, a significant positive for IREN and the AI infrastructure theme. SAIC reported strong Q1 earnings, beating estimates and raising guidance. Nvidia's RTX Spark chip launch continues to generate positive coverage, with Arm identified as a key beneficiary. The prevailing macro narrative is 'geopolitical risk escalation' — oil/defense stocks benefit while risk assets face headwinds. The MAG7 carve-out: Nvidia's AI chip catalyst remains a standalone bullish signal for NVDA and the AI ecosystem, contradicting any macro risk-off narrative.