WS #8804

The dominant signal in this window is the escalating Russia-Ukraine conflict, with a massive Russian aerial attack on Ukraine killing at least 13, corroborated by multiple sources (Al Jazeera, The Moscow Times, social media). This is part of a broader campaign that has pushed Russia's oil processing to a 17-year low, and the EU may impose new sanctions on Rosneft and Lukoil. Separately, Eurozone inflation hit 3.2% in May (core 2.5% vs 2.4% expected), driven by Iran war energy costs, which could pressure ECB policy. In tech, OpenAI's $18B chip deal with Broadcom hit a financing snag as Microsoft hasn't committed to buying 40% of chips, causing AVGO to fall ~4%. Marvell surged 22% after Nvidia's Huang called it 'next trillion-dollar company', and HPE jumped 27% on AI infrastructure demand. Anthropic filed confidential S-1 as AI IPO wave nears $3 trillion. Gold continues structural shift as central banks diversify away from dollar. Overall, the Russia-Ukraine energy war and Eurozone inflation are the highest-signal developments, with potential to move oil, defense, and energy stocks, while AI capex concerns and geopolitical tensions create cross-currents.