WS #8829

The dominant theme in this window is a sharp divergence between semiconductor and software stocks, with chipmakers rallying on AI enthusiasm while exchange stocks plunge on regulatory disruption fears. The CFTC's approval of bitcoin perpetual futures has sparked a sell-off in CME, Cboe, ICE, and Nasdaq as investors worry about competition from perps expanding to equities. Meanwhile, Trump signed an AI executive order requiring companies to give government early access to models, and Rubio signaled Iran may be willing to negotiate nuclear program elements, offering a potential de-escalation in the Middle East conflict that has been pressuring oil markets. Ukraine continues to strike Russian oil refineries, but UAE is building a bypass pipeline for the Strait of Hormuz, partially offsetting supply disruption fears. In corporate news, Marvell surged 26% after Jensen Huang called it the 'next trillion-dollar company,' and Berkshire's Taylor Morrison acquisition continues to lift TMHC. MicroStrategy sold 32 BTC for the first time since 2022, breaking the 'never sell' narrative and pressuring MSTR and bitcoin sentiment.