WS #9129

The dominant signals in this window are: (1) a massive Ukrainian drone attack on Russian infrastructure, hitting naval bases and oil depots, escalating the conflict on the final day of Putin's economic forum; (2) a continued selloff in Bitcoin and crypto, with Bitcoin falling below $60,000 for the first time since October 2024, driven by Strategy's first Bitcoin sale in over three years and broader risk-off sentiment; (3) a major AI infrastructure deal between SpaceX and Google, with Google paying $920M/month for GPU capacity, signaling strong demand for Nvidia GPUs and boosting the AI narrative; (4) Iran's deputy foreign minister pushing back against IAEA oversight, maintaining geopolitical tensions; (5) a sharp decline in Indonesian markets (IHSG -8.69% in a week) with the rupiah weakening past 18,000/USD, prompting government intervention. The Ukraine-Russia narrative is ESCALATING with the large-scale drone attack. The crypto narrative is BEARISH and ESCALATING. The AI infrastructure narrative is BULLISH for NVDA and related tickers. The US-Iran narrative remains STABLE with diplomatic posturing. The Indonesia market stress is a new signal with potential contagion risk for EM markets.