WS #9130

The dominant signal in this window is a massive selloff in US semiconductor stocks, triggered by Broadcom's disappointing AI chip demand report, wiping out approximately $1.3 trillion in market cap. The PHLX semiconductor index fell 10.3%, its worst day since March 2020, with Nvidia down ~6%, AMD -11%, Marvell -17%, and Micron -13%. This directly contradicts the prevailing bullish AI narrative and signals potential overvaluation in the AI trade. Separately, the US military published images of bombing Iranian radar sites in Qeshm and Goruk, escalating the Iran conflict, while the UK reportedly refused to join the Strait of Hormuz blockade, adding to oil supply uncertainty. Russia expects $13.6B in windfall revenue from the Hormuz crisis. The Ukraine-Russia conflict continues to escalate with Zelensky confirming drone strikes on Kronstadt naval base and an oil depot. Gold is under pressure, breaking below its 200-day moving average to $4,318.5, while Bitcoin continues its decline. The semiconductor selloff is the most actionable near-term development, with potential for further downside in AI-exposed names.