WS #9138

The dominant theme remains the escalation of US-Iran hostilities, with Brent crude up 4.8% in 24h and a Strait of Hormuz alert, supporting bullish energy sentiment. Ukraine continues to strike Russian energy infrastructure, with a major fire at the Tyumen oil refinery and confirmed hits on an arsenal and oil depot, adding to supply-side risks. The Google-SpaceX $920M/month compute deal is a high-significant positive for AI infrastructure plays (NVDA, GOOGL) and counters the broader tech weakness narrative. Bitcoin remains under pressure, with a CNBC report noting a drop to its lowest since 2024 and investors flocking to HYPE ETFs. The EU has banned Brazilian meat imports over antimicrobial concerns, which could impact Brazilian exporters and US meat producers. The US-Iran conflict is ESCALATING, with no de-escalation signals in this window. The Google-SpaceX deal is a carry-forward positive from the previous window, now with additional confirmation from multiple sources. A new development: Pfizer reported mid-stage trial data supporting monthly dosing for its GLP-1 therapy, which could be a significant positive for PFE. Also, Berkshire Hathaway announced the acquisition of Taylor Morrison for $8.5B, a major bet on US housing recovery. The Nasdaq suffered its worst daily drop in 14 months, led by a semiconductor selloff (AVGO, MRVL, QCOM, INTC down sharply), driven by disappointment in Broadcom's AI chip outlook and a strong jobs report raising rate hike fears. This counters the AI infrastructure positive narrative and suggests a rotation out of tech. Additionally, Trump held a profanity-filled call with Netanyahu, and an Israeli strike killed 3 Lebanese soldiers days after a truce, indicating Middle East tensions remain high. The UK PM warned Russia could attack NATO by 2030, adding to geopolitical risk. Canada is weighing purchases of both F-35s and Gripen jets, a potential positive for defense contractors (BA, LMT).