WS #9141

The dominant theme remains the escalation of US-Iran hostilities, now approaching 100 days, with active military exchanges and an Israeli strike killing at least five at a Gaza wedding. The conflict is clearly ESCALATING. Rosneft's CEO claims US energy firms are the main beneficiaries of the Hormuz blockade, reinforcing bullish energy sentiment (XOM, CVX, XLE) and bearish consumer/airline sentiment. The chip selloff continues with $1.3 trillion erased from chip stocks and the Nasdaq down 4.2%, but a high-significance positive emerges: SpaceX signed a $920M/month AI compute deal with Google, locking in 110,000 Nvidia GPUs through 2029, which strongly supports NVDA and GOOGL. Additionally, Citi lifted its S&P 500 target to 8100, citing AI boom, partially countering the tech rout. The May NFP blowout (172K vs 88K est) reinforces rate hike expectations, pressuring growth stocks. Bitcoin remains under pressure below $60,000. The SpaceX-Google deal and Citi target upgrade are the strongest bullish signals in this window, while the Gaza wedding strike and Hormuz blockade rhetoric keep geopolitical risk elevated.