WS #9185

The data window is dominated by escalating US-Iran conflict, with multiple corroborating sources reporting US strikes on Iranian radar sites in the Strait of Hormuz, Iranian retaliation against US bases in Kuwait and Bahrain, and a senior Iranian general threatening to expand the war to the Indian Ocean and Mediterranean. This represents a significant escalation that complicates ongoing peace talks. Additionally, North Korean leader Kim Jong Un ordered a 2.5x expansion of missile production capacity over five years, adding geopolitical risk. On the corporate front, a Google-SpaceX deal worth $920 million for xAI data center capacity signals growing AI infrastructure demand, while MRVL saw significant short liquidations. The prevailing macro narrative is geopolitical escalation, which is bearish for risk assets and bullish for energy and defense.