WS #9442

The dominant narrative remains the US-Iran military escalation, which is ESCALATING. US forces launched retaliatory strikes on Iranian targets near the Strait of Hormuz after an Apache helicopter was downed, and Iran's Revolutionary Guards responded with strikes on US bases in Jordan, Kuwait, and Bahrain. Oil prices jumped (Brent +1.03% to $92.39, WTI +0.9% to $89.00) as supply disruption fears intensify. Asian markets are broadly lower (Kospi -4%, Nikkei -1.23%) on risk-off sentiment. Separately, SpaceX IPO demand is reported at over $250 billion, dwarfing the $75 billion target, with the IPO expected June 12. Apple is shifting its most demanding AI workloads to Google Cloud with Nvidia GPUs, marking a strategic pivot that benefits GOOGL and NVDA. Berkshire Hathaway anchored Alphabet's $80B AI infrastructure raise with a $10B private placement. Meta is partnering with Reliance for its first AI data center in India. Tencent raised $4.6B in dual-currency bonds. The Indonesian market selloff is easing with a rebound in rupiah, bonds, and stocks. Bank Indonesia's surprise rate hike rattled markets. Japan's 30-year bond sale drew weakest demand since June 2025. Chinese companies are rushing to dismantle 'red-chip' structures. The narrative arc is ESCALATING for the US-Iran conflict, with no de-escalation signals in this window.