WS #9451
The US-Iran conflict continues to escalate with new airstrikes and drone downings, while Ukraine's deep strikes on Russian oil infrastructure add to energy supply concerns. The US released LNG/LPG from strategic reserves to ASEAN, a counter-signal to oil supply fears. TSMC's May revenue surged 30% on AI chip demand, reinforcing the AI infrastructure narrative. Meta was ordered by the EU to restore free WhatsApp access for rival AI chatbots, a regulatory headwind. Salesforce laid off employees in a new round of cuts, signaling ongoing tech sector cost discipline. Stock index futures tumbled as Middle East tensions flared up again. The dominant theme is ESCALATING geopolitical risk with oil implications, partially countered by US strategic reserve releases.
Key developments
- US fighter jets strike targets in southern Iran; Iran downs US MQ-9 Reaper drone
- Ukraine strikes Kuibyshev oil refinery and other Russian industrial sites with FP-5 Flamingo missiles
- US to release LNG/LPG from strategic reserves to ASEAN members
- TSMC May revenue jumps 30% YoY as AI chip demand stays strong
- EU orders Meta to restore free WhatsApp access for rival AI chatbots
- Salesforce lays off employees in new round of cuts
- Stock index futures tumble as Middle East tensions flare up again