WS #10428

The dominant narrative in this window is a sharp selloff in cloud stocks led by Alphabet (GOOGL), which is down ~5-7% on J.P. Morgan pushing back against in-house chip rumors that had threatened Broadcom (AVGO). Multiple social media posts confirm GOOGL is having its worst day in 13 months, with AMZN, ORCL, and MSFT also declining. Separately, a major operational incident at QatarEnergy's Ras Laffan facility has resulted in 13 fatalities and 66 injured, though the company states it was an operational accident, not sabotage, and that LNG exports remain unaffected. This incident, combined with ongoing US-Iran talks and the Strait of Hormuz closure, is keeping oil markets volatile. On the positive side, SpaceX signed a computing power deal with open-source AI startup Reflection worth up to $6.3 billion, with immediate access to Nvidia GB300s, which is bullish for NVDA and the AI infrastructure theme. The US-Iran talks are described as making 'encouraging progress' with a 60-day roadmap, but Trump's threats on Truth Social caused an Iranian walkout, adding uncertainty. The Ukraine-Russia conflict continues with drone strikes on Russian oil infrastructure and Ukrainian strikes on a missile electronics plant. Overall, the market is digesting a tech selloff, geopolitical tensions, and a major energy infrastructure incident.