WS #10496

The dominant narrative remains a deepening tech selloff, with SpaceX shedding $600B in market value and Asia stocks falling from records as the tech rally cools. However, several counter-signals emerge. The U.S. Treasury issued a 60-day license for Iranian-origin oil sales, and Hormuz traffic is picking up as more tankers cross with open signals, easing some supply fears. Qualcomm is in advanced talks to buy Modular at ~$4B, repricing on data-center optionality ahead of its June 24 Investor Day. Alibaba's chip unit T-Head tripled its capital to 1B yuan, signaling a major AI hardware push. Google's Q1 free cash flow fell 47% YoY to $10.1B with FY26 capex guidance of $180-190B, a bearish signal for GOOGL. Tesla faces a new NHTSA probe after a fatal Model 3 crash. The yen is under stress near 162, with Japan's Nikkei at all-time highs above 72,500. Ukraine struck a semiconductor plant in Voronezh, killing at least 5, and continues to disrupt Russian oil exports. The EU will hold a migration meeting with Taliban officials in Brussels. The narrative arc is ESCALATING for the tech selloff but with strong bullish counter-narratives in AI hardware and memory semiconductors.