WS #10645

A major earthquake (M7.5) struck Venezuela west of Caracas, causing building damage and triggering a tsunami advisory for Puerto Rico and US Virgin Islands, which was later canceled. The USGS upgraded the quake to 7.5. This is a significant geopolitical event that could impact energy markets (Venezuela is an OPEC member) and insurance/reinsurance sectors. Separately, Micron Technology reported blowout fiscal Q3 earnings, with revenue guidance of $50B for the current quarter (vs. $43.58B consensus) and executives stating memory supply will remain constrained beyond 2027. Qualcomm raised its non-handset revenue guidance for fiscal 2029 to $40B (from $22B). These semiconductor signals are driving a 15%+ surge in MU and 14% in QCOM after-hours, with S&P 500 and Nasdaq futures rising 0.5% and 1.9% respectively. Oil prices are declining on signs of swelling supply and progress on a US-Iran peace deal, with Brent crude down 4.33% to $73.74. The Venezuela earthquake could temporarily disrupt oil supply, but the broader oil trend remains bearish. The dominant theme is a tech/AI rally reignited by Micron and Qualcomm, while oil and geopolitical risks create cross-currents.