WS #10672

The dominant themes in this window are: (1) a sharp selloff in Bitcoin and crypto equities, with BTC futures falling to $58,995 (lowest since Oct 2024) and heavy put buying in IBIT; (2) a major escalation in the Strait of Hormuz situation, with Iran's IRGC Navy claiming exclusive control over shipping routes and warning of consequences for vessels outside designated corridors, while oil prices have tumbled on reports of increased crude shipments following the reopening of the Strait; (3) a series of earnings and corporate updates including Winnebago lowering its outlook, Micron's record quarter driving memory sector rallies (WDC +13%, SNDK +16% premarket), and JPMorgan naming new co-presidents; (4) continued fallout from the Venezuela earthquakes with death toll rising to 164 and international aid pledges; (5) Amazon announcing a $13B AI infrastructure investment in India; (6) Anthropic accusing Alibaba of harvesting 28.8 million Claude conversations; and (7) a building collapse on Caracas outskirts amid the quake aftermath. The Strait of Hormuz situation is the most significant geopolitical development, with Iran's IRGC asserting control and warning of consequences, while oil prices have actually fallen on reports of increased shipments—creating a complex counter-signal dynamic. Bitcoin's breakdown below $60,000 with heavy put activity signals potential further downside for crypto-exposed equities. The Micron-driven memory sector rally is a positive signal for semiconductor and AI infrastructure plays, but is partially offset by Wall Street seeing AI backlash as a rising risk to the tech rally.