WS #10744

The global tech selloff continues to escalate, with SoftBank shares plunging over 12% on OpenAI IPO delay concerns, dragging the Nikkei down 4% and South Korea's KOSPI falling 6%. European stocks opened lower on the OpenAI delay and Fed rate hike bets. However, a significant counter-signal emerges from the Strait of Hormuz: a vessel reported an attack, prompting the UN IMO to pause its escort operation, and Iran's IRGC warned vessels not to pass without permission. This renews fears about safe passage, supporting oil prices. Additionally, IAEA chief Grossi said inspectors will return to Iran under the interim peace accord, providing a diplomatic counterpoint. The tech selloff narrative is ESCALATING, while the Hormuz disruption is a bullish catalyst for energy stocks. A MAG7 carve-out: Apple price hikes due to memory/storage demand from AI data centers, adding to AAPL's negative sentiment. The dominant theme is tech selloff (ESCALATING) with energy supply disruption as a potential offset.