WS #10747

The dominant signal in this window is the escalating tech selloff driven by AI cost concerns and cooling AI trade sentiment. Multiple sources corroborate that US technology stocks are poised to drop, with Bloomberg reporting investors pulled money from US equities for the first time in three months, with record withdrawals from tech funds. MarketWatch adds that the tech selloff has a new worry involving OpenAI's IPO timeline, with SoftBank shares slumping on reports that OpenAI may delay its IPO until next year. This is reinforced by Seeking Alpha noting US stock futures mixed as mega-cap tech drags market sentiment. The narrative arc for the tech selloff is ESCALATING. A major counter-signal emerges: Saudi Arabia's Ras Tanura, the world's largest oil port, has reopened after nearly 4 months of closure following the US-Iran ceasefire agreement. This is corroborated by Bloomberg reporting that the Strait of Hormuz has mostly re-opened, and Trump bragging about record oil shipments through the strait. This development counters the prevailing oil supply crisis narrative and dampens bullish energy signals. Additionally, Bloomberg reports that traders have pared ECB rate hike bets to below a quarter-point in 2026, which is a dovish signal for European equities. Volkswagen's planned sweeping overhaul including German factory closures and nearly doubling job reduction plans (up to 100,000 job cuts) is confirmed by Reuters exclusive, adding to negative sentiment in the auto sector. Meanwhile, Boeing won a $2 billion deal to build two new MUOS satellites, beating Lockheed Martin. Polymarket reports a vendor compromise incident, but this appears contained. The Bolton plea deal and China-Bangladesh joint statement are geopolitical noise with limited direct US market impact.