WS #10754
The dominant narrative remains the escalating global tech selloff, now entering a new phase with forced-flow risk from levered chip ETFs driving ~$6B in selling, 14% of Samsung/SK Hynix turnover, and Bitcoin near $58.4K with ETF outflows of -$426M. This is corroborated by multiple sources: CNBC reports on OpenAI and Anthropic facing slowing growth as companies shift to efficiency, Dan Ives calling Microsoft and Meta 'bear market' stocks, and Bloomberg noting the US goods trade deficit widened to -$105.8B vs -$85.0B est., the biggest in over a year. Countering the bearish tech narrative, oil prices remain stable as Strait of Hormuz traffic returns to nearly 60% of pre-war levels, with Iran permitted to resume exports of ~2M bpd, and a US-Iran communication line established. Additionally, Europe has avoided a jet fuel crisis through surging local production and non-Middle East imports. On the geopolitical front, Venezuela earthquake death toll rises to 589, Crimea declares state of emergency after Ukrainian attacks, and Kyivstar signs MOU with Ukraine's economy ministry to explore AI data centre development. The narrative arc is ESCALATING for tech selloff, STABLE for oil, and DE-ESCALATING for Strait of Hormuz tensions.
Topics
Key developments
- Levered chip ETFs drive ~$6B forced selling, 14% of Samsung/SK Hynix turnover
- US goods trade deficit widens to -$105.8B in May vs -$85.0B est., biggest in over a year
- OpenAI and Anthropic face slowing growth as companies shift to efficiency, open-source models
- Dan Ives says Microsoft and Meta treated like 'bear market' stocks amid AI monetization air pocket
- Strait of Hormuz traffic returns to nearly 60% of pre-war levels; US-Iran communication line established
- Europe avoids jet fuel crisis via surging local production and non-Middle East imports
- Venezuela earthquake death toll rises to 589; interim president militarizes La Guaira state
- Crimea declares state of emergency following Ukrainian attacks