WS #10978

The dominant narrative from the prior window (US-Iran conflict de-escalation, oil price spike reversing) is confirmed and STABLE. Multiple sources (Bloomberg, CNBC, Axios via CoinDesk) corroborate that the US and Iran have agreed to halt attacks and resume talks this week in Qatar, with Strait of Hormuz traffic returning to normal. This counters the bearish oil thesis, likely keeping crude prices subdued and supporting equities. Separately, South Korea's massive AI chip investment plan (~$518 billion for four new fabs) is reinforced by SK Chairman Chey stating the memory shortage will persist even with accelerated construction, underscoring the semiconductor supercycle narrative. However, a Bloomberg report on Pakistan urgently seeking LNG and commercial traffic through Hormuz persisting at reduced levels suggests residual supply concerns, partially offsetting the de-escalation. The prior window's chip stock surge (SK Hynix, Samsung) is carried forward as an ongoing high-significance positive, with no contradictory signals in this window. Additionally, Amazon's rapid delivery push is triggering a $15 billion rout for Eternal and Swiggy, a bearish signal for Indian food delivery stocks. Verizon and BT are nearing a JV deal for their international businesses, a positive for VZ and BT Group. China's tech ETF saw record inflows despite the global chip selloff, a bullish signal for Chinese tech hardware stocks. Bitcoin remains flat near $59,700, unmoved by the geopolitical relief rally, as crypto continues to lag.