WS #11166

The dominant signal in this window is the Meta (META) AI cloud monetization story, which is driving a rotation out of neocloud stocks (NBIS, CRWV, IREN) and into META. Multiple sources (Bloomberg, Reuters, Bluesky) confirm META is developing a cloud computing service to sell excess AI compute capacity, with shares up ~7%. This is a high-significance development that directly challenges the neocloud thesis and validates META's capex monetization strategy. Separately, the Ukraine-Russia energy war is ESCALATING: Ukrainian drones reached Omsk for the first time, targeting Russia's largest oil refinery, and St. Petersburg food suppliers are warning of delivery disruptions due to fuel shortages. Russia is importing gasoline from India. The U.S. Energy Department declared an emergency for the nation's largest power grid as extreme heat threatens electricity demand. Fed Chair Warsh reiterated that inflation risks have come down, supporting Bitcoin's retest of $60,000. The ECB's Kaasik said one more rate hike is a reasonable expectation. Anthropic plans to develop a Claude agent for Microsoft Teams, directly challenging Copilot. The LME is considering loosening warehousing rules to attract metal to HK. A Swedish court ordered Google to pay $1.5B to Klarna in antitrust damages. The narrative is ESCALATING for Ukraine-Russia energy attacks and STABLE for the Fed's dovish tilt.