WS #11201

The dominant narrative from the previous window — the tech rotation with semiconductor selloff and Meta's cloud pivot — continues to ESCALATE, with Micron (-10.57%), AMD (-6.89%), and NVDA (-1.25%) still under pressure. However, new signals emerge: the US-Iran Doha talks show positive progress, with Qatar confirming 'positive progress' and Iran establishing a communication channel, pushing oil prices to 4-month lows (Brent ~$71.35, WTI ~$68.28). This DE-ESCALATES geopolitical risk and counters the oil supply crisis narrative. Separately, Microsoft is reportedly planning a 2.5% workforce cut (thousands of roles), adding to tech sector layoff fears. Apple faces a new antitrust blow with a Yelp win and a $1.5B EU ruling, while also preparing new iPad Pro and MacBook Pro for 2027. The US DoE crude inventory draw of -3.775M barrels (vs -2.903M est) provides a modest bullish signal for oil, but is overshadowed by the Iran talks. The narrative arc is: tech rotation ESCALATING, oil/geopolitical risk DE-ESCALATING, and tech layoffs EMERGING.