WS #11206

The dominant narrative in this window is the US-Iran talks in Doha, which concluded with no progress on nuclear issues, focusing instead on maritime traffic in the Strait of Hormuz and financial incentives. Oil prices fell 2.5% on the positive tone of the talks, with WTI at $68.39 and Brent at $71.40. This counters the prevailing bearish energy thesis from the Iran war escalation. Separately, Meta Platforms surged 8.8% on reports it plans to launch a cloud-computing business, selling excess AI computing capacity, a bullish signal for META that contradicts the broader tech selloff narrative. The semiconductor index fell 6.3%, with KLAC, AMAT, MU, and others down 7-11%, as AI-related winners continue to correct. A $500M dark pool order in NVDA suggests institutional accumulation despite the selloff. The US Treasury selected BlackRock ETFs (IVV, ITOT) for Trump Accounts, a positive for BlackRock. The US-Iran talks are de-escalating the geopolitical risk premium in oil, while Meta's cloud pivot provides a counter-narrative to the tech rotation.