WS #11208

The dominant narrative from the previous window—US-Iran talks de-escalating oil risk and Meta's cloud pivot—continues to hold, with oil settling at $68.58, the lowest since before the Iran war. The semiconductor selloff deepened, with MU -10.41%, SNDK -10.50%, INTC -9.03%, and KLAC -9.71%, as the rotation out of AI winners persists. Meta surged +8.81% on confirmed plans to build a cloud business, directly threatening CoreWeave and Nebius (NBIS -17.02%). Fed Chair Warsh's hawkish Sintra comments reinforced higher-for-longer rates, countering any dovish thesis. Apple is in talks to buy memory chips from blacklisted Chinese firms CXMT and YMTC, a high-risk supply chain move that could face US regulatory backlash. The US-Iran Doha talks ended without a breakthrough, but Trump downplayed war risk, keeping oil under pressure. Eurozone inflation eased to 2.4% core, supporting a more dovish ECB. The overall market narrative is STABLE: oil de-escalation continues, tech rotation persists, and Fed hawkishness offsets any dovish hopes. Key developments include Meta's cloud disruption, Apple's blacklisted chip talks, and the ongoing semiconductor rout.