WS #11226

The dominant theme in this window is the ongoing tech selloff, with the Magnificent Seven losing $2.3 trillion in market cap in June, as investors rotate away from AI bets. This is corroborated by Asian market weakness, with South Korean semiconductor stocks tumbling and the Nikkei 225 down 2.33%. However, a counter-signal emerges from Fed Chair Kevin Warsh's comments at the ECB forum, stating that inflation risks have come down, which has lifted Bitcoin above $60,000 and provided some relief to crypto markets. Geopolitically, Russia launched a major drone and missile attack on Kyiv, killing at least 8, while Ukraine struck a Lukoil refinery in Kstovo, damaging a key processing unit. The Strait of Hormuz situation shows signs of de-escalation as China's independent refiners snap up cheaper Middle Eastern oil. Apple plans five new iPhones through early 2027, including a foldable model with increased production targets to 10 million units, which is bullish for AAPL and its supply chain. OpenAI reportedly plans to offer the Trump administration a 5% equity stake, which could have implications for AI regulation and competition.