WS #11227

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 13, 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. Additionally, NHTSA closed its Tesla phantom braking probe, finding low demonstrated hazard, which is positive for TSLA. Google lost its appeal over the $4.7B EU Android antitrust fine, a negative for GOOGL. Taiwan detained two Super Micro employees in an alleged Nvidia AI server export probe, which could impact NVDA and SMCI. The EU is watering down low-carbon energy requirements to pursue AI agenda, which could benefit big tech but hurt clean energy stocks. German drone startup Quantum Systems secured $1.2B at $8B valuation, highlighting defense tech interest. Volkswagen braces for turbulent talks ahead of critical board meeting over massive restructuring, which could impact VWAGY. Coca-Cola eyes $1B IPO for India bottling arm at nearly $10B valuation, which could be positive for KO. National Beverage reported EPS of $1.96 and declared a special cash dividend of $3.25, which is positive for FIZZ. Mitsubishi Electric wholly acquires space-tech firm Infostellar, which could impact MELI. Dan Ives leaves Wedbush after 8 years to launch new investment banking venture, which could affect coverage of tech stocks. The overall narrative is one of tech rotation and geopolitical tension, but with pockets of positive signals in specific stocks and sectors.