WS #11261

The dominant narrative this window is a sharp rotation out of semiconductor and AI infrastructure stocks, triggered by reports that Meta may enter the cloud compute business, raising fears of a price war and excess capacity. This selloff is amplified by a weak June jobs report (57,000 vs 114,000 expected) that paradoxically boosts rate-cut hopes, sending gold surging 2.5% and the dollar lower. Meanwhile, Iran escalated Strait of Hormuz tensions, warning tankers to use approved routes or face a 'forceful response', which is countered by easing oil prices (Brent slipping toward $70) as geopolitical tensions appear to ease. Tesla delivered a record Q2 (480,126 units, +25% YoY) but shares fell ~7% on profit-taking. Apple shares rose on reports of an aggressive iPhone launch cycle including a foldable Ultra model potentially priced near $3,000. The chip rout is the highest-signal event, with Micron -11%, Intel -9%, AMD -7%, and equipment makers down >10%. The jobs miss reduces Fed rate hike odds to 20% from 29%, supporting a broad market rotation into value and healthcare.