WS #11463

The dominant narrative in this window is the continued de-escalation of the Strait of Hormuz crisis, with multiple corroborating signals: OPEC+ has agreed to a further 188,000 bpd production increase for August, India has lifted emergency gas supply curbs as LNG shipments normalize, and 15 fertilizer ships have safely transited the strait. This is a clear counter-signal to the prevailing oil supply disruption thesis, and Brent crude has already fallen to pre-war levels. Separately, Tesla launched its robotaxi service in Miami without safety operators, and reported record Q2 deliveries of 480,126 vehicles, though the stock fell. Anthropic's 11:1 hire ratio at DeepMind signals AI talent concentration away from search, potentially pressuring GOOG. The DRAM stock drop of 25% from highs is notable but lacks a specific trigger. A firework struck a Delta flight landing at Chicago's Midway Airport, a rare aviation safety incident. The US heatwave has caused at least 25 deaths, but this is a slow-moving event with limited immediate market impact.