WS #11515

The dominant signal in this window is the massive overnight Ukrainian drone strike on Russia's Omsk Oil Refinery, the largest in Russia, over 2,500 km from the border. Multiple sources (Bluesky, Kyiv Post, Al Jazeera, OSINT accounts) corroborate the strike, with video evidence showing FP-1 drones hitting the ELOU-AVT-11 crude processing unit. Russia's Su-57 fighters reportedly failed to intercept. This is an ESCALATION of the ongoing campaign against Russian energy infrastructure, extending range and impact. Separately, Microsoft announced layoffs of 4,800 employees (2.1% of workforce), mostly in Xbox and commercial sales, with 1,600 Xbox jobs cut and four studios being sold/spun off. This is a significant restructuring signal for MSFT. Strategy (MSTR) sold 3,588 BTC for $216M to fund STRC dividends, disclosed an $8.32B digital asset loss, and Cantor Fitzgerald noted restoring STRC to par is key. Bitcoin is near $61.8K. Other notable items: Marvell (MRVL) surging on Nvidia Kyber NVL144 delay; TeraWulf (WULF) pre-market +16% on $19B Anthropic lease; ZIM Integrated Shipping down 6.8% on Netanyahu opposition to Hapag-Lloyd sale; Rogers Communications buying remaining 25% of Maple Leaf Sports for C$4.35B; Lockheed Martin acquiring Ultra Maritime for $3.45B; and oil prices sliding as Hormuz traffic partially returns to 40% of pre-war levels. The macro narrative is STABLE with oil supply shocks easing, but the Omsk strike introduces fresh upside risk to oil prices and downside risk to Russian refinery throughput.