WS #11582

The dominant signal in this window is a sharp escalation in the Strait of Hormuz crisis, with a Qatari LNG carrier struck by a projectile near Oman, causing a fire and testing the fragile US-Iran ceasefire. This is corroborated by multiple sources (Bloomberg, GDELT, Markets.com) and has already pushed European gas prices up 4.5% and Brent crude higher. The attack directly contradicts the prior de-escalation narrative and threatens to re-ignite supply disruption fears. Separately, a massive tech selloff is underway in Asia after Samsung's record earnings failed to reassure investors on AI valuation sustainability, with the KOSPI plunging nearly 8% and Samsung falling 8.7%. This is spreading to other Asian markets (Nikkei -1.8%) and is expected to impact US tech futures. The tech selloff is a counter-signal to the prevailing 'AI boom' narrative. Other notable signals: Synopsys discontinues chip fab manufacturing control software to shift to higher-margin AI design; Microsoft cuts 4,800 jobs, with Xbox hit hardest; Broadcom extends custom silicon pact with Apple to 2031; and China test-launches a ballistic missile in the South Pacific, raising regional concerns. The Strait of Hormuz narrative is ESCALATING sharply, while the tech narrative is shifting from stable to bearish.