WS #11606

The dominant narrative is a broad tech selloff driven by Samsung's preliminary results and DeepSeek's AI chip development, pressuring semiconductor stocks (NVDA, AMAT, WDC, INTC) and dragging the Nasdaq 100 down ~1.9%. This is an escalation of the previous tech weakness. Simultaneously, the Strait of Hormuz crisis is intensifying with a third tanker attack in 24 hours, confirmed by UKMTO and multiple sources, driving Brent crude up ~2.5% and benefiting energy stocks (XOM, CVX). The NY Fed survey showed inflation expectations rising (year-ahead 3.7% vs 3.5%, three-year 3.3% vs 3.1%), which is bearish for growth stocks. Countering the bearish tech narrative, Apple (AAPL) is testing its high, bucking the Nasdaq weakness. SK Hynix's US listing is multiple times oversubscribed, signaling strong demand for memory. The SEC is set to propose a crypto rule (Reg Crypto) this month, positive for crypto. Nigeria Farage resigned as MP, triggering a by-election. The IOC provisionally cleared Russia for 2028 Olympics. Denmark's PM stated Greenland is not for sale.