WS #11727
The US-Iran conflict continues to escalate, with CENTCOM confirming strikes on ~90 Iranian military targets and Iran retaliating with ballistic missile attacks on US bases in Kuwait, Qatar, and Bahrain. The IRGC claimed strikes on a US command center and Al-Azraq Air Base. US strikes also hit the perimeter of the Bushehr Nuclear Power Plant. Despite this, oil prices stabilized slightly (Brent ~$77-78), as markets price in potential diplomatic off-ramps. Wall Street indices recovered early losses on tech strength, led by semiconductors. Micron shares surged 7%+ after announcing a $250B US investment plan through 2035 and a $3B strategic investment including $500M for GlobalWafers, signaling strong AI-driven memory demand. This drove a broad semiconductor rally (Applied Materials +7%, KLA +7%, ARM +11%). Block reached a $45M settlement with 46 states over Cash App fraud. The EIA natural gas storage report showed a 61 Bcf injection vs 49 Bcf estimate, a bullish miss. The prevailing theme is ESCALATING US-Iran conflict but STABLE oil prices, with tech/AI narratives providing a counterbalance to geopolitical fears.
Topics
Key developments
- US strikes ~90 Iranian targets including near Bushehr nuclear plant; Iran retaliates with ballistic missiles at US bases
- Micron announces $250B US investment plan through 2035, shares surge 7%+
- Block reaches $45M settlement with 46 states over Cash App fraud probe
- EIA natural gas storage injection of 61 Bcf vs 49 Bcf estimate, bullish miss