WS #11745

The US-Iran conflict continues to escalate, with new airstrikes reported near Bushehr and Bandar Abbas, and the Strait of Hormuz tanker traffic grinding to a near halt. Oil prices initially surged but have pulled back, with Brent crude around $76.94 and WTI at $72.47, as markets weigh the risk of sustained disruption. The ceasefire is effectively dead, and the narrative remains ESCALATING. Separately, Micron announced plans to invest over $250 billion in US chipmaking through 2035, sending MU shares up ~8% and boosting the semiconductor sector. SK Hynix's US IPO is priced at $149 per ADR, with massive oversubscription. OpenAI launched ChatGPT Work and GPT-5.6 models, intensifying enterprise AI competition. AstraZeneca's Wainua drug failed a Phase 3 trial, sending AZN shares down 6.2%. Volkswagen's works council rejected plant closures, adding uncertainty to VWAGY. Dark pool alerts show large institutional buying in AMZN ($195M), DIS ($106M), QCOM ($115M), and QQQ ($145M). The macro picture is dominated by Middle East tensions, but tech and semiconductor stocks are rallying on AI capex optimism, creating a divergence between energy-sensitive sectors and growth stocks.