WS #11757

US equity markets closed higher on Thursday, with the Nasdaq 100 surging 1.62% led by a semiconductor rebound, despite escalating US-Iran military conflict. Chip stocks rallied on dip-buying and positive catalysts: Micron announced a massive $250B US investment plan through 2035, sending shares up 6%, while SK Hynix priced its US ADR listing at $149. Oil prices pulled back ~2-3% as tanker traffic through the Strait of Hormuz continued, reducing the geopolitical risk premium. This oil decline dampened energy stocks (HPK -7.1%, KOS -6.5%, DHT -5%) but supported broader indices. The White House announced adjustments to imports of commercial aircraft and jet engines under Section 232, directing negotiations with trading partners. Coinbase's top legal exec Paul Grewal resigned after the SEC fight, while Grayscale's CFO also exited. PepsiCo fell to a 1-year low despite beating Q2 estimates. The prevailing narrative is a tech-led rally resilient to geopolitical noise, with oil's retreat acting as a counter-signal to the Iran war escalation thesis. Key developments in this window: Micron's $250B investment plan (up from $200B) is a high-signal positive for the semiconductor supply chain, directly benefiting MU and memory-adjacent names like WDC. The SK Hynix ADR pricing at $149 provides a valuation benchmark for US memory stocks. Oil's pullback despite Trump declaring the ceasefire 'over' and fresh US strikes on Iran is a critical counter-signal, as tanker traffic through Hormuz continues, dampening the energy thesis. Meta's AI infrastructure expansion (14GW by 2027) and custom-chip milestone are driving a MAG7 carve-out positive for META, contradicting broader AI spending fears. Coinbase's legal chief departure and Grayscale CFO exit signal ongoing crypto regulatory turbulence. The Fed's Warsh task force appointments and EU digital euro progress are longer-term structural developments. Overall, the market is pricing in Iran de-escalation via oil flows, while tech/AI capex narratives remain dominant.