WS #11796

The dominant signal in this window is the SK Hynix IPO on Nasdaq, which opened at $170 (14% above the $149 offer price), raising $26.5B in the largest-ever foreign share sale in the US. This is a high-significance positive for the semiconductor sector (NVDA, AMD, AMAT) but may divert capital from US chip stocks. The US-Iran situation shows mixed signals: Trump says the ceasefire is over but has agreed to continue talks, while the USS Abraham Lincoln carrier strike group is entering the Persian Gulf. The IEA projects global oil supply will drop 3.7M bpd through 2026, and US gas prices rose 9 cents in two days due to renewed strikes. However, reports of a de-escalation and 5 LNG tankers crossing Hormuz suggest a potential counter-signal to the bullish oil thesis. Meta shares surged 6% on Friday and 15% for the week, erasing year-to-date losses, driven by AI model releases (Muse Spark 1.1) and custom AI chip progress. This is a MAG7 carve-out contradicting any macro tech weakness. Other notable items: US loosens export controls on UAE (positive for defense/aerospace), and the EU preliminarily finds Meta's addictive design violated rules (potential regulatory headwind for META).