WS #11803

The dominant theme in this window is the escalation of US-Iran hostilities, with the ceasefire declared over and both sides trading attacks over the Strait of Hormuz. Trump agreed to continue talks but reiterated the ceasefire is over, while Iran's top negotiator Ghalibaf stated the conflict will never end with Iran's surrender and Tehran is ready for 'all-out defence'. This keeps oil supply risk premiums elevated and is bearish for risk assets. Separately, Apple announced a landmark $30B+ chip deal with Broadcom (AVGO) through 2031, and Meta plans to produce its own AI chip (Iris) designed by Broadcom as early as September, driving AVGO and META higher. SK Hynix's Nasdaq debut opened at $170 (14% above offer), but analysts warn the IPO may drain liquidity from existing AI trades like Micron (MU). Bitcoin popped to $64,000 on Iran talks sentiment. The US-Iran narrative is ESCALATING, while the semiconductor narrative is STABLE with bullish company-specific signals.