WS #11811

The dominant US-Iran conflict theme is DE-ESCALATING, as evidenced by multiple sources reporting a calming of tensions: oil prices (Brent) are drifting lower around $75, Strait of Hormuz traffic is returning to normal, and Oman thanked India for supporting security in the strait. This counters the previous bearish oil/geopolitical thesis. Separately, the SK Hynix IPO on Wall Street was a historic success, raising $26.5B with shares opening 14% higher, reinforcing the AI/memory chip bullish narrative. Meta (META) is up 5.08% on the day, a bullish MAG7 carve-out. Moderna (MRNA) is getting pounded, down ~10.68%. Circle (CRCL) shares jumped 14% after winning federal approval for a national trust bank. The Fed's new AI task force includes Marc Andreessen and Xbox CEO, signaling AI policy focus. European shares snapped a four-week winning streak on tech selloff and US-Iran war. Intel (INTC) is lower after JPMorgan listed it as a top short idea. NRIX landed a $700M Roche deal. BHP explores sale of Chilean desalination plant. US issues general license for wind-down with Smart Global Limited. Prince Harry and family visited King Charles for the first time in 4 years. Ann Widdecombe murder arrest. LeBron James will not return to Lakers, hitting free agency.