WS #11820

The dominant signal in this window is Apple's lawsuit against OpenAI for trade secret misappropriation, corroborated by multiple sources (Bluesky, pro-wire/Reuters). This is a high-significance development for AAPL (positive, as it reinforces its IP moat and low-cost AI strategy) and negative for OpenAI's valuation narrative. Separately, Iran's diplomatic overtures regarding Strait of Hormuz safety continue to de-escalate geopolitical risk, with Araqchi visiting Oman. The US CBDC ban became law without presidential signature, a regulatory shift for digital assets. The AI/semiconductor rally remains intact (META +6.19%, NVDA +3.9%), but the Apple-OpenAI lawsuit introduces a new legal risk vector for AI companies. The narrative arc is STABLE for the AI/semiconductor theme, while geopolitical risk is DE-ESCALATING. Berkshire's record cash reserves ($397B) signal caution from a major value investor, but this was already surfaced in prior awareness.