WS #11825

The dominant signal in this window is Apple's lawsuit against OpenAI for trade secret theft, corroborated by multiple sources (Seeking Alpha, Law360, Bloomberg, and several Bluesky posts). This is a high-significance development for AAPL and the broader AI/hardware sector, as it alleges a coordinated scheme involving former Apple employees and OpenAI's hardware chief to misappropriate confidential information for OpenAI's consumer hardware push. The narrative is ESCALATING from the prior window's mention of the lawsuit to now include specific details about the hardware startup io Products and two former Apple employees. Separately, US-Iran tensions over the Strait of Hormuz continue, with the US demanding Iran declare the strait open and Trump threatening retaliation for any assassination plot. This supports elevated oil prices and energy sector bullishness. The IEA cutting Russian oil output forecasts due to Ukrainian drone strikes on refineries adds further upward pressure on oil. Markets closed with SPY +0.4%, QQQ +0.3%, NVDA +4.0%, AAPL -0.3%, BTC +0.9%.