WS #11832

The dominant market narrative is a strong tech/AI rally, with SK Hynix's Nasdaq debut surging ~13% and Nvidia rising 3.8%, driving the S&P 500 and Nasdaq higher. This bullish tech sentiment is partially offsetting geopolitical risks from the Iran/Strait of Hormuz crisis, where oil flows remain disrupted and a major fire broke out at Iran's Poldokhtar refinery. The US has demanded Iran reopen the Strait by Saturday, while Trump claims Iran wants to continue talks. Meanwhile, Apple's lawsuit against OpenAI for trade secret theft is a high-significance development that could pressure OpenAI's IPO prospects and create legal overhang for AI sector. META is up 6% amid EU regulatory action over addictive design, but the stock is rallying. DELL insider selling by Durban Egon and Silver Lake entities totaling over $50M at ~$420-437 is a bearish signal for DELL. The narrative arc is: tech rally ESCALATING, Iran crisis STABLE (no de-escalation), Apple-OpenAI lawsuit NEW.