WS #11850

The dominant signal in this window is the escalating US-Iran crisis, with the US giving Iran a Saturday deadline to publicly renounce Hormuz attacks, while Iran's Supreme Leader vows revenge. This is corroborated by multiple sources (Axios, WSJ, GDELT, Al Bawaba). The US-Iran ceasefire is effectively over, with Trump declaring it 'over' and the MOU collapsed. This is a significant escalation from the previous 'stable' narrative. Additionally, Apple has sued OpenAI for trade secret theft, a high-significance development for AAPL and AI sector. The NY Times subpoena story is carried forward from previous awareness as it remains unresolved and significant. The Kirkuk-Baniyas pipeline counter-signal is mentioned again but without new data, so it is not repeated. The Russia-Ukraine conflict continues with deep strikes, but no new market-moving data. The SK hynix $26.5B IPO on Nasdaq is a notable capital markets event.