WS #11862

The dominant theme remains the US-Iran crisis and Strait of Hormuz instability, which is now in a diplomatic phase with talks in Oman. Multiple sources (Reuters, Al Jazeera, Axios, AP, local Omani/Qatari outlets) confirm Iran's foreign minister is in Oman for discussions on safe passage through the Strait, with Qatari mediators also involved. However, the ceasefire is effectively dead per Trump's declaration, and both sides continue to trade threats. This is a DE-ESCALATORY diplomatic move but the situation remains highly fragile. Oil prices have risen ~5% on the week, and the IEA warns Hormuz remains unstable, while global oil demand is falling due to disruptions. Separately, Apple filed a high-profile lawsuit against OpenAI for trade secret theft, alleging systematic poaching of employees and confidential information. This is a significant rupture in a key tech partnership and could impact both AAPL and the broader AI narrative. SK Hynix surged 13% on its Nasdaq debut, the second-largest IPO ever, signaling strong AI chip demand. The Apple-Intel chip manufacturing deal (WSJ report) is corroborated by multiple sources, indicating Apple will manufacture iPhone and Mac chips at Intel fabs in exchange for tariff exemptions, a major positive for INTC and a shift in AAPL's supply chain. The PC market saw a 4.9% shipment decline in Q2 due to memory shortages, but Apple gained share. Tesla's profit per vehicle dropped 40%, now within striking range of Toyota, a bearish signal for TSLA. The narrative arc for the Iran situation is DE-ESCALATING (diplomatic talks) but with high risk of re-escalation. The Apple-OpenAI lawsuit and Apple-Intel deal are new high-significance developments.