WS #12131

The US-Iran conflict continues to escalate with new airstrikes reported on Hengam Island, Iran, and Iran's foreign ministry stating it has no plans for negotiations and is focused on defense. This contradicts the prior de-escalation signal of Iran reaching out for talks. Oil prices remain elevated with Brent above $85, supported by EIA inventory draws and Fujairah port shutdown. The White House is weighing additional Jones Act waivers to ease oil supply fears, a counter-signal to the oil supply crisis. EU envoys failed to agree on the 21st sanctions package against Russia, and kept the oil price cap unchanged. Fed Chair Warsh made multiple comments: AI investment surge is notable, corporate earnings are broadening, monetary aggregates are a good cross-check, and he will consider both mandates. Fed's Williams said inflation at ~4% is too high but sees encouraging signs. Anthropic is said to plan IPO investor meetings in the coming weeks, a significant tech IPO signal. Apple Intelligence was approved for launch in China with Alibaba's Qwen AI, boosting AAPL and BABA. Apple is also actively acquiring semiconductor startups for AI server infrastructure. ASML plans price increases for chipmaking equipment despite TSMC resistance, bullish for semis but bearish for TSMC. Corning signed a multibillion-dollar deal with Amazon to supply optical fiber for AI data centers, bullish for GLW and AMZN. Stripe and Advent reportedly offered to buy PayPal for ~$53.4B, which could move PYPL. Money is rotating out of semiconductor stocks and into Mag 7 today. The dominant narrative is US-Iran conflict ESCALATING with no de-escalation in sight, oil supply concerns persist, tech is mixed with Apple strength but AI chip stocks falling, and Fed comments are supportive but with inflation concerns.