WS #12209

The dominant signal in this window is a significant escalation in the US-Iran military conflict, with multiple sources reporting US missile strikes on Bandar Abbas, Iran, and explosions in Behbahan. This marks a sharp escalation from the previous 'stable' narrative. The Strait of Hormuz, through which ~21% of global oil transits, is now directly in the line of fire. A key counter-signal has emerged: Chevron is advancing talks with Iraq on pipelines to bypass the Strait of Hormuz, and is set to sign oil investment accords with Iraq on Friday. This development could partially offset the supply disruption risk. Separately, the tech sector narrative is diverging: while chip stocks (MU, SNDK) continue to sell off, Microsoft has reclaimed $400, and a $10.1M whale bought deep OTM AAPL calls, signaling bullish conviction on Apple. NVIDIA's CEO reiterated the AI boom is 'still at the beginning,' but the market is rotating out of semiconductors into Mag7 names ahead of earnings. Netflix earnings are due after the bell, with expectations for ad-tier progress. The US-Iran conflict is the primary market-moving theme, with oil prices and energy stocks likely to react, while the Chevron-Iraq pipeline news provides a partial counter.