WS #12391

The US-Iran conflict is escalating sharply, with two US service members killed in Jordan and a third missing, prompting the US military to launch expanded airstrikes against Iran described as 'significantly larger in scope' than previous attacks. Iran has formally withdrawn from the Islamabad Memorandum and its supreme leader vows 'unforgettable lessons.' The Strait of Hormuz remains effectively blockaded, keeping oil prices elevated. Separately, Apple has overtaken Nvidia as the world's most valuable company amid a broader AI stock selloff, with Nvidia down 1.92% and the Philadelphia semiconductor index entering bear market territory. The AI sector selloff is intensifying, with Astera Labs and Cadence Design Systems also dropping sharply. Bitcoin has rallied 12% in two weeks to $65,000, with $368 million in ETF inflows over three days, but oil price spikes above $80 are weighing on risk assets. The Tate brothers' arrest in Miami is noise. World Cup results are noise.