WS #14107

The dominant Middle East/oil escalation narrative and the AI chip valuation pressure story remain unchanged, with no counter-signals or de-escalation observed. The previously noted retail sales and consumer sentiment data are stale and not repeated. This window carries 5 key development(s), 3 at significance:high: Trump vows to declare Strait of Hormuz US territory; Iran rejects claim, ADNOC vessel attacked; Berkshire Hathaway boosts Alphabet stake 83% to $37.9B, adds Delta Air Lines 44%; Applied Materials falls 5.1% despite strong guidance; Broadcom -5.9%, Intel -2% on AI debt concerns. A further 2 development(s) sit below significance:high.