WS #6081

The dominant narrative remains the Iran conflict and its impact on oil markets, with Brent crude near $107-108/barrel and Strait of Hormuz tensions escalating. Iran's foreign minister stated Trump is seeking negotiations due to failed US objectives, while Iran is burning excess crude oil as export sanctions leave storage tanks overflowing. Thailand requested Chinese assistance to pass ships through the Strait, and China says it's working to free 70 of its own vessels blocked there. A Bloomberg report highlights a 'real rare earth crisis: processing', adding to supply chain concerns. In tech, China blocked Meta's acquisition of AI startup Manus, confirming the earlier report and adding geopolitical risk to tech M&A, weighing on META. Former Google DeepMind researcher's AI startup Ineffable Intelligence raised a record $1.1B seed round at a $5.1B valuation, with participation from Nvidia and Google, signaling continued AI investment. Tesla CEO Elon Musk confirmed TeraFab will use Intel's 14A process for chip production, a positive for Intel's foundry ambitions. Bridgewater CIO said AI poses existential threat to software firms. The US stock market is down today with Dow Jones slipping 86 points, S&P 500 near 7,160, and Nasdaq dropping over 50 points, driven by rising oil prices, geopolitical uncertainty, and a major shift involving Microsoft and OpenAI. Hedge fund Jain Global plans to return cash to investors. The US Supreme Court reinstated a Texas electoral map favoring Republicans, potentially flipping up to five House seats. Other items are noise: analyst rating changes, earnings previews, and non-market news.