WS #6593

The dominant theme in this window is a deluge of Q1 earnings reports, with several high-significance signals emerging. First, AMD reported a major beat: EPS $1.37 vs $1.29 est., revenue $10.25B vs $9.89B est., with data center revenue up 57% YoY to $5.8B. Q2 guidance of ~$11.2B revenue also beat estimates of $10.52B. This is bullish for AMD and the broader semiconductor/AI space. Second, Iran has officially launched the 'Persian Gulf Strait Authority', requiring ships to obtain permission and pay tolls to transit the Strait of Hormuz, per Tasnim news agency. This is an escalation of the Strait of Hormuz crisis, bullish for oil prices and energy stocks, bearish for shipping and consumer discretionary. Third, Anthropic has committed to spending $200 billion on Google's cloud and chips, per a Bluesky post citing 'Info'. This is a massive AI infrastructure commitment, bullish for GOOGL and the cloud/AI sector. Fourth, several earnings beats stand out: EOG Resources (EPS $3.41 vs $3.19, revenue $6.921B vs $5.986B), Occidental Petroleum (EPS $1.06 vs $0.60), Jazz Pharmaceuticals (EPS $6.34 vs $4.57), and Dave Inc. (EPS $3.64 vs $2.87, raised guidance). Fifth, notable negatives: Lucid Group missed badly (EPS -$3.46 vs -$2.64, revenue $282.5M vs $440.4M) and plans to adjust production due to elevated inventory, bearish for LCID and EV sector. Coupang posted a bigger Q1 loss than anticipated, with customer base shrinking. Sixth, a counter-signal to the oil supply disruption narrative: Venezuela's oil is moving again, suggesting some supply normalization. The overall narrative arc is mixed: geopolitical risk in the Middle East is escalating with Iran's new Strait authority, but the Anthropic-Google deal and AMD's strong results provide positive tech catalysts. Earnings season continues to produce both beats and misses, with AI-related names showing strength.