WS #6598

The dominant theme in this window is the apparent conclusion of US combat operations against Iran, with multiple sources corroborating that President Trump notified Congress the war is over. This is a significant DE-ESCALATION from the prior window's escalating conflict narrative. However, the situation remains fluid: Iran's president stated they will never agree to Washington's peace demands, the IRGC announced new rules for Strait of Hormuz vessels, and CNN reports 16 US bases in the Middle East are destroyed or unusable. The counter-signal of war termination dampens the bearish energy/index thesis but does not eliminate it given ongoing tensions and infrastructure damage. Separately, a major MAG7 signal emerges: Anthropic will spend $200B on Google Cloud, boosting GOOGL's AI revenue outlook, contradicting any macro tech selloff narrative. Apple agreed to a $250M settlement over AI Siri claims, a minor negative. In earnings, Super Micro Computer surged 19% after hours on strong guidance, while AMD popped 7% on strong Q2 revenue forecast. The API crude draw of -8.1M barrels (vs -2.8M expected) adds a bullish supply-side catalyst for oil, but the war termination may cap upside.