WS #6609

The dominant narrative remains the de-escalation of the Strait of Hormuz crisis, with multiple sources (Al Jazeera, Bluesky, Hegseth statement) confirming the ceasefire holds and the US operation is paused. This is a stable continuation of the prior theme, not an escalation. Separately, Super Micro Computer (SMCI) reported strong Q3 earnings after hours: EPS $0.84 beat estimates by 35%, revenue $10.24B (+123% YoY), with AI demand roaring and stock +18% in extended trading. This is a high-significance positive for SMCI and the AI infrastructure theme. Samsung hit a $1 trillion valuation (Bloomberg), joining TSMC in the elite club, which is bullish for semiconductor ETFs and Korean tech. Indonesia tightened rules on FX purchases after the rupiah hit a record low, signaling emerging market stress. The Ohio primary results (Ramaswamy wins GOP, Brown wins Dem) are noise for markets. The Iran situation is STABLE with no new escalation; the ceasefire and paused operation are the key counter-signals to the bearish oil thesis. The SMCI earnings provide a bullish undercurrent for tech, contradicting any macro risk-off narrative.