WS #6615

The dominant narrative of Iran de-escalation continues, with Trump pausing Project Freedom and progress toward a deal, which is bullish for risk assets and bearish for oil. However, new signals emerge: AMD CEO Lisa Su predicts a $120B server CPU revenue opportunity by 2030, driving a positive outlook for AMD and AI-related tech. Lumentum reports record revenue with 90% YoY growth and guides Q4 FY2026 revenue of $960M-$1.01B, signaling strong demand in optical components. Arista Networks outlines 27.7% revenue growth to $11.5B, targeting $3.5B in AI fabric, reinforcing AI infrastructure spending. On the geopolitical front, a missile strike on Dzhankoy, Crimea, with five killed, adds a minor escalation in Ukraine-Russia conflict, but does not alter the broader de-escalation theme. Iron ore rose to the highest since October 2024 as China markets reopened, supporting materials and mining stocks. The Iran de-escalation narrative is STABLE, while tech earnings and AI capex signals are ESCALATING positively.