WS #6843

The dominant theme remains the escalating US-Iran conflict in the Strait of Hormuz, with multiple sources corroborating the Pentagon's release of strike footage on Iranian oil tankers and satellite imagery showing an oil slick near Kharg Island. This is partially offset by a Fitch report forecasting oversupply to pressure oil prices lower, acting as a counter-signal. Separately, a massive chip rally is underway: INTC +14%, AMD +11%, DELL +13%, with SOXX surging 5.67%, driven by Apple-Intel chip talks and broader AI enthusiasm. Anthropic reported 80x Q1 revenue growth and a SpaceX compute deal, reinforcing the AI infrastructure supercycle narrative. Truth Social (DJT) reported dismal Q1 results ($0.9M revenue vs $405.8M loss), with stock at all-time low. HubSpot was downgraded by Macquarie from Outperform to Neutral with a price target cut from $350 to $190. The Iran/oil risk theme is ESCALATING (Pentagon video, Kharg Island slick, Libya refinery halt) but the Fitch oversupply note and Trump's reported shift to reopen the Strait act as counter-signals. The tech/AI rally theme is STABLE and continuing.