WS #7026
The dominant signal remains the escalating US-Iran conflict, with new developments in this window reinforcing the bearish macro thesis. South Korea condemned an attack on a cargo ship in the Strait of Hormuz, and India is considering emergency measures to shore up forex reserves, including curbing non-essential imports and hiking fuel prices. China warned of imported inflation risk as oil prices increase. These corroborate the ongoing oil supply disruption narrative. The narrative is ESCALATING. Separately, Brookfield announced a $500M investment in a strategic partnership with OpenAI to form The OpenAI Deployment Company, a high-significance positive for AI infrastructure and enterprise AI adoption. This counters any bearish AI narrative from macro headwinds. Moderna shares surged on hantavirus concerns, a niche biotech catalyst. Lumentum shares rose on inclusion in the Nasdaq-100. Telos beat Q1 estimates. IREN slid on a $2B convertible notes offering. No counter-signals to the US-Iran escalation are present in this window.
Key developments
- India considers emergency measures to save foreign exchange amid oil price surge
- South Korea condemns attack on cargo ship in Strait of Hormuz
- China warns of imported inflation risk as oil prices increase
- Brookfield invests $500M in OpenAI Deployment Company to scale enterprise AI
- Moderna shares surge on hantavirus concerns
- Telos Q1 EPS beats estimates, revenue beats
- Lumentum shares rise on inclusion in Nasdaq-100
- IREN slides on $2B convertible notes offering