WS #7617

The dominant narrative remains the Strait of Hormuz crisis, which is ESCALATING. Multiple sources confirm the situation is deteriorating: Bloomberg reports 'US tells Iran clock is ticking as peace progress stalls,' while a separate Bloomberg headline notes 'Iran war re-escalation risks hike oil prices after latest Trump threat.' Iran has warned it will charge fees for subsea cables carrying internet traffic through the Strait, adding a new dimension to the crisis. Rosatom warns the Zaporizhzhia nuclear plant situation is 'rapidly approaching point of no return,' with ~2,600 tons of nuclear fuel on site. Hezbollah reports deadlock in talks as Israeli strikes continue. A Russian drone struck a Chinese cargo vessel off Ukraine, adding geopolitical risk. Bitcoin slid below $77,000 as Trump's Iran warning rattled risk assets. The global bond rout continues with G7 10Y yields +15-20bp/week; UST 10Y ~4.6%, 30Y >5.1%. Japan's 10Y JGB at ~2.7-2.8%, highest since the 1990s. Commerzbank rejected UniCredit's €37 billion offer as too low. Berkshire Hathaway took a $2.6 billion stake in Delta Airlines and increased its Alphabet stake by 224%. Boston Scientific entered into a $2 billion accelerated share repurchase agreement and invested $1.5B for ~34% stake in MiRus. Brady Corp reported record adjusted EPS ($1.50 vs $1.34 estimate) and raised guidance. Morgan Stanley upgraded Lam Research to Overweight with $331 PT. Aletheia raised NVDA PT to $270 ahead of earnings. BofA reinstated ServiceNow as Buy with $130 PT. Galaxy received a BitLicense from NYDFS. Pope Leo will issue his first encyclical 'Magnifica Humanitas' on May 25, addressing war, AI, and workers' rights.