WS #7663

The dominant narrative in this window is the tragic shooting at the Islamic Center of San Diego, with 5 dead including 2 teenage suspects. This is a domestic crime event with no direct market implications. Separately, a jury dismissed Elon Musk's lawsuit against OpenAI, a positive for OpenAI and Microsoft (MSFT) but negative for Tesla (TSLA) given Musk's distraction. The US SPR released 9.9 million barrels last week at a record 1.4 million bpd, a counter-signal to oil supply fears. Iran announced a new body to manage Strait of Hormuz, effectively closing it and planning to charge ships, which is bearish for global trade and bullish for oil. Trump authorized new strikes on Iran but decided to hold off, indicating de-escalation. The SEC scrapped a decades-old enforcement policy, which could reduce litigation risk for financial firms. Akamai (AKAM) seeks $2.6B in convertible bonds for cloud infrastructure, dilutive. HIVE Digital shares jumped 24% on a 320 MW AI facility near Toronto. Apple (AAPL) is modeled as mispriced at 18x P/E with iPhone share gains from Samsung delays, bullish. The options market is flashing an ominous sign for Nvidia (NVDA) earnings. Overall, the macro theme is stable with oil supply concerns being countered by SPR releases, while the Iran situation remains fluid but de-escalating.