WS #7686

The dominant narrative remains the de-escalation in US-Iran tensions, with the Turkish FM stating Iran's highly enriched uranium is under rubble after June attacks, reinforcing the de-escalation theme. However, the Strait of Hormuz toll mechanism continues to keep oil prices elevated. In a notable MAG7 carve-out, Cathie Wood sold $28M of AMD and TSMC shares while loading up on Nvidia, Tesla, and flying taxi stocks (Archer, Joby), signaling a rotation within the semiconductor and EV sectors. Separately, Intel is urging PC makers to use cutting-edge CPUs amid a supply crunch, which could benefit Intel and pressure AMD. The SEC's expected innovation exemption for tokenized stocks remains a positive catalyst for crypto markets. On the geopolitical front, Ukraine attacked Russia's Rostov region with drones, escalating the conflict, while the US paused a military board with Canada. The CDC implemented Ebola risk reduction measures, but the immediate public risk is low. Standard Chartered announced cutting 7,800 roles by 2030 due to AI adoption, a signal for broader financial sector AI-driven efficiency trends. Metals are sliding as the US-Iran situation makes the outlook 'very binary', and India raised fuel prices again due to the Iran war squeezing refiners.