WS #7847

The dominant signal in this window is the continued de-escalation of US-Iran tensions, with US crude futures rising $1.02 to $99.28/bbl after two sessions of decline amid talks uncertainty, partially reversing the prior easing. Separately, Anthropic is nearing its first profitable quarter with revenue doubling to ~$10.9B, and the SpaceX S-1 reveals Anthropic is paying $1.25B/month for AI compute, reinforcing AI infrastructure demand. Nvidia's Jensen Huang announced a 'brand new' $200B TAM for the Vera CPU, driving SoftBank shares up 16% on AI momentum. Insider selling at CRWD, PYPL, and SNOW was reported. Japan's May flash manufacturing PMI came in at 54.5 (vs 55.1 prior), slightly below expectations but still expansionary. The narrative arc is STABLE on the Iran/oil front with a slight uptick in crude, and ESCALATING on AI capex and compute demand.