WS #7848

The dominant signal in this window is Nvidia's post-earnings commentary, where CEO Jensen Huang stated the company has 'largely conceded' China's AI chip market to Huawei due to US export restrictions. This is a significant admission that reshapes the AI semiconductor competitive landscape, directly benefiting Huawei (unlisted) and potentially Chinese AI chip ecosystem players, while capping Nvidia's addressable market. The CNBC article and multiple Bluesky posts corroborate this, with Huang's full interview providing context. Separately, US crude oil dynamics remain in focus: a Reuters report notes tankers are exiting the Strait of Hormuz with 6 million barrels, but sailings remain small and risks high, indicating the Iran situation is de-escalating slowly but not resolved. Trump stated no escalation expected with Cuba after the Castro indictment, and the Nimitz carrier entered the Caribbean, but Trump's comments suggest a de-escalatory stance. UK struck a 'historic' trade deal with Gulf states, a positive signal for UK equities but limited US market impact. Samsung reached a tentative deal with its union, lifting Korean stocks. Intuit outlined FY2026 revenue guidance and a 17% workforce cut, a mixed signal. The narrative arc on AI capex remains ESCALATING but with a new China concession twist; Iran/oil is STABLE with slight de-escalation; Cuba is DE-ESCALATING per Trump's comments.