WS #8410

The US-Iran conflict has escalated sharply in the last 30 minutes, with multiple sources reporting renewed strikes and retaliatory actions. The US struck Iranian military targets for the second time this week, and Iran's IRGC released footage of a missile launch toward a US base in Kuwait, claiming retaliation. Kuwait activated air defenses. This escalation follows Trump's threat to 'blow up' Oman if it cooperates with Iran on Strait of Hormuz fees, and the US Treasury imposed new Hormuz-related sanctions. Oil futures rose over 2.5% (Brent near $97, WTI near $91) as hopes for a ceasefire and Hormuz reopening faded. European stocks fell (Stoxx 600 -0.4%), and gold miners sold off sharply. The 'debasement trade' (gold, bitcoin) is seeing outflows. Separately, Snowflake reported strong earnings (+37% overnight), Li Auto missed EPS estimates, and Salesforce beat but gave light guidance. Mistral AI is exploring custom chip design, potentially impacting NVDA and ASML. Marvell outlined a $16.5B fiscal 2028 revenue target and expanded NVIDIA partnership. The dominant theme is US-Iran conflict escalation, which is bearish for equities, bullish for oil, and negative for airlines and consumer stocks.