WS #8721

The dominant signal in this window is the escalating US-Iran military conflict, with Iran striking a US airbase in Kuwait with ballistic missiles and the US striking Iranian radar/drone sites. This is a major escalation that directly threatens oil supply through the Strait of Hormuz. Oil prices have surged over 3% (WTI +3.97%, Brent +3.23%) as a result. Japan's PM Takaichi demanded safe navigation of the Strait of Hormuz from Iran's president, while Trump says a deal will 'work out well' even as clashes continue. The French navy, backed by the UK, intercepted a Russian oil tanker, adding to geopolitical risk. Separately, SoftBank CEO Masayoshi Son told CNBC the AI revolution is '50x bigger' than the dotcom boom, and the company is investing €75B in French AI infrastructure. Nvidia's RTX Spark PC chip launch continues to drive AI/PC ecosystem momentum, with Melius Research raising IBM price target to $390. FedEx completed the spin-off of FedEx Freight (FDXF), which begins trading today. The prevailing macro narrative is 'geopolitical risk escalation' — oil/defense stocks benefit while risk assets face headwinds. The MAG7 carve-out: Nvidia's AI chip catalyst remains a standalone bullish signal for NVDA and the AI ecosystem, contradicting any macro risk-off narrative.