WS #8805

The dominant signal in this window is the escalating Russia-Ukraine conflict, with a massive Russian aerial attack on Ukraine killing at least 16, corroborated by multiple sources (NBC, social media). The Kremlin has stated that peace process is on hold but contacts with the US continue, and that systematic strikes against Ukrainian military infrastructure are being carried out. Separately, Ukraine struck Russia's Ilsky oil refinery for the 16th time, continuing the energy war. In energy markets, Wood Mackenzie models three LNG scenarios as Iran conflict removes 20% of global supply, warning of higher oil, gas, and electricity prices. In tech, STMicroelectronics surged after raising data-center revenue outlook on AI demand, while Intel unveiled new AI innovations at Computex. Jensen Huang said Nvidia has enough supply for robust growth. Citi's Chew sees US tech stocks at risk from bullish positioning. HPE shares jumped 26% on strong revenue. Generac signed a global supply deal with a hyperscale data center operator, shares up 7%. The Russia-Ukraine energy war and the Iran/Hormuz LNG supply shock are the highest-signal developments, with potential to move oil, defense, and energy stocks, while AI capex concerns and geopolitical tensions create cross-currents.