WS #8877

The US-Iran conflict continues to escalate with new military exchanges reported. Iran's IRGC confirmed tit-for-tat escalation: US struck a blockade-running ship, IRGC hit a vessel in Strait of Hormuz; US bombed Qeshm Island, IRGC attacked Bahrain and Kuwait. Iran launched ballistic missiles against Ali Al Salem Air Base in Kuwait, and a power outage hit Tehran. This is a clear escalation of the conflict, which is likely to keep oil prices elevated and increase risk aversion. Separately, Bitcoin continues to slide to ~$66,700, with a flight to stablecoins accelerating. The crypto sell-off is deepening, with BTC down ~12% over the past week. On the tech side, Wedbush's Dan Ives reiterated a bullish AI stance, saying the 'AI party will continue until 4am,' and India IT stocks soared as NVIDIA CEO Huang calmed AI disruption fears. MSFT experienced a 3-day whipsaw ($450 to $470+ to <$440), attributed to positioning/valuation reset, not thesis break. SpaceX IPO details emerged: 555.6M shares at $135, $75B raise, ~$1.75T valuation, with pricing on June 11 and trading on June 12. The USTR proposed additional duties on all products of 60 economies over forced labor goods, a broad trade escalation. The Scott Pelley firing from CBS is a media story with no market impact. The Supreme Court Alabama redistricting ruling is political noise. The dominant theme is the US-Iran conflict ESCALATING, while the crypto sell-off is a deepening negative signal for risk assets.