WS #9132

The dominant signal in this window is the continued escalation of US-Iran hostilities, with Iran firing ballistic missiles at US bases in Kuwait and Bahrain, and US forces striking Iranian coastal radar sites. This directly threatens Gulf stability and oil supply through the Strait of Hormuz, which remains blockaded. Rosneft's CEO stated US energy companies are the main beneficiaries of the closure, while oil prices are already elevated. Separately, Ukraine launched hundreds of drones into Russia, hitting oil infrastructure, and Putin rejected Zelensky's offer for a face-to-face meeting, indicating no de-escalation. On the tech side, Apple's WWDC begins June 8 with AI-focused updates expected, and Nvidia announced a major AI deal with TSMC. The SpaceX IPO is oversubscribed, with Google agreeing to pay $920M/month for xAI computing power. The semiconductor selloff from the previous window appears to be stabilizing, with no new negative catalysts. The Iran escalation is the most actionable near-term development, with bullish implications for energy stocks and bearish for risk assets.