WS #9142

The dominant theme remains the escalation of US-Iran hostilities, now approaching 100 days, with active military exchanges and an Israeli strike killing at least six at a Gaza wedding. The conflict is clearly ESCALATING. The chip selloff continues with over $1 trillion wiped from chip stocks and the Nasdaq down 4.2%, but a high-significance positive emerges: SpaceX signed a $920M/month AI compute deal with Google, locking in 110,000 Nvidia GPUs through 2029, which strongly supports NVDA and GOOGL. Additionally, Citi lifted its S&P 500 target to 8100, citing AI boom, partially countering the tech rout. The May NFP blowout (172K vs 88K est) reinforces rate hike expectations, pressuring growth stocks. Bitcoin remains under pressure below $60,000. The SpaceX-Google deal and Citi target upgrade are the strongest bullish signals in this window, while the Gaza wedding strike and Hormuz blockade rhetoric keep geopolitical risk elevated. A new development: Ukraine launched a second drone attack on Russian oil facilities after Putin rejected talks, with strikes hitting St. Petersburg and oil depots, escalating energy supply risks. Kuwait intercepted Iranian ballistic missiles, widening the conflict's geographic scope. The USTR proposed forced-labor tariffs on ~60 economies, adding trade risk. MSTR CEO filed to sell $11M in shares, a bearish signal for crypto sentiment.