WS #9156

The dominant theme in this window is a sharp market selloff triggered by strong US jobs data (172,000 jobs added in May, beating expectations), which has reignited fears of Fed rate hikes. The S&P 500 fell over 2.6% on Friday, its worst day since October, ending a nine-week winning streak. This macro shift is driving a broad risk-off move, with AI and tech stocks particularly hard hit. Bitcoin is also declining. The selloff is corroborated by multiple sources (MarketWatch, GDELT, Bluesky) and is the highest-signal development in this window. Separately, a major new development: Trump stated his administration is discussing an equity stake in OpenAI, which could be a significant catalyst for the AI sector and Microsoft. Additionally, Google has signed a massive $920 million per month contract with SpaceX for AI compute capacity, underscoring the insatiable demand for AI infrastructure. The US-Iran war narrative remains stable at 100 days with no new escalation, but a new incident occurred: US strikes on Iranian coastal radar sites, which Iran condemned as a ceasefire violation. This is a minor escalation but not a game-changer. The Ukraine-Russia conflict sees continued drone strikes on Russian oil infrastructure, but no new major developments. The AMD insider selling story is carried forward as it remains unrefuted. The prevailing macro narrative is now shifting from 'tech rally' to 'rate hike fear selloff', which is escalating.