WS #9209

The dominant theme in this window is the escalation of the Israel-Iran-Hezbollah conflict, with multiple sources reporting Israeli airstrikes on Beirut's southern suburbs and southern Lebanon, and Hezbollah firing a surface-to-air missile at an Israeli jet. This follows a period of relative calm and risks derailing US-Iran peace talks. Separately, OPEC+ approved a symbolic 188,000 bpd production increase for July, but analysts note this is largely irrelevant while the Strait of Hormuz remains blocked, keeping oil prices elevated. A major pre-IPO deal between SpaceX and Google for AI computing capacity was disclosed, with Google paying $920M/month for access to 110,000 Nvidia GPUs, signaling strong AI infrastructure demand. Nvidia's deepening partnership with SK Hynix was also reported, reinforcing the AI capex theme. The US-Iran conflict narrative is escalating, while the OPEC+ move is a counter-signal to oil supply fears but is seen as ineffective.