WS #9262

A major earthquake of magnitude 8.2 struck Mindanao, Philippines at 2338 UTC, with tsunami warnings issued. Multiple sources (US Tsunami Warning System, GFZ, GlobalQuake) corroborate the event, with one source upgrading to 9.0. This is a significant natural disaster that could impact global supply chains, particularly in semiconductors and commodities, given the Philippines' role in manufacturing and mining. The event may disrupt shipping routes and cause short-term volatility in regional markets. Separately, NVIDIA announced plans with SK Telecom and NAVER to build gigawatt-scale AI cloud infrastructure in Korea, reinforcing the AI infrastructure buildout theme. Japan's Q1 GDP revised to +0.5% q/q (vs poll +0.3%), with capex revised down to -0.7% (vs prelim +0.3%), showing mixed signals. The Iran-Israel conflict narrative remains stable with no new military actions in this window. The Ukraine drone attack on southern Russia and Crimea is a continuation of existing conflict, not a new escalation. Gold holds decline as Iran attacks threaten Mideast ceasefire, per Bloomberg. Trump rejects idea that Iran betrays his 'no new wars' campaign message, per NPR. The dominant theme is the Philippine earthquake, which is a new development with potential market implications for semiconductor supply chains and commodity shipping.