WS #9264

The dominant signal in this window is the escalation of the Iran-Israel conflict, with an Iranian official stating negotiations with President Trump are no longer possible, and the US State Department ordering American citizens in Jordan to seek shelter due to missiles/drones in its airspace. This corroborates the prior escalation narrative and adds a new dimension of direct threat to Jordan. Separately, a massive 8.2 magnitude earthquake struck the Philippines, triggering tsunami warnings across Asia, with aftershocks of M6.0 and M6.1. This natural disaster could disrupt semiconductor supply chains, impacting tech stocks. On the corporate side, NVIDIA CEO Jensen Huang announced a long-term partnership with SK Hynix, its largest memory partner, with agreements extending beyond two years, and stated that everyone has the opportunity to buy stocks at a cheaper price, providing a bullish counter-narrative for tech. South Korea's KOSPI plunged over 8% hitting circuit breakers, with Bloomberg reporting a rush to offload tech shares. The Iran-Israel conflict is ESCALATING, the Philippine earthquake is a new risk, and the NVIDIA/SK Hynix news provides a bullish tech signal.