WS #9297

The dominant theme in this window is the escalation of the Iran-Israel conflict, with a drone strike on Kuwait International Airport marking the first lethal attack in the Gulf since the April ceasefire. This has pushed oil prices higher and triggered risk-off moves in global equities. However, a key counter-signal has emerged: President Trump has told Israel not to strike Iran, asserting that he 'calls the shots,' which may de-escalate tensions and cap oil's upside. Separately, Intel (INTC) is surging on reports that Google ordered over 3 million TPUs for 2028 and that both Google and Nvidia are eyeing Intel as a backup foundry amid tight TSMC capacity, providing a bullish catalyst for INTC and semiconductor supply chain stocks. Tesla (TSLA) is also trading higher on strong China May sales data (up 23% YoY), contradicting the broader risk-off macro narrative. Eli Lilly's positive Phase 3 retatrutide data is pressuring Novo Nordisk (NVO) but is bullish for LLY. Bitcoin has bounced back above $63K after last week's selloff below $60K, with 10x Research attributing the move to ETF selling post-inflation data rather than Strategy's actions.