WS #9544

The dominant theme remains the escalating US-Iran conflict, with Iran claiming 18 targets hit across US bases and the Strait of Hormuz closed, threatening ~20% of global seaborne oil supply. Oil prices remain volatile, with Rystad Energy warning of potential $150/barrel if hostilities escalate further. The UK political crisis deepens as Defence Secretary John Healey resigns over defence spending, accusing PM Starmer and Chancellor Reeves of failing to commit resources. This is a significant political blow to Starmer's government and could impact UK defence stocks and NATO spending narratives. In corporate news, KKR, Nvidia, Vistra, and Kuwait Investment Authority launched a data center infrastructure company for hyperscalers, signaling strong AI infrastructure demand. Super Micro priced equity offerings to fund AI data center server orders. Oracle fell on spending concerns despite beating Q4 estimates. SpaceX IPO pricing is set for Friday, with Polymarket assigning a 64% chance of a >$2 trillion valuation on first close. Retail traders are dumping Big Tech to raise dry powder for SpaceX, which could pressure MAG7 names near-term. The US-Iran conflict is ESCALATING. The UK political crisis is ESCALATING. The SpaceX IPO narrative is a new development that could drain liquidity from other risk assets.