WS #10655

The dominant signal in this window is the continued de-escalation of the US-Iran war, with oil prices declining and tankers resuming Strait of Hormuz passage. Iran warned ships to coordinate with its IRGC Navy, but this is a minor escalation within a broader de-escalation trend. The Venezuela earthquake remains a humanitarian crisis with limited direct US equity impact. In tech, Micron's AI-driven momentum is reinforced by a new report that customers are committing billions for future memory supply, and Arm has reached 50% share in top AI data centers. Anthropic's accusation that Alibaba illicitly extracted Claude AI model capabilities is a new development that could weigh on Chinese tech sentiment. The overall narrative arc is DE-ESCALATING on the Iran war front, with oil prices declining, which is bullish for airlines and consumer stocks but bearish for energy. The Venezuela earthquake is STABLE (no new escalation). Micron's AI-driven momentum from prior windows remains unrefuted and is carried forward.