WS #10661

The dominant signal in this window is the ongoing tech rout and its impact on Elon Musk's fortune, with BBC and other sources reporting that Musk lost his trillionaire status as SpaceX shares plunged over 30% from their mid-June peak amid broad tech sell-off driven by AI profitability doubts. This is a de-escalation of the earlier AI optimism narrative, now turning bearish for high-growth tech. Separately, oil prices continue to fall toward pre-war levels (Brent below $73), with Goldman noting that Strait of Hormuz normalization is not required for full oil supply recovery, reinforcing the de-escalation of geopolitical risk premium. The Venezuela earthquake disaster is a recurring humanitarian story but oil infrastructure intact limits market impact. Micron's strong earnings and SK Hynix's $29.4B ADR listing provide a bullish counter-narrative for memory chips, but the broader tech rout dominates. The Senate GOP reversing course on Iran (NYT) adds to the de-escalation theme. Bitcoin dropped to $59k then bounced on Micron's results, but $1B in liquidations and ETF outflows keep crypto fragile.