WS #10715

The dominant signal in this window is the ON Semiconductor (ON) acquisition of Synaptics (SYNA) for $7 billion in an all-stock deal, corroborated by CNBC, SEC filings, Alpaca, and multiple social media sources. SYNA surged ~12.6% after-hours, while ON gave up gains. The deal targets physical AI and expands ON's TAM by $30B. Separately, MARA Holdings announced a ~$1.5B acquisition of Long Ridge Energy & Power for HPC/digital infrastructure, a significant expansion into energy infrastructure. The Strait of Hormuz situation is de-escalating: the UN paused its ship evacuation initiative after a vessel was attacked, but no new escalation. OpenAI is reportedly leaning toward waiting until 2027 for an IPO, per Bloomberg/NYT. Apple (AAPL) continues to face headwinds from an AI-driven memory shortage, losing $263B in market cap per FT. The ICE agent identification story is viral but non-market. Routine SEC filings and sports betting are noise.