WS #10807

The dominant signal in this window is the escalation of US-Iran tensions, with multiple sources reporting US airstrikes on IRGC positions near the Strait of Hormuz and Iranian officials threatening retaliation. This is corroborated by VP Vance's statements and Polymarket bets on Strait of Hormuz traffic. The narrative is ESCALATING. Separately, Trump's threat of 100% tariffs on European nations over digital services taxes is a new development that could impact tech and trade. Anthropic is moving toward a deal with the US to lift curbs on its AI models, which is bullish for AI and Anthropic-related plays. GameStop's adjusted EBITDA guidance above $600M is a positive signal for GME. Healthcare stocks outperformed SPY by 10pp this week, a notable anomaly. Zhipu's GLM 5.2 model closing in on US frontier AI at lower cost is a competitive threat to US AI leaders.