WS #10926

The dominant signal in this window is the continued escalation of Ukraine's drone campaign against Russian oil infrastructure, with multiple sources (AP, BBC, Al Jazeera, social media) corroborating a massive drone strike on the Slavyansk oil refinery in Kuban, igniting a fire covering over 20,000 square meters. The SBU confirmed this is part of a 40-day operation. This is an escalation of the previous narrative. Separately, a Saudi Aramco helicopter crash killed 14, adding to geopolitical risk in the energy sector. On the macro side, J.P. Morgan's mid-year outlook sees resilient global growth despite the energy shock, which may provide some offset to bearish energy sentiment. In tech, Apollo notes the Mag 7 is losing its free-cash-flow edge as the market rotates to quality, a potential headwind for mega-cap tech. OpenAI and Broadcom announced the Jalapeño AI chip, reducing OpenAI's dependence on Nvidia. Firmus partnered with Nvidia for a 360 MW AI data center in Indonesia, showing continued AI infrastructure buildout. Bitcoin remains under pressure near $59,782. The European heatwave is linked to 1,300 deaths, with Germany hitting 41.7C, but this is a slow-burn macro factor rather than an immediate market mover.