WS #14205

The dominant theme remains the US-Iran/Hormuz standoff, which is STABLE with no new escalation or de-escalation signals. Iran's rejection of Trump's claim to declare the Strait of Hormuz as US territory is widely corroborated across multiple sources (Talk 650 KSTE, 94.5 WPTI, NewsRadio 570 WKBN, etc.), but this is a rehash of prior headlines with no new data point. The key new development is the revelation that 'dark ships' are moving more than 4 million barrels per day through Hormuz, exceeding market estimates, which has prevented a more severe energy shock. This is a counter-signal to the prevailing bearish oil thesis, suggesting oil prices may be capped. Additionally, Nvidia is in talks to invest up to $3 billion in SB Energy, a SoftBank subsidiary developing the Ohio data center for OpenAI, while also scaling back its funding guarantee for the project from $250 billion to less than $120 billion. This dual signal on Nvidia's AI infrastructure commitments is significant for NVDA and related AI names. Apple's development of a China-specific AI model with Alibaba is also corroborated across multiple sources, marking the first Western proprietary AI in China, which is bullish for AAPL in the Chinese market. Other developments include a Maryland tax court voiding the digital ad tax, ordering refunds to Apple, Google, and Peacock TV, which is a positive for big tech. Canada-US tariff negotiations are ongoing with a 50% tariff deadline in 3 days, which could impact cross-border trade. The Russia-Ukraine conflict shows escalation with Ukraine launching one of its largest drone attacks, but this is not directly market-moving for US equities in the near term.