Iran’s Hormuz normalization sent WTI down 8.6% to $70 and gold below $4,000 — extracting months of war-risk premium in five sessions — while the FOMC reached unanimous hawk consensus as Core PCE hit a 3-year high of 3.4% and Kashkari abandoned his rate-cut projection for a hike. Micron’s $41.5B revenue quarter proved AI memory demand is real and HBM is booked through 2027; the OpenAI IPO delay on Friday questioned whether AI monetization can sustain the infrastructure being built.
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