US-Iran Truce Holds as Oil Plunges, CXMT Rally Contrasts Chip Selloff, Apple Reclaims Top Market Cap

In this briefing

• The U.S.-Iran pause in hostilities continued to hold, sending oil prices sharply lower (Brent fell below $90) and Treasury yields down; the IMF warned that oil markets have depleted all three of their "shock absorbers." U.S. stocks closed mixed, with the Dow up 0.51%.
• Chinese memory-chip maker CXMT surged about 470% in its Shanghai market debut, becoming China's most valuable listed company, while ASML and other U.S. chip stocks sank on a report of a Chinese breakthrough in DUV lithography technology.
• Apple overtook Nvidia to become the world's most valuable company, with Apple shares up more than 22% year to date.
• President Trump backed Federal Reserve Chairman Kevin Warsh while pressing for lower interest rates, ahead of next week's FOMC meeting.
• AI-infrastructure financing activity was active — Nvidia is in talks to guarantee up to $250 billion in financing for an OpenAI data center, and reportedly plans to invest $5 billion in an AI startup founded by Ilya Sutskever. Amid fallout from an OpenAI cyberattack, Nvidia, Microsoft, SpaceX and others launched the "Open Secure AI Alliance."

Desk Analysis

The U.S.-Iran pause in hostilities held for another day, with oil prices and Treasury yields both falling; the IMF said oil markets have depleted all of their shock absorbers. In semiconductors, CXMT's Shanghai listing rally and a selloff in ASML and other U.S. chip stocks were reported on the same day. In Big Tech market-cap rankings, Apple overtook Nvidia for the top spot. On monetary policy, President Trump voiced both support for Fed Chairman Kevin Warsh and calls for lower rates, ahead of next week's FOMC meeting. On AI-infrastructure financing, several items were reported together: Nvidia's talks on OpenAI data-center financing, its planned investment in Ilya Sutskever's startup, and the launch of the "Open Secure AI Alliance."

For informational purposes only. Not investment advice.