Iran Relaxation Drives DAX Towards 25,000 – Chip Selloff Pressures Nasdaq – Alphabet Forms $25 Billion AI Cloud Alliance with Blackstone – Microsoft Breathes a Sigh of Relief: OpenAI Wins Against Musk – Amer Sports Raises Annual Targets After 33% Revenue Jump – Agilysys Celebrates Record Quarter – Dell Expands AI Factory – Home Depot Beats Consensus Despite Housing Crisis

USA & MACRO-OUTLOOK On Wall Street , a solid rotation from the recently celebrated semiconductor stocks is dominating: The Nasdaq 100 (-0.95%) is significantly declining, and the broader market appears to be struggling. After a rally of around 50% since late March in the Philadelphia Semiconductor Index, calls for at least a consolidation are growing louder. According to Bloomberg, market participants see valuations in the chip sector as stretched, while the macroeconomic environment is putting additional pressure. The driver of the mood...