The AI trade loses momentum ahead of the megacap earnings flood, while the Iran war drives Brent over $95 and rekindles inflation fears – AMD challenges the heavyweight NVIDIA directly with a ten-billion deal with Anthropic, Super Micro electrifies the chip industry with a record order backlog of over $60 billion, and Arrowhead impresses with spectacular phase-3 data – the DAX defies uncertainty and maintains its position above 25,000 points

USA & MACRO ENVIRONMENT Wall Street cautiously navigates the start of the megacap earnings season. The S&P 500 is trading nearly flat, with a slight decline of 0.05%, while the tech-heavy Nasdaq 100 loses about 0.25%. The primary source of pressure is a renewed setback in semiconductors: The much-watched sector index SOX drops significantly as investors increasingly question whether the massive AI investments of corporations are delivering returns yet. The AI euphoria that propelled indices to record highs just a month ago is visibly...