Oil shock lights the tape; markets look through it toward AI hardware.
A session where the loudest macro event — Brent spiking above $115 — produced the day's worst-performing sector, while the quieter story of AI infrastructure demand extension kept delivering confirmed, multi-week gains for patient holders.
A reported Iran ceasefire collapse sent Brent above $115, dominating the session's narrative, yet only two of twelve sectors fell: Energy dropped as institutional flows showed smart money selling into the geopolitical premium, while ten sectors rallied with Technology and Consumer Discretionary leading.
Since the last briefing
Yesterday's position held that AI-hardware extends its lead and that enterprise-software bounces should be treated as short-covering noise, with Oracle's confirmed_5d status flagged as the exception worth watching.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.