Editorial companion

What stands out

A sudden flare-up in the Strait of Hormuz collided with a $30 billion Apple-Broadcom deal on the same morning. President Trump's declaration that a ceasefire is over after Iranian strikes pushed traders toward safe havens and higher oil sensitivity, while Apple and Broadcom's transaction reframes where the next megadeals in chips and services may land. Add reports that China could curb global access to artificial intelligence (AI) models, and you have a day where geopolitics, corporate strategy and national tech policy all tried to set the market's mood.