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The White House says it is close to a 14-point memorandum of understanding with Iran to end the war. The deal would open the Strait, freeze nuclear enrichment for at least 12 years, lift U.S. sanctions, and release billions in frozen Iranian assets. Iran's parliament speaker responded by posting “Operation Trust Me Bro failed.” Tehran's response is expected Thursday. Axios
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Oil fell 7.3% on the Iran deal news, pulling WTI back to $101.20. Trump also said Wednesday the U.S. had “very good talks” with Iran over the past 24 hours. That's the biggest single-day drop since the war began. Iran's Expediency Council then demanded reparations — and prices recovered off the lows. CNBC
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The S&P 500 closed up 1.46% at 7,365.12 — a new all-time high. The Nasdaq gained 2.02% to 25,838.94, also a record. AMD surged 13% after beating estimates; NVIDIA added 5.7%. Markets hit records on hopes for a war that isn't over yet. CNBC
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AMD CEO Lisa Su said agentic AI is driving a demand surge for CPUs that the company didn't fully see coming 90 days ago. Revenue climbed 38% year-over-year in Q1; data center was the primary driver. Su called it a “shifting of the workload.” That phrase is worth writing down. CNBC
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Super Micro Computer jumped 18% after reporting Q3 earnings of $0.84 per share, well above the $0.62 consensus. Revenue hit $10.2 billion, up 123% year-over-year, though down 19% from the prior quarter on supply chain constraints. Gross margins recovered to 10.1% from 6.4% — the detail the market cared about. Reuters
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South Korea's KOSPI closed up 6.45% at 7,384.56 — a new all-time high and the first close above 7,000. Samsung Electronics rose 14.4%, crossing $1 trillion in market cap, only the second Asian company after TSMC to do so. Foreigners bought a record 3.1 trillion won of Korean shares in a single session. Reuters
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Trump paused “Project Freedom” on Tuesday — just one day after launching the mission to escort commercial ships through the Strait of Hormuz — citing progress in Iran talks. Secretary of State Rubio declared Operation Epic Fury “concluded” hours before the pause was announced. Two ships made it through on Monday. The question now is whether the Iranians noticed, or just waited. Fox
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Congress let the 60-day War Powers Act deadline pass without action on the Iran war. Senate Democrats have voted six times to restrict Trump's war powers; Republicans broadly have not wanted to interfere. Senate Majority Leader Thune said he saw no desire among most Republicans to act. The deadline came and went while lawmakers were home for recess. Fox
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Iran's Foreign Minister met China's Wang Yi in Beijing and asked for support for a “new post-war regional framework.” Wang called for an immediate end to hostilities and pressed both sides to reopen the Strait. China buys over 80% of Iran's exported oil. That's not a neutral position. AP
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Pakistani Prime Minister Shehbaz Sharif praised Trump for pausing Project Freedom, saying the halt improved conditions for a deal. Pakistan is mediating the U.S.-Iran talks; Iranian responses are being routed through Islamabad. Pakistan praised Trump's restraint. That is not a sentence that writes itself often. Reuters
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