WS #14230

The dominant US-Iran/Hormuz narrative remains unchanged and is still ESCALATING, with no new counter-signals or de-escalation. All other themes (AI trade, copper, silver, Japan equities) are stable with no fresh data points. The situation is unchanged from the previous synthesis. This window carries 5 key development(s), 2 at significance:high: Hormuz shipping near halt; Iran declares victory, no talks; Anthropic IPO at $2T valuation; Nvidia arranges $500B AI financing. A further 3 development(s) sit below significance:high.