Shery Ahn

The US has launched fresh strikes on Iran and the Strait of Hormuz is threatened with closure, disrupting Middle East oil flows and pushing crude prices higher. The renewed escalation makes further supply disruptions likely, keeping upward pressure on oil.

Sony announced an expansion of its share buyback program to ~250 billion Yen ($1.6B), double the previous amount. This demonstrates a commitment to capital efficiency and shareholder return, independent of the broader macro headwinds facing Japanese exporters due to a stronger Yen. LONG SONY. Global consumer slowdown affecting gaming/electronics demand.

Block (SQ) is cutting its workforce by nearly half to run more efficiently using AI tools. This is a massive cost-cutting measure that directly improves the bottom line. The market generally rewards aggressive efficiency measures and "doing more with less" via AI implementation. LONG SQ. Operational disruption from losing 50% of staff could hurt revenue growth.

Salesforce (CRM) shares plunged after a lukewarm outlook, failing to impress despite meeting estimates. It is explicitly labeled the "poster child for all those fears around AI disruption." The market is pricing in a "terminal value risk" for legacy SaaS (System of Record) companies. The inference is that AI agents will reduce the need for per-seat software licenses, eroding the "recurring revenue" premium these stocks historically enjoyed. SHORT. The rotation out of legacy software is accelerating. Oversold bounce or successful pivot to AI-agent monetization.