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Tl;dr: With Iran tensions escalating dramatically overnight, traders reverted to the old playbook and piled into AI-ecosystem names (helped by new models from OpenAI GPT 5.6, Meta Muse Spark 1.1, & SpaceX Grok 4.5) leading Nasdaq (and the rest of the US majors higher). Oil traders appear to have seen last night's strikes as the climax and oil is lower on those hopes. Gold and bitcoin bounced back as the dollar slid along with bond yields.