Tower Semiconductor announced a $3 billion investment in Japan, backed by government grants, to expand its specialty fab footprint in the region. The deal nearly doubles TSEM's annual revenue in committed capex, raising questions about dilution risk versus the long-term capacity upside.

Oil surged to $87/bbl as conflict around the Strait of Hormuz — through which roughly 20% of global oil supply transits — rattled energy markets. The supply-disruption premium creates a direct setup in crude-exposed equities and energy ETFs, but the historically mean-reverting nature of geopolitical spikes keeps the timeline short.

Oil prices posted their largest two-day percentage gain in four months after U.S.-Iran military confrontation stoked supply-disruption fears in the Middle East. The move creates a near-term setup in crude-linked equities and ETFs as the market prices in escalation risk premium.