U.S. equity futures are climbing after Trump stated the Iran ceasefire remains intact despite renewed Hormuz strait tensions that briefly rattled oil and risk markets overnight. The macro backdrop is binary: if the ceasefire holds, risk-on momentum favors high-beta growth names; if Hormuz disruptions escalate, energy prices spike and rate-sensitive, unprofitable growth names sell off sharply.

IREN reported $501M in revenue (+168% YoY) with a 17.4% net margin and positive EPS of $0.39 — a rare profitable AI infrastructure play. CRWV posted $5.1B in revenue (+168% YoY) but carries a -22.8% net margin and -$2.81 EPS, making it far more vulnerable to a risk-off rotation. The key watch: does geopolitical clarity firm up enough to sustain the futures pop through the open, or does Hormuz headline risk reassert and punish the weakest-balance-sheet names first?