Reports of a Trump-brokered US-Iran deal framework triggered a broad market rally, with Dow Jones futures pointing sharply higher and semis leading the move. Nvidia (NVDA) and Micron (MU) are among the highlighted outperformers — NVDA carries 71.1% gross margins and $215.9B in revenue (+65.5% YoY), while MU has rebounded to 39.8% gross margins on $37.4B revenue (+48.9% YoY), both reflecting strong underlying fundamentals that geopolitical relief can amplify.

The setup is classic risk-on rotation into high-beta semis on a macro de-escalation catalyst, but the durability depends entirely on whether the Iran deal holds and whether broader trade/tariff overhangs lift in parallel. Nvidia's next earnings print and any follow-through on export-license clarity for AI chips to the Middle East are the near-term watch items; a deal breakdown or return of geopolitical noise would likely reverse the move quickly.