US-Iran Talks Restart, Nvidia Ends Losing Streak Amid Oil Price Drop
US-Iran talks are expected to restart after reports emerged that Iran and Oman are discussing the establishment of a temporary Hormuz navigation corridor, with permanent route discussions targeted within 30-60 days. This development has led to a decline in geopolitical risk premiums, causing WTI crude oil prices to fall nearly 2%.
The US-Iran de-escalation narrative has also supported risk appetite, allowing the crypto market to consolidate at elevated levels. Bitcoin (BTC) briefly tested the $80,000 level, while Ethereum (ETH) moved in relative tandem.
Nvidia (NVDA) ended its seven-day losing streak after rising more than 2%, driven by its launch of the Jetson Orin Nano 2 robotics computer and its upcoming Q2 earnings. The company's data-center revenue, gross margin, and forward guidance will be closely watched for near-term pricing catalysts.
The semiconductor sector rebounded broadly, with AMD (AMD) advancing nearly 5% after announcing the addition of UCIe interconnect technology to its Versal adaptive SoCs. This development has improved AMD's AI server CPU prospects, while also highlighting its design wins with OpenAI and Meta.