Omani security officials said on the 12th local time parts of the Musandam governorate on the southern side of the Strait of Hormuz were struck by a drone attack. Omani authorities have not disclosed the nature of the attack or the origin of the drones.

A senior U.S. official said on the 11th that U.S. forces successfully struck Iranian air-surveillance radars, missile and drone storage facilities, missile and drone launch sites, maritime surveillance radars and surface-to-air missile launchers.

Storage-chip names have tumbled more than 20% in recent weeks after peaking in late June, industry participants said. Meta’s sale of compute capacity stoked fears of excess compute and triggered a sectorwide pullback; SanDisk, Micron, Seagate and Western Digital are among leaders down over 20%. Traders note the industry’s long-standing cycle—capacity broadside expansion in booms, price collapses and industrywide losses, then capex retrenchment and eventual recovery—remains intact. Analysts say the key variable now is whether technical gaps between AI large models continue to narrow, which would materially affect incremental storage demand. Separately, commercial dynamics are shifting: cloud providers and AI data centers are increasingly signing three- to five-year supply agreements with price bands, minimum purchase commitments and customer deposits to secure critical supply, replacing shorter-term, spot or quarterly contracting.