Morgan Stanley says the recent AI sell-off was mainly technical and driven by profit-taking; after the pullback the AI supply chain still offers an attractive risk/reward. The bank expects AI compute demand to outstrip supply over the next several years and is bullish on AI capability gains, applications and related long-term capex growth.

IRNA reported that Iran's foreign minister held telephone talks with the foreign ministers of Oman and Saudi Arabia. The ministers discussed recent bilateral and regional developments, urged closer cooperation and joint diplomatic efforts to preserve regional stability and to remove what they described as the forced insecurity facing the Strait of Hormuz, which they attributed to US aggressive actions.

Philips (PHG.N) CEO said there are several million dollars of tariff refunds remaining, expected to be received in Q3.