Top Overnight News Oil pared gains after Fars news agency said Iran will end its military operations against Israel. Earlier, Donald Trump said the two sides were discussing a ceasefire after trading missile strikes. BBG The Houthis declared a ban on Israeli ships in the Red Sea, considering all enemy movements to be legitimate military targets. The move comes as the Iran war drags into a fourth month and hostilities flare across the region, threatening to derail a fragile truce. BBG South Korea’s Kospi tumbled 8.3% on the AI pullback with trading earlier halted due to the pace of the slide. President Lee Jae Myung said the country will unveil an investment plan aimed at supporting growth outside the tech sector. BBG Japan’s economy grew at a slightly slower pace than initially estimated in the first quarter but remained on a recovery track, keeping alive hopes that a rate hike is on the horizon. Real gross domestic product increased by an annualized 1.8% in the January-March period, compared with the preliminary estimate of 2.1% growth, revised government data showed Monday. WSJ OpenAI is preparing the biggest overhaul of ChatGPT since its launch kicked off the AI boom, as the $850bn group hunts for new engines of growth ahead of a planned listing this year. The company intends to transform the chatbot into a “superapp” that combines coding tools and AI agents, adding products that executives believe will generate more revenue. FT German industrial orders fell more than expected in April, following a ‌strong increase in March, when companies brought forward orders amid fears of price increases due to the war in Iran. Orders declined by 3.8% on the previous month on a seasonally and calendar-adjusted basis, the national statistics ⁠office said on Monday. RTRS Nvidia and SK Hynix signed a multi-year partnership to develop next-gen AI memory chips. BBG Jensen Huang called a global tech stocks selloff that began last week a buying opportunity, saying the buildout of artificial intelligence has just begun. BBG Trump said the Fed would be wrong to raise rates, pushing back on speculation fueled by the blowout May jobs report. BBG The strength of the recent narrow-breadth Momentum rally is the dynamic generating the most widespread concern in conversations with equity investors. Sharp Momentum factor rallies with the equity market near highs have historically boded poorly for subsequent S&P 500 returns, with comparable previous examples including late 1999 and late 2021: Goldman