The oil $United States Oil Fund LP(USO.US) move is definitely something I’m watching closely, but I’m not rushing to rotate heavily into energy just because of the headlines. A prolonged US-Iran conflict could keep oil elevated and add another layer of inflation pressure, which would make the Fed’s September decision even more complicated. For me, the bigger risk is that higher oil prices push Treasury yields higher and pressure high-valuation growth stocks.

At the same time, Dell’s $Dell Tech(DELL.US) results are a strong reminder that the AI infrastructure story remains very healthy underneath the macro noise. The huge increase in its revenue guidance and record AI-server backlog suggest hyperscaler and enterprise AI spending is still accelerating. I’m particularly watching Broadcom tonight because its results and guidance could give us another important read on custom AI chips and networking demand, especially after the recent volatility across semiconductors.

Overall, I’m staying cautious rather than making a major portfolio rotation based on one geopolitical event. I expect volatility to remain elevated, especially if oil stays above $90 and the 10-year yield continues pushing higher. I’d rather use any meaningful pullbacks in fundamentally strong AI and semiconductor names to DCA gradually, while keeping some exposure to defensive areas in case the Iran situation escalates further.