ss2217

𝗧𝗵𝗲 𝗖𝗮𝗯𝗹𝗲 𝗤𝘂𝗶𝗲𝘁 𝘐𝘳𝘢𝘯 𝘩𝘢𝘴 𝘯𝘰𝘸 𝘮𝘢𝘱𝘱𝘦𝘥 𝘵𝘩𝘦 𝘴𝘦𝘷𝘦𝘯 𝘶𝘯𝘥𝘦𝘳𝘴𝘦𝘢 𝘪𝘯𝘵𝘦𝘳𝘯𝘦𝘵 𝘤𝘢𝘣𝘭𝘦𝘴 𝘵𝘳𝘢𝘯𝘴𝘪𝘵𝘪𝘯𝘨 𝘏𝘰𝘳𝘮𝘶𝘻. 𝘈𝘭𝘤𝘢𝘵𝘦𝘭 𝘚𝘶𝘣𝘮𝘢𝘳𝘪𝘯𝘦 𝘕𝘦𝘵𝘸𝘰𝘳𝘬𝘴 𝘩𝘢𝘴 𝘱𝘢𝘶𝘴𝘦𝘥 𝘢𝘭𝘭 𝘳𝘦𝘨𝘪𝘰𝘯𝘢𝘭 𝘳𝘦𝘱𝘢𝘪𝘳 𝘰𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯𝘴. 𝘛𝘩𝘦 𝘮𝘢𝘳𝘬𝘦𝘵 𝘪𝘴 𝘱𝘳𝘪𝘤𝘪𝘯𝘨 𝘵𝘩𝘦 𝘰𝘪𝘭 𝘤𝘩𝘰𝘬𝘦𝘱𝘰𝘪𝘯𝘵. 𝘛𝘩𝘦 𝘥𝘢𝘵𝘢 𝘤𝘩𝘰𝘬𝘦𝘱𝘰𝘪𝘯𝘵 𝘴𝘪𝘵𝘴 𝘣𝘦𝘴𝘪𝘥𝘦 𝘪𝘵 𝘰𝘯 𝘵𝘩𝘦 𝘴𝘢𝘮𝘦 𝘴𝘦𝘢𝘧𝘭𝘰𝘰𝘳, 𝘢𝘯𝘥 𝘯𝘰𝘣𝘰𝘥𝘺 𝘪𝘴 𝘩𝘦𝘥𝘨𝘪𝘯𝘨 𝘪𝘵. Marvell beat tonight by a hair. Stock up 3 percent after-hours on a thin $10M revenue beat and Q2 guidance one cent above consensus. The AI tape rallied. The bond market quietly rallied harder, with the 30-year down twelve basis points to 5.04 percent. Brent fell to $98. The whole macro complex is leaning into the deal. Meanwhile, Tasnim mapped the Persian Gulf's seven undersea cables on April 22, IRGC spokesman Zolfaghari announced fees on internet cables on May 9, and Alcatel Submarine Networks halted all regional repair operations as of May 18. The next Hormuz leverage event is not crude. It is bandwidth. 𝗧𝗟;𝗗𝗥: • 𝙈𝙖𝙧𝙫𝙚𝙡𝙡 𝙌𝟣 𝙁𝙔𝟤𝟢𝟤𝟩 𝙧𝙚𝙥𝙤𝙧𝙩𝙚𝙙 𝙀𝙋𝙎 𝙤𝙛 $𝟢.𝟪𝟢 𝙫𝙨 $𝟢.𝟩𝟫 𝙘𝙤𝙣𝙨𝙚𝙣𝙨𝙪𝙨 𝙥𝙚𝙧 𝘾𝙉𝘽𝘾. 𝘙𝘦𝘷𝘦𝘯𝘶𝘦 𝘣𝘦𝘢𝘵 𝘣𝘺 𝘰𝘯𝘭𝘺 $𝟣𝟢𝘔 𝘱𝘦𝘳 𝟤𝟦/𝟩 𝘞𝘢𝘭𝘭 𝘚𝘵 𝘭𝘪𝘷𝘦 𝘤𝘰𝘷𝘦𝘳𝘢𝘨𝘦. 𝘘𝟤 𝘨𝘶𝘪𝘥𝘢𝘯𝘤𝘦 $𝟢.𝟫𝟥 ±𝟧𝘤 𝘷𝘴 $𝟢.𝟫𝟢 𝘤𝘰𝘯𝘴𝘦𝘯𝘴𝘶𝘴 𝘱𝘦𝘳 𝘛𝘪𝘱𝘙𝘢𝘯𝘬𝘴. 𝘚𝘵𝘰𝘤𝘬 +𝟥% 𝘢𝘧𝘵𝘦𝘳-𝘩𝘰𝘶𝘳𝘴 𝘢𝘵 $𝟤𝟣𝟦.𝟧𝟫. 𝘗𝘰𝘭𝘺𝘮𝘢𝘳𝘬𝘦𝘵 𝘱𝘦𝘨𝘨𝘦𝘥 𝘣𝘦𝘢𝘵 𝘰𝘥𝘥𝘴 𝘢𝘵 𝟫𝟢% 𝘨𝘰𝘪𝘯𝘨 𝘪𝘯. 𝘛𝘩𝘪𝘯 𝘣𝘦𝘢𝘵 𝘢𝘨𝘢𝘪𝘯𝘴𝘵 𝘱𝘳𝘪𝘤𝘦𝘥 𝘱𝘦𝘳𝘧𝘦𝘤𝘵𝘪𝘰𝘯. 𝘏𝘚𝘉𝘊 𝘳𝘢𝘪𝘴𝘦𝘥 𝘵𝘢𝘳𝘨𝘦𝘵 $𝟪𝟧 → $𝟥𝟢𝟢. 𝘚𝘶𝘴𝘲𝘶𝘦𝘩𝘢𝘯𝘯𝘢 $𝟣𝟢𝟢 → $𝟤𝟥𝟢. 𝘔𝘰𝘳𝘨𝘢𝘯 𝘚𝘵𝘢𝘯𝘭𝘦𝘺 $𝟣𝟢𝟥 → $𝟣𝟩𝟤. 𝘛𝘩𝘦 𝘚𝘦𝘤𝘰𝘯𝘥 𝘞𝘢𝘷𝘦 𝘵𝘩𝘦𝘴𝘪𝘴 𝘳𝘦𝘮𝘢𝘪𝘯𝘴 𝘪𝘯𝘵𝘢𝘤𝘵 𝘧𝘰𝘳 𝘰𝘯𝘦 𝘮𝘰𝘳𝘦 𝘲𝘶𝘢𝘳𝘵𝘦𝘳. 𝘊𝘶𝘴𝘵𝘰𝘮 𝘴𝘪𝘭𝘪𝘤𝘰𝘯 𝘴𝘤𝘢𝘭𝘦𝘥 $𝟢 → $𝟣.𝟧𝘉 𝘪𝘯 𝘍𝘠𝟤𝟨. • 𝙋𝙚𝙧 𝘾𝙉𝙉 𝙈𝙖𝙮 𝟣𝟩 𝙖𝙣𝙙 𝙏𝙝𝙚 𝙉𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝙈𝙖𝙮 𝟣𝟪: 𝙨𝙚𝙫𝙚𝙣 𝙪𝙣𝙙𝙚𝙧𝙨𝙚𝙖 𝙛𝙞𝙗𝙚𝙧-𝙤𝙥𝙩𝙞𝙘 𝙘𝙖𝙗𝙡𝙚𝙨 𝙩𝙧𝙖𝙣𝙨𝙞𝙩 𝙩𝙝𝙚 𝙎𝙩𝙧𝙖𝙞𝙩 𝙤𝙛 𝙃𝙤𝙧𝙢𝙪𝙯, 𝙤𝙛 𝙬𝙝𝙞𝙘𝙝 𝙩𝙬𝙤 𝙧𝙪𝙣 𝙩𝙝𝙧𝙤𝙪𝙜𝙝 𝙄𝙧𝙖𝙣𝙞𝙖𝙣 𝙩𝙚𝙧𝙧𝙞𝙩𝙤𝙧𝙞𝙖𝙡 𝙬𝙖𝙩𝙚𝙧𝙨 (𝙁𝙖𝙡𝙘𝙤𝙣, 𝙂𝙪𝙡𝙛 𝘽𝙧𝙞𝙙𝙜𝙚 𝙄𝙣𝙩𝙚𝙧𝙣𝙖𝙩𝙞𝙤𝙣𝙖𝙡). 𝘗𝘦𝘳 𝘛𝘢𝘴𝘯𝘪𝘮 𝘈𝘱𝘳𝘪𝘭 𝟤𝟤: 𝘐𝘙𝘎𝘊-𝘭𝘪𝘯𝘬𝘦𝘥 𝘰𝘶𝘵𝘭𝘦𝘵 𝘮𝘢𝘱𝘱𝘦𝘥 𝘵𝘩𝘦 𝘧𝘶𝘭𝘭 𝘗𝘦𝘳𝘴𝘪𝘢𝘯 𝘎𝘶𝘭𝘧 𝘤𝘢𝘣𝘭𝘦 𝘢𝘯𝘥 𝘤𝘭𝘰𝘶𝘥 𝘪𝘯𝘧𝘳𝘢𝘴𝘵𝘳𝘶𝘤𝘵𝘶𝘳𝘦. 𝘗𝘦𝘳 𝘐𝘙𝘎𝘊 𝘴𝘱𝘰𝘬𝘦𝘴𝘮𝘢𝘯 𝘌𝘣𝘳𝘢𝘩𝘪𝘮 𝘡𝘰𝘭𝘧𝘢𝘨𝘩𝘢𝘳𝘪 𝘔𝘢𝘺 𝟫: 𝘐𝘳𝘢𝘯 𝘸𝘪𝘭𝘭 "𝘪𝘮𝘱𝘰𝘴𝘦 𝘧𝘦𝘦𝘴 𝘰𝘯 𝘪𝘯𝘵𝘦𝘳𝘯𝘦𝘵 𝘤𝘢𝘣𝘭𝘦𝘴." 𝘗𝘦𝘳 𝘞𝘪𝘯𝘥𝘸𝘢𝘳𝘥 𝘷𝘪𝘢 𝘛𝘩𝘦 𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭: 𝘈𝘭𝘤𝘢𝘵𝘦𝘭 𝘚𝘶𝘣𝘮𝘢𝘳𝘪𝘯𝘦 𝘕𝘦𝘵𝘸𝘰𝘳𝘬𝘴 𝘩𝘢𝘴 𝘱𝘢𝘶𝘴𝘦𝘥 𝘢𝘭𝘭 𝘳𝘦𝘨𝘪𝘰𝘯𝘢𝘭 𝘳𝘦𝘱𝘢𝘪𝘳 𝘰𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯𝘴. 𝘛𝘩𝘦 𝘒𝘰𝘣𝘦𝘪𝘴𝘴𝘪 𝘓𝘦𝘵𝘵𝘦𝘳 𝘔𝘢𝘺 𝟣𝟢 𝘤𝘪𝘵𝘦𝘥 𝘐𝘳𝘢𝘯𝘪𝘢𝘯 𝘱𝘭𝘢𝘯𝘴 𝘵𝘰 𝘵𝘢𝘬𝘦 𝘤𝘰𝘯𝘵𝘳𝘰𝘭 𝘰𝘧 𝟩 𝘶𝘯𝘥𝘦𝘳𝘸𝘢𝘵𝘦𝘳 𝘤𝘢𝘣𝘭𝘦𝘴. • 𝙏𝙝𝙚 𝙙𝙞𝙨𝙥𝙚𝙧𝙨𝙞𝙤𝙣 𝙣𝙖𝙧𝙧𝙤𝙬𝙚𝙙 𝙒𝙚𝙙𝙣𝙚𝙨𝙙𝙖𝙮. 𝙎&𝙋 𝟧𝟢𝟢 -𝟢.𝟤𝟧% 𝙩𝙤 𝟩,𝟧𝟢𝟢.𝟤𝟪. 𝘉𝘳𝘦𝘯𝘵 -𝟢.𝟨𝟫% 𝘵𝘰 $𝟫𝟪.𝟥𝟨. 𝟥𝟢𝘠 𝘜𝘚𝘛 -𝟣𝟤 𝘣𝘱𝘴 𝘵𝘰 𝟧.𝟢𝟦%. 𝘌𝘲𝘶𝘪𝘵𝘺 𝘢𝘯𝘥 𝘣𝘰𝘯𝘥 𝘢𝘯𝘥 𝘤𝘳𝘶𝘥𝘦 𝘢𝘭𝘭 𝘮𝘰𝘷𝘦𝘥 𝘵𝘩𝘦 𝘴𝘢𝘮𝘦 𝘥𝘪𝘳𝘦𝘤𝘵𝘪𝘰𝘯 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘧𝘪𝘳𝘴𝘵 𝘵𝘪𝘮𝘦 𝘪𝘯 𝘧𝘪𝘷𝘦 𝘴𝘦𝘴𝘴𝘪𝘰𝘯𝘴. 𝘎𝘰𝘭𝘥 𝘧𝘭𝘢𝘵 𝘢𝘵 $𝟦,𝟧𝟣𝟤. 𝘛𝘩𝘦 𝘱𝘦𝘢𝘤𝘦 𝘥𝘪𝘷𝘪𝘥𝘦𝘯𝘥 𝘪𝘴 𝘣𝘦𝘪𝘯𝘨 𝘱𝘳𝘪𝘤𝘦𝘥. 𝘗𝘊𝘌 𝘪𝘯𝘧𝘭𝘢𝘵𝘪𝘰𝘯 𝘍𝘳𝘪𝘥𝘢𝘺 𝘔𝘢𝘺 𝟤𝟫 𝟪:𝟥𝟢 𝘌𝘛 𝘪𝘴 𝘵𝘩𝘦 𝘯𝘦𝘹𝘵 𝘧𝘰𝘳𝘤𝘪𝘯𝘨 𝘧𝘶𝘯𝘤𝘵𝘪𝘰𝘯. 𝘓𝘰𝘯𝘨: 𝘝𝘓𝘊𝘊 𝘵𝘢𝘯𝘬𝘦𝘳𝘴 (𝘍𝘙𝘖, 𝘛𝘌𝘕, 𝘌𝘜𝘙𝘕, 𝘐𝘕𝘚𝘞), 𝘥𝘦𝘧𝘦𝘯𝘴𝘦, 𝘨𝘰𝘭𝘥 𝘤𝘰𝘮𝘱𝘭𝘦𝘹, 𝘉𝘳𝘦𝘯𝘵 𝘚𝘦𝘱 $𝟣𝟣𝟧 𝘤𝘢𝘭𝘭𝘴. 𝘚𝘩𝘰𝘳𝘵: 𝘛𝘓𝘛 𝘪𝘯𝘵𝘰 𝘞𝘢𝘳𝘴𝘩 𝘑𝘶𝘯𝘦 𝟣𝟨-𝟣𝟩, 𝘟𝘓𝘠/𝘟𝘏𝘉, 𝘴𝘶𝘣𝘱𝘳𝘪𝘮𝘦 𝘈𝘉𝘚. 𝗜. 𝗧𝗵𝗲 𝗖𝗮𝗯𝗹𝗲 𝗤𝘂𝗶𝗲𝘁 The CNN report dated May 17 mapped the seven submarine cables crossing the Strait of Hormuz. Per Alan Mauldin, research director at TeleGeography, two of those cables, the Falcon and Gulf Bridge International, run through Iranian territorial waters. The other five transit the chokepoint but sit outside the 12-nautical-mile sovereignty line. Per Tasnim, April 22: the IRGC-linked outlet published a full map of the Persian Gulf's cable and cloud infrastructure with the publication itself framed as a warning. Per IRGC Armed Forces spokesman Ebrahim Zolfaghari on May 9: Iran will "impose fees on internet cables." Per Windward via The National, May 18: Alcatel Submarine Networks, one of the world's three largest installers of undersea cables, has paused all regional repair operations. The repair freeze is the operational confirmation that the threat has commercial weight. The Kobeissi Letter dated May 10 referenced Iranian plans to take control of seven underwater internet cables in the Strait of Hormuz. Per RT May 26: Iran is moving from "pointing out vulnerabilites" to building a fee-based access regime, the same playbook used on tanker traffic since March, now applied to bandwidth. The cables carry global banking transactions, AI cloud workloads, military communications, and retail internet for the entire Gulf region. Per CNN, targeting them affects banking systems, military communications, AI cloud infrastructure, remote work, online gaming, and streaming services simultaneously. "For Iran, subsea digital infrastructure now serves as a new lever alongside oil, tanker traffic, ports, and energy logistics." Farhad Ibragimov, RUDN University, May 26 The financial market exposure is concentrated. Per industry estimates across multiple cable trackers, the Hormuz cables carry approximately 2 terabits per second of international data traffic at peak, including a substantial share of Gulf-bound financial messaging via SWIFT and SWIFT replacement systems, hyperscaler cloud workloads on AWS, Azure, and GCP, and the entire backbone for AI inference loads hitting Saudi Humain, UAE G42, and Qatar Sovereign Cloud. Marvell's data center revenue, which beat tonight, runs on this infrastructure. A cable cut in Hormuz is a Gulf data center capex pause expressed in a different unit. 𝗜𝗜. 𝗧𝗵𝗲 𝗠𝗮𝗿𝘃𝗲𝗹𝗹 𝗣𝗼𝘀𝘁𝘀𝗰𝗿𝗶𝗽𝘁 Marvell beat by one cent on EPS and ten million on revenue. The Q2 guidance came in three cents above consensus at $0.93. Stock up 3 percent in after-hours trading at $214.59 per Investing.com. Per Money Morning, May 25: management raised FY2027 revenue guidance to approach $11 billion versus prior $10 billion, implying more than 30 percent annual growth, with data center growing 40 percent year over year. Custom silicon revenue scaled from zero to $1.5 billion in FY2026 and is expected to grow more than 20 percent in FY2027 and at least double in FY2028. CEO Matt Murphy cited "bookings accelerating at a record pace" per the earnings call. The thin beat against priced perfection is the tell. Per 24/7 Wall St live coverage, Polymarket pegged beat odds at 90 percent going into the print. Marvell has posted negative day-of moves in all four recent earnings releases, including a -19.81 percent drop on a beat per the historical record. The 3 percent after-hours move is a market saying "barely good enough" to a stock up 142 percent year-to-date. Per Benzinga, HSBC analyst Frank Lee raised the price target from $85 to $300 on May 26, the day before earnings. Susquehanna went from $100 to $230 same day. Morgan Stanley moved from $103 to $172. The buy-side had positioned for a blowout. They got incremental. The Hormuz connection runs through Gulf hyperscaler capex. Per CNBC Asia Daily Open May 25: Gulf data center buildouts, including Saudi Humain, UAE G42, Saudi Data Hub, Qatar Sovereign Cloud, Mubadala MGX, and Bahrain Cloud Zone, are paused or delayed due to the conflict. Marvell's customer pipeline includes these projects directly. A revenue beat tonight extends the Second Wave thesis by one quarter. It does not address the 2027 ceiling. The ceiling is on the Hormuz seafloor. 𝗜𝗜𝗜. 𝗧𝗵𝗲 𝗖𝗼𝗻𝘃𝗲𝗿𝗴𝗲𝗻𝗰𝗲 The five-tape dispersion identified on Wednesday morning narrowed across one trading session. Per CNBC close data May 27: S&P 500 closed at 7,500.28, down 0.25 percent. Brent crude settled at $98.36, down 0.69 percent. The 30-year Treasury yield fell 12 basis points to 5.04 percent, the largest single-day decline in two months. Gold flat at $4,512. VIX at 17.21. For the first time since the May 23 Trump Truth Social statement, all four major asset classes moved in the same direction. The bond market led, with the 30-year repricing the peace dividend more aggressively than equities and crude combined. That convergence is conditional on three forcing functions still ahead: PCE inflation Friday, May 29, at 8:30 ET, the actual signing of the 14-point MOU, and Warsh's first FOMC June 16-17. The bond market is front-running the Friday print. Per Deutsche Bank economists via Solwd: core PCE expected at plus 0.3 percent month-on-month. A soft PCE confirms the convvergence trajectory. A hot PCE reopens the dispersion within ninety minutes of release. The cable threat is the long-tail risk nobody is hedging. The 14-point MOU under negotiation in Islamabad reportedly addresses Hormuz tanker transit and Iranian asset unfreezing, per CNBC, May 23. Per the Tasnim report dated May 9, the Iranian fee structure on undersea cables sits outside the MOU. Iran is treating cables as a separate sovereignty matter. If the MOU is signed on Friday and Iran simultaneously announces the cable fee regime, oil reopens, and bandwidth becomes the new chokepoint. The trade book then has to re-price the data center capex thesis, the financial messaging risk, and the cloud infrastructure exposure, all without touching the Brent screen. The Cable Quiet is not a metaphor. Alcatel Submarine Networks has actually paused repairs. The cables remain operational right now because no one is testing them. The quiet is the lead indicator. 𝗜𝗩. 𝗧𝗿𝗮𝗱𝗲 𝗦𝗲𝘁𝘂𝗽 ▲ 𝗟𝗼𝗻𝗴: FRO + TEN + EURN + INSW + DHT (cable hedge: undamaged tanker fleet), Brent September $115 calls (re-open priced too aggressively), Aramco (2222.SR) + XOM + CVX + COP, GLD + GDXJ + NEM + GOLD + AEM, LMT + RTX + NOC + ITA, submarine cable repair exposure: ASN parent (Nokia), SubCom holders, Polariton + MRVL (post-print breakout watch), UVXY + VXX ▼ 𝗦𝗵𝗼𝗿𝘁 / 𝗛𝗲𝗱𝗴𝗲: TLT through Warsh FOMC June 16-17, SPY June $720 puts, QQQ June $600 puts, XLY + XHB, WMT + TGT + DG puts, subprime auto ABS, Capital One + Ally Financial, cloud infra long-dated puts on cable cut tail risk 𝗣𝗼𝗹𝘆𝗺𝗮𝗿𝗸𝗲𝘁: Iran cable fee regime announced before Jun 17" + "Brent below $95 on Jul 4" + "MRVL above $225 by Jun 30" + "30Y UST below 5.00% on Warsh FOMC day" 𝗧𝗵𝗲 𝘀𝗶𝗻𝗴𝗹𝗲 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻 𝗳𝗿𝗼𝗺 𝗠𝗮𝘆 𝟮𝟴 𝘁𝗼 𝗝𝘂𝗻𝗲 𝟭𝟳. If the 14-point MOU gets signed this week and the Hormuz oil transit normalizes, does Iran announce its undersea cable fee regime within seventy-two hours, and which asset class repricies first, Gulf-domiciled hyperscaler equity, sovereign cloud names, or the ASN/SubCom cable-repair sector that nobody currently owns? 𝘿𝙞𝙨𝙘𝙡𝙤𝙨𝙪𝙧𝙚. 𝙏𝙝𝙚 𝙫𝙞𝙨𝙪𝙖𝙡 𝙖𝙨𝙨𝙚𝙩𝙨 𝙖𝙣𝙙 𝙘𝙝𝙖𝙧𝙩 𝙡𝙖𝙮𝙤𝙪𝙩𝙨 𝙞𝙣 𝙩𝙝𝙞𝙨 𝙖𝙣𝙖𝙡𝙮𝙨𝙞𝙨 𝙬𝙚𝙧𝙚 𝙜𝙚𝙣𝙚𝙧𝙖𝙩𝙚𝙙 𝙬𝙞𝙩𝙝 𝘼𝙄 𝙩𝙤𝙤𝙡𝙞𝙣𝙜 𝙩𝙤 𝙚𝙣𝙖𝙗𝙡𝙚 𝙧𝙖𝙥𝙞𝙙 𝙙𝙖𝙩𝙖 𝙫𝙞𝙨𝙪𝙖𝙡𝙞𝙯𝙖𝙩𝙞𝙤𝙣. 𝘼𝙡𝙡 𝙧𝙚𝙨𝙚𝙖𝙧𝙘𝙝, 𝙖𝙣𝙖𝙡𝙮𝙩𝙞𝙘𝙖𝙡 𝙛𝙧𝙖𝙢𝙚𝙬𝙤𝙧𝙠, 𝙨𝙤𝙪𝙧𝙘𝙚 𝙫𝙚𝙧𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣, 𝙚𝙙𝙞𝙩𝙤𝙧𝙞𝙖𝙡 𝙟𝙪𝙙𝙜𝙢𝙚𝙣𝙩, 𝙖𝙣𝙙 𝙩𝙧𝙖𝙙𝙚 𝙘𝙤𝙣𝙘𝙡𝙪𝙨𝙞𝙤𝙣𝙨 𝙖𝙧𝙚 𝙞𝙣𝙙𝙚𝙥𝙚𝙣𝙙𝙚𝙣𝙩𝙡𝙮 𝙢𝙞𝙣𝙚. 𝙀𝙫𝙚𝙧𝙮 𝙙𝙖𝙩𝙖 𝙥𝙤𝙞𝙣𝙩 𝙞𝙨 𝙘𝙧𝙤𝙨𝙨-𝙧𝙚𝙛𝙚𝙧𝙚𝙣𝙘𝙚𝙙 𝙖𝙜𝙖𝙞𝙣𝙨𝙩 𝙢𝙪𝙡𝙩𝙞𝙥𝙡𝙚 𝙞𝙣𝙙𝙚𝙥𝙚𝙣𝙙𝙚𝙣𝙩 𝙨𝙤𝙪𝙧𝙘𝙚𝙨 𝙗𝙚𝙛𝙤𝙧𝙚 𝙥𝙪𝙗𝙡𝙞𝙘𝙖𝙩𝙞𝙤𝙣. 𝙄𝙣𝙖𝙘𝙘𝙪𝙧𝙖𝙘𝙞𝙚𝙨, 𝙞𝙛 𝙛𝙤𝙪𝙣𝙙, 𝙖𝙧𝙚 𝙢𝙞𝙣𝙚 𝙩𝙤 𝙤𝙬𝙣 𝙖𝙣𝙙 𝙘𝙤𝙧𝙧𝙚𝙘𝙩. 𝙏𝙝𝙞𝙨 𝙞𝙨 𝙉𝙊𝙏 𝙁𝙄𝙉𝘼𝙉𝘾𝙄𝘼𝙇 𝘼𝘿𝙑𝙄𝘾𝙀. 𝙎𝙖𝙢𝙚𝙚𝙧 𝙎𝙝𝙖𝙝𝙯𝙖𝙙 𝘚𝘰𝘶𝘳𝘤𝘦𝘴. 𝘊𝘕𝘉𝘊 𝘔𝘙𝘝𝘓 𝘔𝘢𝘺 𝟤𝟩 (𝘘𝟣 𝘢𝘥𝘫𝘶𝘴𝘵𝘦𝘥 𝘌𝘗𝘚 𝟪𝟢¢, 𝘤𝘰𝘯𝘴𝘦𝘯𝘴𝘶𝘴 𝟩𝟫¢ 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮; 𝘘𝟤 𝘢𝘥𝘫𝘶𝘴𝘵𝘦𝘥 𝘌𝘗𝘚 𝟫𝟥¢ ±𝟧¢, 𝘤𝘰𝘯𝘴𝘦𝘯𝘴𝘶𝘴 𝟫𝟢¢ 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘛𝘪𝘱𝘙𝘢𝘯𝘬𝘴 𝘔𝘙𝘝𝘓 𝘔𝘢𝘺 𝟤𝟧-𝟤𝟩 (𝘔𝘢𝘺 𝟤𝟩 𝘈𝘧𝘵𝘦𝘳 𝘊𝘭𝘰𝘴𝘦 𝘊𝘰𝘯𝘧𝘪𝘳𝘮𝘦𝘥 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘘𝟤 $𝟤.𝟩𝘉 𝘪𝘮𝘱𝘭𝘪𝘦𝘴 𝟥𝟧% 𝘠𝘰𝘠 𝘢𝘤𝘤𝘦𝘭𝘦𝘳𝘢𝘵𝘪𝘯𝘨 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘍𝘠𝟤𝟩 𝘳𝘢𝘪𝘴𝘦𝘥 𝘵𝘰 𝘢𝘱𝘱𝘳𝘰𝘢𝘤𝘩 $𝟣𝟣 𝘣𝘪𝘭𝘭𝘪𝘰𝘯 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘤𝘶𝘴𝘵𝘰𝘮 $𝟢 𝘵𝘰 $𝟣.𝟧𝘉 𝘍𝘠𝟤𝟨 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘍𝘠𝟤𝟪 𝘤𝘶𝘴𝘵𝘰𝘮 𝘥𝘰𝘶𝘣𝘭𝘦𝘥 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝟤𝟦/𝟩 𝘞𝘢𝘭𝘭 𝘚𝘵 𝘭𝘪𝘷𝘦 𝘔𝘢𝘺 𝟤𝟩 (𝘳𝘦𝘷𝘦𝘯𝘶𝘦 𝘣𝘦𝘢𝘵 𝘣𝘺 $𝟣𝟢𝘔 𝘌𝘗𝘚 𝘣𝘺 $𝟢.𝟨𝟥 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, +𝟥% 𝘈𝘏 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘗𝘰𝘭𝘺𝘮𝘢𝘳𝘬𝘦𝘵 𝘣𝘦𝘢𝘵 𝘰𝘥𝘥𝘴 𝟫𝟢% 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘯𝘦𝘨𝘢𝘵𝘪𝘷𝘦 𝘥𝘢𝘺-𝘰𝘧 𝘮𝘰𝘷𝘦𝘴 𝘢𝘭𝘭 𝟦 𝘳𝘦𝘤𝘦𝘯𝘵 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘐𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨.𝘤𝘰𝘮 𝘔𝘙𝘝𝘓 𝘔𝘢𝘺 𝟤𝟩 (𝘢𝘧𝘵𝘦𝘳-𝘩𝘰𝘶𝘳𝘴 $𝟤𝟣𝟦.𝟧𝟫 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝟧𝟤-𝘸𝘦𝘦𝘬 𝘳𝘢𝘯𝘨𝘦 $𝟧𝟪.𝟨𝟣-$𝟤𝟣𝟩.𝟦𝟧 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘱𝘳𝘦-𝘮𝘢𝘳𝘬𝘦𝘵 $𝟤𝟣𝟫.𝟨𝟢 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘔𝘰𝘯𝘦𝘺 𝘔𝘰𝘳𝘯𝘪𝘯𝘨 𝘔𝘢𝘺 𝟤𝟧 (𝘔𝘙𝘝𝘓 +𝟣𝟢𝟢% 𝘪𝘯 𝟤𝟢𝟤𝟨 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘛𝘳𝘢𝘪𝘯𝘪𝘶𝘮 𝘔𝘢𝘪𝘢 𝘈𝘹𝘪𝘰𝘯 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, $𝟣𝟫𝟨.𝟥𝟥 𝘍𝘳𝘪𝘥𝘢𝘺 𝘤𝘭𝘰𝘴𝘦 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝟤𝟢+ 𝘤𝘶𝘴𝘵𝘰𝘮 𝘈𝘐 𝘥𝘦𝘴𝘪𝘨𝘯 𝘸𝘪𝘯𝘴 𝘍𝘠𝟤𝟪-𝘍𝘠𝟤𝟫 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘉𝘦𝘯𝘻𝘪𝘯𝘨𝘢 𝘔𝘢𝘺 𝟤𝟨 (𝘏𝘚𝘉𝘊 $𝟪𝟧 𝘵𝘰 $𝟥𝟢𝟢 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘔𝘰𝘳𝘨𝘢𝘯 𝘚𝘵𝘢𝘯𝘭𝘦𝘺 $𝟣𝟢𝟥 𝘵𝘰 $𝟣𝟩𝟤 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘚𝘶𝘴𝘲𝘶𝘦𝘩𝘢𝘯𝘯𝘢 $𝟣𝟢𝟢 𝘵𝘰 $𝟤𝟥𝟢 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘗𝘰𝘭𝘢𝘳𝘪𝘵𝘰𝘯 𝘢𝘤𝘲𝘶𝘪𝘴𝘪𝘵𝘪𝘰𝘯 𝘈𝘱𝘳𝘪𝘭 𝟤𝟤 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, $𝟤𝟢𝟪.𝟤𝟨 𝘛𝘶𝘦𝘴𝘥𝘢𝘺 𝘤𝘭𝘰𝘴𝘦 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘌𝘊𝘐𝘒𝘚 𝘔𝘢𝘺 𝟤𝟩 (𝘔𝘙𝘝𝘓 +𝟣𝟦𝟤% 𝘪𝘯 𝟤𝟢𝟤𝟨 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, $𝟤.𝟦𝘉 ±𝟧% 𝘨𝘶𝘪𝘥𝘢𝘯𝘤𝘦 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘔𝘢𝘳𝘤𝘩 𝟤𝟢𝟤𝟨 𝟣𝟪% 𝘴𝘪𝘯𝘨𝘭𝘦-𝘥𝘢𝘺 𝘨𝘢𝘪𝘯 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘐𝘯𝘷𝘦𝘻𝘻 𝘔𝘢𝘺 𝟤𝟩 (𝟣𝟩𝟧% 𝘳𝘢𝘭𝘭𝘺 𝘴𝘪𝘯𝘤𝘦 𝘍𝘦𝘣 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘗/𝘌 𝟨𝟪𝘹 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘊𝘕𝘕 𝘏𝘰𝘳𝘮𝘶𝘻 𝘊𝘢𝘣𝘭𝘦𝘴 𝘔𝘢𝘺 𝟣𝟩 (𝘴𝘦𝘷𝘦𝘯 𝘤𝘢𝘣𝘭𝘦𝘴 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘍𝘢𝘭𝘤𝘰𝘯 𝘢𝘯𝘥 𝘎𝘉𝘐 𝘐𝘳𝘢𝘯𝘪𝘢𝘯 𝘵𝘦𝘳𝘳𝘪𝘵𝘰𝘳𝘪𝘢𝘭 𝘸𝘢𝘵𝘦𝘳𝘴 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘈𝘭𝘢𝘯 𝘔𝘢𝘶𝘭𝘥𝘪𝘯 𝘛𝘦𝘭𝘦𝘎𝘦𝘰𝘨𝘳𝘢𝘱𝘩𝘺 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘢𝘴𝘺𝘮𝘮𝘦𝘵𝘳𝘪𝘤 𝘸𝘢𝘳𝘧𝘢𝘳𝘦 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘛𝘩𝘦 𝘕𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘔𝘢𝘺 𝟣𝟪 (𝘈𝘭𝘤𝘢𝘵𝘦𝘭 𝘚𝘶𝘣𝘮𝘢𝘳𝘪𝘯𝘦 𝘕𝘦𝘵𝘸𝘰𝘳𝘬𝘴 𝘱𝘢𝘶𝘴𝘦𝘥 𝘢𝘭𝘭 𝘳𝘦𝘨𝘪𝘰𝘯𝘢𝘭 𝘳𝘦𝘱𝘢𝘪𝘳 𝘰𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯𝘴 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘞𝘪𝘯𝘥𝘸𝘢𝘳𝘥 𝘴𝘰𝘶𝘳𝘤𝘦 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘡𝘰𝘭𝘧𝘢𝘨𝘩𝘢𝘳𝘪 𝘔𝘢𝘺 𝟫 𝘪𝘮𝘱𝘰𝘴𝘦 𝘧𝘦𝘦𝘴 𝘰𝘯 𝘪𝘯𝘵𝘦𝘳𝘯𝘦𝘵 𝘤𝘢𝘣𝘭𝘦𝘴 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘙𝘛 𝘔𝘢𝘺 𝟤𝟨 (𝘍𝘢𝘳𝘩𝘢𝘥 𝘐𝘣𝘳𝘢𝘨𝘪𝘮𝘰𝘷 𝘙𝘜𝘋𝘕 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘴𝘶𝘣𝘴𝘦𝘢 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘪𝘯𝘧𝘳𝘢𝘴𝘵𝘳𝘶𝘤𝘵𝘶𝘳𝘦 𝘯𝘦𝘸 𝘭𝘦𝘷𝘦𝘳 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘛𝘢𝘴𝘯𝘪𝘮 𝘈𝘱𝘳𝘪𝘭 𝟤𝟤 𝘮𝘢𝘱 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘐𝘳𝘢𝘯 𝘐𝘯𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘈𝘱𝘳 𝟤𝟤 (𝘐𝘙𝘎𝘊-𝘭𝘪𝘯𝘬𝘦𝘥 𝘛𝘢𝘴𝘯𝘪𝘮 𝘸𝘢𝘳𝘯𝘪𝘯𝘨 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘒𝘰𝘣𝘦𝘪𝘴𝘴𝘪 𝘓𝘦𝘵𝘵𝘦𝘳 𝘔𝘢𝘺 𝟣𝟢 (𝘐𝘳𝘢𝘯 𝘤𝘰𝘯𝘵𝘳𝘰𝘭 𝟩 𝘶𝘯𝘥𝘦𝘳𝘸𝘢𝘵𝘦𝘳 𝘤𝘢𝘣𝘭𝘦𝘴 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘊𝘕𝘕 𝘓𝘪𝘷𝘦 𝘔𝘢𝘺 𝟤𝟩 (𝟣𝟤 𝘷𝘦𝘴𝘴𝘦𝘭𝘴 𝘔𝘢𝘺 𝟤𝟨 𝟩 𝘪𝘯𝘣𝘰𝘶𝘯𝘥 𝟧 𝘰𝘶𝘵𝘣𝘰𝘶𝘯𝘥 𝘞𝘪𝘯𝘥𝘸𝘢𝘳𝘥 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘐𝘙𝘐𝘉 𝘩𝘰𝘴𝘵𝘪𝘭𝘦 𝘤𝘰𝘶𝘯𝘵𝘳𝘪𝘦𝘴 𝘣𝘭𝘰𝘤𝘬𝘦𝘥 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘊𝘌𝘕𝘛𝘊𝘖𝘔 𝘏𝘢𝘸𝘬𝘪𝘯𝘴 𝘷𝘪𝘢 𝘊𝘕𝘉𝘊 𝘔𝘢𝘺 𝟤𝟨 (𝘴𝘦𝘭𝘧-𝘥𝘦𝘧𝘦𝘯𝘴𝘦 𝘴𝘵𝘳𝘪𝘬𝘦𝘴 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘐𝘙𝘎𝘊 𝘣𝘰𝘢𝘵𝘴 𝘢𝘵𝘵𝘦𝘮𝘱𝘵𝘪𝘯𝘨 𝘵𝘰 𝘦𝘮𝘱𝘭𝘢𝘤𝘦 𝘮𝘪𝘯𝘦𝘴 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘊𝘕𝘉𝘊 𝘤𝘭𝘰𝘴𝘦 𝘔𝘢𝘺 𝟤𝟩 (𝘚𝘗𝘟 𝟩,𝟧𝟢𝟢.𝟤𝟪 -𝟢.𝟤𝟧% 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝘉𝘳𝘦𝘯𝘵 $𝟫𝟪.𝟥𝟨 -𝟢.𝟨𝟫% 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮, 𝟥𝟢𝘠 𝟧.𝟢𝟦% -𝟣𝟤 𝘣𝘱𝘴 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘚𝘤𝘩𝘢𝘦𝘧𝘧𝘦𝘳'𝘴 𝘔𝘢𝘺 𝟤𝟣 (𝘗𝘊𝘌 𝘔𝘢𝘺 𝟤𝟫 𝟪:𝟥𝟢 𝘌𝘛 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘚𝘰𝘭𝘸𝘥 𝘔𝘢𝘺 𝟤𝟨 (𝘋𝘉 +𝟢.𝟥% 𝘔𝘰𝘔 𝘤𝘰𝘳𝘦 𝘗𝘊𝘌 𝘷𝘦𝘳𝘣𝘢𝘵𝘪𝘮); 𝘚𝘶𝘣𝘮𝘢𝘳𝘪𝘯𝘦𝘤𝘢𝘣𝘭𝘦𝘮𝘢𝘱.𝘤𝘰𝘮 / 𝘛𝘦𝘭𝘦𝘎𝘦𝘰𝘨𝘳𝘢𝘱𝘩𝘺 (𝘏𝘰𝘳𝘮𝘶𝘻 𝘤𝘢𝘣𝘭𝘦 𝘵𝘰𝘱𝘰𝘭𝘰𝘨𝘺).