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Investors are getting picky, and ETFs reveal exactly where the money is going. Seana Smith, Senior Investment Strategist at Global X, joins Bloomberg Open Interest to break down why AI still dominates, how defense stocks are surging on global tensions, and why only a handful of companies will truly win the AI race.

Iran says the Strait of Hormuz is completely open for commercial traffic, a major step toward ending the war with the US and Israel. Oil prices plunged on the news. Bloomberg's Tyler Kendall reports.

Oil and gas prices plunged early Friday after Iran said the Strait of Hormuz is now completely open to traffic. But Bloomberg's Mia Gindis says it may take some time for tanker traffic to bounce back. She reports on "Bloomberg Open Interest."

Iran announced that the Strait of Hormuz is now "completely open" for commercial traffic, a major step toward ending a war with the US and Israel that's sent energy prices surging. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Foreign Minister Abbas Araghchi said on X. Ships can move on the "coordinated route as already announced" by Iranian authorities. Bloomberg's Patrick Sykes joins to discuss.

The Trump administration is said to be considering a deal to unfreeze $20 billion in Iranian assets in exchange for Iran's uranium stockpiles, according to an Axios report. Tyler Kendall reports on Bloomberg Television.

Rep. French Hill, a Republican from Arkansas, discusses the upcoming confirmation process for Kevin Warsh, President Donald Trump's nominee for Federal Reserve Chair.

State Street Corporation (NYSE:STT) reported a robust start to fiscal 2026, with first-quarter total revenue rising 16% year-over-year to $3.8 billion.

Medicus Pharma (NASDAQ:MDCX), a clinical-stage biopharmaceutical company, announced today that it has submitted an application for Orphan Drug Designation (ODD) to the U.S. Food and Drug Administration (FDA) for its flagship candidate, SkinJect (D-MNA).

Rick Rieder, global fixed income CIO and head of the global allocation team at BlackRock, sees equities being driven by a combination of "amazing" technicals and "pretty powerful" earnings.

Gregory Allen, senior adviser at CSIS Wadhwani AI Center, examines the capabilities of Anthropic's Mythos model and how AI is being used by the US military to intensify strikes in the Iran war.

Nigeria is emerging as a beneficiary of the Iran war, with higher oil prices boosting export revenues. Speaking to Bloomberg's Jennifer Zabasajja, Citi Senior Africa Economist David Cowan said Africa has "got lucky" with elevated commodity prices and already-planted crops help cushion the continent from broader global disruptions.

Edward Yardeni, president at Yardeni Research, runs down the points of optimism he sees for equity investors and what's bringing back enthusiasm for the tech sector.