The chip index dropped 7.9% last week while Iran broke the ceasefire and struck two ships in the Strait of Hormuz. Oil barely moved. The Fed's Kashkari has swung to a rate hike. And the BIS just warned that sovereign debt, AI overinvestment and leveraged hedge funds are building systemic risk.

Mark covers the chip selloff and what it means for hyperscaler margins, why software stocks at 52-week lows could be a generational buy, the healthcare rotation, and what to watch on the ASX this shortened week — including RBA minutes, tax-loss selling season and U.S. payrolls on Thursday.

New episodes every weekday before the ASX open. Visit mpcmarkets.com.au/podcast for the full written Morning Call.