Escalate to Negotiate. Iran's Revolutionary Guard fired ballistic missiles and drones at US bases in Kuwait and Bahrain before dawn Sunday, the first direct strikes on allied soil since the war began on February 28. Kuwait intercepted two missiles with no casualties; Bahrain reported a damaged building near the airport. W

Iran fired ballistic missiles and drones at US bases in Kuwait and Bahrain on Sunday, retaliating for US strikes on five Iranian coastal sites a day earlier. Within hours both sides agreed to halt attacks and meet in Doha on Tuesday. Strategy's STRC preferred sank to record lows as its coupon ratche

Bolivia Broke First. The May PCE print, 4.1 percent headline and 3.4 percent core, takes US rate cuts off the table and pins September hike odds near 73 percent. That welded floor is the most consequential number in global macro, because it hardens the gap between the dollar and every central bank that is lower or easin

PCE inflation hit 4.1 percent as Bolivia abandoned its fifteen-year dollar peg, the yen touched its weakest level since 1986, and Indonesia's central bank hiked emergency rates to defend the rupiah. KKR took a majority stake in Crowe for roughly $3 billion, Spark launched a stablecoin FX layer on Un

The Supply That Wasn't There. Two stories this week are one reclassification. Anthropic accused Alibaba of running 28.8 million fraudulent queries against Claude in a coordinated distillation campaign, then sent a letter to the US Senate asking for government help against a specific foreign actor's model-theft operation, the fir

The Nasdaq posted its fifth consecutive losing session as South Korea's KOSPI triggered its fifth circuit breaker of the year, oil unwound the entire war premium that took three months to build, and an FDA panel voted 9-0 for the first mRNA flu vaccine. OpenAI unveiled its first custom chip, Anthrop

Apple Just Told You Who Pays for AI. Three of today's stories are one mechanism wearing three faces. The Fed's preferred inflation gauge reaccelerated, core PCE hitting 3.4 percent, the highest since October 2023, and the rate market now puts a September hike at 73 percent, up from 29 percent a week ago. Underneath that print, a second

Apple raised prices on every Mac and iPad it sells, citing memory costs that have surged sharply in a single quarter, and the stock fell 6 percent. PCE inflation landed at its highest level since April 2023. Google's DeepMind research lab lost a Nobel laureate and three other researchers to rivals i

Record Demand, Record Doubt. Three of today's stories are the same bet wearing three different suits. Micron printed $41.5 billion in quarterly revenue at an 84.9% gross margin, guided 17% above consensus, and said all of its 2026 high-bandwidth-memory capacity is already contracted. That is the senior, transparent claim on AI-

Micron just printed $41.5 billion in quarterly revenue and an 84.9% gross margin, and the market it proved is the same one that just took gold below $4,000 for the first time since November and repriced a September rate hike from impossible to probable in seven sessions. The demand and the doubt arr