Stocks down small despite the Iran war widening sharply — tenth straight day of US strikes, three soldiers dead, Houthis threatening a Saudi Red Sea blockade, and Hormuz traffic at a trickle. Brent crude hit $90 before pulling back. AMD jumped on a Microsoft Azure AI deal, China's Moonshot Kimi K3 is now the world's third-ranked AI model, and Michael Burry covered half his Oracle short at 52-week lows. SpaceX set August 4 for its maiden earnings. New UK PM, new Chancellor, gilt yields back above 5%. Big earnings week ahead with Alphabet and Tesla, then Meta, Microsoft, Apple and Amazon next week. The capex question looms large.

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