Global markets are skittish as the Iran conflict keeps crude near $100 a barrel and Strait of Hormuz tensions squeeze energy markets. [P]At the same time, the bond market is flashing red — the 30-year Treasury yield hit a 19-year high — raising borrowing costs and stress for stocks (analysis). Meanwhile fintech and crypto news keeps churning: SoFi rolled out SoFiUSD inside its banking app even as some crypto plays and bitcoin-related stocks crater.

AI is remaking deal-making — notably Amazon Web Services struck a $6 billion deal with Snowflake for agentic computing chips, highlighting how cloud and chip strategy are merging (deal). incumbents are reacting: Meta is embedding engineers with customers to sell AI features, and Drew Houston is stepping down at Dropbox as AI threatens legacy storage models (Meta, Dropbox). [P]Add in travel disruptions from Gulf tensions and rising mortgage/refi rates, and companies are juggling supply shocks, talent bets, and tighter consumer spending all at once.

Ken Paxton's primary win over John Cornyn, backed by Trump, has GOP strategists fretting about fundraising and electability in Texas (report). [P]At the same time corporate leadership is crossing borders: Nvidia’s Jensen Huang joined Tsinghua University's advisory board, a symbolic move tightening U.S.–China tech ties even as NATO members debate reliance on U.S. defense commitments (Huang, NATO).