Thursday, July 09, 2026: Trump ends Iran ceasefire, oil spikes, Nasdaq slips but tech stays steady. Nvidia still “too cheap” per BofA.

Geopolitics: Trump says ceasefire over, shooting never stopped. Iran blockade odds jumping, oil ripping. Strait of Hormuz back in focus. Good signal for defense, bad for everything else. Tech/AI: Nvidia Rubin Ultra rack at $21M, HBM4E $1.5M each. BofA says NVDA too cheap vs chip peers. SambaNova raises at $11B valuation — alt-chip trade heating up. Watch AI capex stay sticky. Macro/commodities: Oil surging on ceasefire collapse, commodities feed confirms. Fed drops CP data — not sure people appreciate this is a liquidity stress gauge. Sensex, Nifty tumble; EM stress creeping. What it adds up this week: Geopolitical risk back in the driver’s seat. Tech holding but energy costs creeping. Defensive rotation? Watch bonds, oil, and that CP data for cracks.

Geopolitics: Trump says ceasefire over, shooting never stopped. Iran blockade odds jumping, oil ripping. Strait of Hormuz back in focus. Good signal for defense, bad for everything else.