Monday July 27, 2026 — Iran ceasefire holds for a third night, crude dumps, futures rip. Also: Mag7 earnings week, NVDA’s $250B AI infra play.

Brent under $90 is the whole ballgame right now. US-Iran pausing strikes to talk, Zelensky at the White House Tuesday — two geopolitical tailwinds hitting at once. Watch the bond market yawn. 10Y at 4.65%, high yield OAS pinned near lows. Credit isn’t buying the chaos — good signal for risk. TSMC jacking 2026 capex again. They see AI/HPC demand so far out they’re building fabs for it now. The semi food chain is still starving. NVDA throwing billions at Ilya Sutskever’s new AI lab and backing OpenAI’s Ohio data center. They’re not just selling shovels — they’re buying stakes in the mines. Mag7 earnings this week — META, MSFT, AMZN. The capex report card is the real story. Cloud battle vs ad spend. Market wants ROI, not promises.

Brent under $90 is the whole ballgame right now. US-Iran pausing strikes to talk, Zelensky at the White House Tuesday — two geopolitical tailwinds hitting at once.