Wednesday, July 22, 2026 — Iran strikes escalate, NVDA breaks into CPUs, and credit markets stay eerily calm.

The US launched fresh strikes on Iran overnight while Pakistan’s ceasefire push collapses. Rubio says Iran isn’t serious. Trump attends the dignified transfer of 4 more service members killed since the last truce ended. NVDA +3.1% on news it’s entering the $200B CPU market with its Vera chip. Not just GPUs anymore — this is the next growth leg. Supplier Wistron also opening a $700M Texas plant for AI superchips. 10Y yield at 4.66%, real yields ticking up to 2.35%. But here’s the weird part — high yield OAS unchanged at 2.69 bp. Credit markets are pricing zero stress while geopolitics burns. That spread is a joke if anything spills into oil. Watch this: Moonshot, whatever that is, reportedly accessed banned NVIDIA chips. If this becomes a sanctions enforcement story, it could get messy for the AI supply chain. Kalshi traders are betting on Iran and Vietnam for GE Vernova earnings, not wind blades. Good signal — the market sees defense and emerging market infrastructure as the real d

The US launched fresh strikes on Iran overnight while Pakistan’s ceasefire push collapses. Rubio says Iran isn’t serious. Trump attends the dignified transfer of 4 more service members killed since the last truce ended.