Micron fell 7% yesterday. SanDisk and Seagate fell 9%. None of them reported bad news, missed earnings, or lost a contract — and yet three of the AI buildout's biggest winners got hit harder than anything else in the market. The answer isn't in their filings. It's in the bond market, where the 30-year Treasury yield just hit a 19-year high and repriced every dollar of earnings these companies expect to make next decade. Here's the mechanism behind the move, the $3 trillion sitting in tech's footnotes, and why the Fed minutes at 2:00 PM Eastern decide whether the pressure continues.

A single Iranian document restricting Strait of Hormuz traffic sent Brent crude up 3.8%, lifted the 10-year Treasury yield to 4.67%, and ended the Dow's record streak with a 464-point drop. Meanwhile, gold is on pace for its best week since January and Western Digital fell 13% despite 44% revenue growth. Here's how the chain reaction unfolded — and why the July jobs report decides what happens next.