Eternal seesaw

Good morning, ladies and gentlemen, and happy hump day. We’re feeling a little bit like we’re on a seesaw with no way off — Iran and the US can’t seem to decide if they’re heading towards a permanent ceasefire or a renewed outbreak, and Brent is following the flare-ups and cooldowns in lockstep.

Markets have plenty else to chew on. The Nasdaq took a beating as a chip selloff swept Asia — ASML slid, SK Hynix fell nearly 15%, and Samsung more than 13% — on reports that China is closing the gap on the lithography machines behind the world’s most advanced chips. And with Tesla and Alphabet still spending on AI like it’s going out of style, investors would quite like to know when the returns turn up. Apple, Amazon, Meta, and Microsoft all report this week, and the Fed decides on rates — so we won't be waiting long for hints.

For a change of scenery: Saudi Arabia’s Red Sea Global is taking its playbook abroad for the first time, picking the tip of Sardinia for its debut project outside the Kingdom — the outfit built to bring the world to the Red Sea now sailing the other way. Meanwhile, the DIFC crossed the threshold of having 10k registered companies for the first time ever, war next door notwithstanding. –Salma