Daily Briefing — July 19, 2026 | Hormuz, Chips, and the AI Spending Reckoning

This week's briefing covers the reinstated U.S. blockade on the Strait of Hormuz and the 20% transit fee that sent oil surging, plus how the Fed under Chair Kevin Warsh is weighing that shock against softening inflation data. We break down Friday's broad equity selloff — the S&P 500, Nasdaq, and Dow all lower on the week — and trace its roots to a new Chinese AI model from Moonshot and a TSMC earnings report that raised more capex questions than it answered. From there we follow the selloff across the Pacific, where Japan's Nikkei had its worst session in months and...