Daily Briefing — August 4, 2026 | A Record High, an Iranian Denial, and SpaceX's First Earnings

Markets wake up to a much murkier picture than Monday's record close suggested, after Iran publicly denied Trump's claim that talks were underway, and Trump followed with sharply escalated rhetoric describing the moment as a last chance before what he called decapitation. We cover why Asian markets failed to follow Wall Street's Monday rally, with doubts about the AI trade resurfacing and chip stocks in South Korea sliding again, alongside a look back at last week's violent momentum-stock whiplash tied partly to a forced hedge fund unwind at Leopold Aschenbrenner's Situational Awareness fund. We also preview SpaceX's first-ever public earnings report tonight, with the stock down more than 50% from its post-IPO peak, Deutsche Bank's bullish long-term price target, and a looming insider share-lockup expiration just two days away. This episode is for informational purposes only and does not constitute financial, investment, legal, or tax advice.