Fed Chair Kevin Warsh told a semiannual monetary policy hearing that recent inflation readings do not fully reflect underlying inflationary pressure and that one-off price moves do not necessarily become persistent. On artificial intelligence, Warsh said short-term AI investment is likely to be positive for employment—supported by U.S. infrastructure buildout—and that AI will be disruptive. He is seeking access to a range of new AI models and currently sees AI’s demand-side effects emerging fast

SpaceX (SPCX.O) shares have slipped below their offering price, triggering heavy short activity. Short positions total roughly 181 million shares, about 28% of the float, yielding approximately $3.88bn in unrealized profits. Since the June 16 closing high, SpaceX’s market cap has fallen by about $860bn, roughly one-third. Investors are watching the company’s imminent first quarterly report and forthcoming lock-up expirations for further price pressure.

CENTCOM said since restarting a maritime blockade of Iranian ports 17 hours ago, U.S. forces have intercepted two merchant vessels attempting to breach the blockade. The U.S. military said it remains vigilant and prepared to ensure full compliance.