Since SpaceX's stock peaked in June, Musk has lost about $650 bln as Tesla and SpaceX shares continue to slide. Despite the decline his net worth remains above $700 bln. Investors are watching whether AI-driven growth can sustain high valuations.

Yemen’s government said on the 27th the Houthi movement may emulate Iran by seeking control of the Bab al-Mandeb — another international energy transit chokepoint — and that it is preparing for a possible escalation. The Houthis responded that the Bab al-Mandeb is not closed and that recent maritime blockade measures target only Saudi Arabia. Incoming Yemeni foreign minister Afra Zuba, speaking at Yemen’s embassy in Riyadh, warned the Houthis’ actions could leave both the Bab al-Mandeb and the Strait of Hormuz disrupted.

U.S. premarket semiconductor stocks fell: SK Hynix (SKHY.O) down 4%, Micron Technology (MU.O) down nearly 5%, NVIDIA (NVDA.O) down 1.4%.