In the Iran war, it’s not the oil that’s important—it’s the water

Good morning. In today’s Fortune:

• The Middle East war now involves 17 different countries.
• Stock markets are broadly up today. Phew!
• Why hasn’t Iran bombed any of its neighbors’ water desalination plants?
• Angeliki Frangou, CEO of Navios Maritime Partners, tells us what it’s like having your ships trapped in the Strait of Hormuz.
• Elon Musk’s SpaceX IPO could hit $1.7 trillion.
• Leopold Aschenbrenner’s $5.5 billion AI bet.
• Palantir CEO thinks governments might nationalize AI.

THE MARKETS

Risk on! Global relief rally underway

S&P 500 futures are flat this morning before the opening in New York. The index rose 0.78% yesterday. Asia and Europe are strongly up, and tech stocks are going gangbusters today. Coinbase was up 15% yesterday and another 1.4% in overnight trades.

TOP STORIES

IRAN

Middle East war now involves 17 different countries

It’s Day Six of the war with Iran. Israel and Iran Read Entire Article