Stocks of chipmakers, including Micron Technology ($MU), Nvidia ($NVDA), and Broadcom ($AVGO), declined, reversing their previous gains. This move underscores the ongoing tension between AI optimism and growing concerns that persistent inflation could push the Federal Reserve to raise interest rates this year. Investors will be looking for policy clues following the release of critical monthly Consumer Price Index data on Wednesday. Meanwhile, tensions with Iran have reignited, one of the primary drivers behind recent price increases. Hours after President Trump stated that peace talks were progressing, the U.S. announced it would respond to an Iranian attack on a U.S. military helicopter. Wall Street is preparing for a major event on Friday, as SpaceX (SPCX) is expected to go public and break the record for the largest IPO in history. Additionally, OpenAI revealed on Monday, after market close, that it had filed its confidential IPO documents—following rival Anthropic’s similar move by one week. Both AI companies are now poised to trade on Wall Street this fall.