Stocks are bleeding as AI spending fears and the Iran conflict spook investors — bad for anyone holding tech and hardware right now.

• The AI rally has stalled for four weeks because hardware stocks and no other sector have held the market up.
• Borrowing money is getting more expensive as government bond rates rise, which raises the cost of the debt companies use to buy AI chips.
• Meta hinted it may sell off extra computing power, which markets can't tell is a smart money grab or a sign it overbuilt on AI.
• The Iran conflict is pushing oil back up over $85, and a shipping disruption at the Strait of Hormuz is the real pressure point on the U.S. economy.
• The next big test is mega-cap earnings from Google, Microsoft, Meta, and Amazon — the market needs them to promise even more AI spending, since huge spending is already priced in.

Outlook: Expect more downside and nervousness until those earnings calls confirm the AI spending boom continues; if the Iran drama escalates, the selloff could deepen.