A tech selloff, a spreading Iran war, and rising oil all hit at once — bad news for investors and consumers, with the AI boom looking shaky.

• Tech stocks sold off hard, with the Dow and Nasdaq both dropping sharply on fears that huge AI and data-center spending won't pay off.
• Big companies like Google, Amazon, Microsoft, and Oracle are borrowing money to fund AI, so if the profits never come, the whole thing could unravel.
• A cheap new Chinese AI model, Kimi K3, is matching the top US models at a fraction of the price, raising doubts about whether pricey US AI can make money.
• The Iran war is escalating into a ninth night of US strikes, pushing oil above $90 and threatening higher inflation.
• Chipmakers like Taiwan Semi are still winning for now, but everything depends on AI actually turning a profit.

Outlook: Expect more market swings as investors question whether the debt-fueled AI buildout can ever pay off, while oil and war risks add pressure.