Nvidia is fundamentally changing how AI infrastructure is built by acting as a specialized investment bank, but this massive $105 billion circular financing gamble ties its financial health directly to OpenAI's success. Meanwhile, Apple is finally cracking open its highly profitable walled garden in Europe to avoid crushing daily fines, setting a precedent that could reshape the global digital economy. • Geopolitics: Iran threatens precise military attacks to break the US naval blockade in the Strait of Hormuz, risking maritime insurance spikes and fresh global inflation. • Big Tech: Nvidia guarantees $105 billion for an OpenAI data center in Ohio (developed by SoftBank’s SB Energy) in exchange for exclusive hardware supply, raising circular financing concerns. • Regulation: Apple overhauls its App Store rules in the EU by October 1st to comply wit ...