Crude prices surge as President Trump says the US is ‘reinstating’ a Strait of Hormuz blockade. Apple sues OpenAI, alleging intellectual property theft, but The Verge’s Nilay Patel questions if trade secrets even exist when it comes to AI. Plus, with tech companies trading at peak margins, we set the table for second quarter earnings season with Wolfe’s Chris Senyek.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Oil Climbs on Hormuz Tensions, Apple’s OpenAI Lawsuit, and Earnings Season Eve 7/13/26

The Exchange

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[SPEAKER_B] Thank you very much, Scott. Stocks are selling off this hour after the president said he is reinstating a blockade of the Strait of Hormuz and the Fed's Waller gives a super hawkish speech. I'm Kelly Evans and welcome to The Exchange. You see the S&P down 2/3 of a percent there. Shares of SK Hynix are down nearly 8% today, putting pressure on the Nasdaq after a much worse session overseas. Other memory and chip names are under pressure, too. We'll talk about those moves in a moment. Plus, the latest on the Strait of Hormuz. Amrita Sen is on the ground in the Middle East as the President says the US will now become the guardian of the Strait. What does that mean? We'll get her thoughts on that.

Oil Climbs on Hormuz Tensions, Apple’s OpenAI Lawsuit, and Earnings Season Eve 7/13/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Oil Climbs on Hormuz Tensions, Apple’s OpenAI Lawsuit, and Earnings Season Eve 7/13/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.