Market Beats | US Strikes Kharg Island as Iran Faces Trump’s Final Deadline; Tishman Speyer Moves Closer to Regaining Control of Chrysler Building; Blackstone Raises $10bn for Opportunistic Credit; Jeff Bezos’s AI Start-up Poaches xAI Co-founder from OpenAI; Delta Raises Checked Bag Fees as Jet Fuel Prices Surge; Apple’s First Foldable iPhone on Track for September Launch; Artemis II Crew Captures Breathtaking Deep Space Images

—— US Strikes Kharg Island as Iran Faces Trump’s Final Deadline; Tishman Speyer Moves Closer to Regaining Control of Chrysler Building; Blackstone Raises $10bn for Opportunistic Credit; Jeff Bezos’s AI Start-up Poaches xAI Co-founder from OpenAI; Delta Raises Checked Bag Fees as Jet Fuel Prices Surge; Apple’s First Foldable iPhone on Track for September Launch; Artemis II Crew Captures Breathtaking Deep Space Images

1. US Strikes Kharg Island as Iran Faces Trump’s Final Deadline

US forces struck military targets on Iran’s strategic oil export hub, Kharg Island, overnight, with both White House officials and Iranian state media confirming the attacks. President Donald Trump issued a dire warning, stating that a “whole civilization will die tonight” if Tehran fails to reopen the Strait of Hormuz, though he signaled a deal remains possible ahead of his 8 p.m. Eastern time deadline.

In response, Iran’s Revolutionary Guards have ramped up threats against regional energy infrastructure as the ultimatum nears. Markets remained on edge, with Brent crude holding flat at $110 a barrel while European equities and US futures slipped as investors weighed the potential for last-minute de-escalation.

In Tehran, the government urged citizens to form human chains around power plants to deter further strikes, while Israel’s military warned Iranians to stay away from rail networks.

On the diplomatic front, the UK announced it would not permit the US to use British airbases for strikes and is instead hosting a virtual planning meeting with over 40 nations to discuss securing safe passage through the strait.

______

2. Tishman Speyer Moves Closer to Regaining Control of Chrysler Building

Tishman Speyer is one step closer to regaining control of Manhattan’s iconic Chrysler Building. The board of trustees for Cooper Union, which owns the land beneath the Art Deco skyscraper, has agreed to enter exclusive negotiations with the developer for a ground lease spanning more than 100 years. Any finalized deal will require approval from the New York State Attorney General’s Office.

The value of the 1930s-era tower has fluctuated significantly over the decades. Tishman Speyer first took control in 1998 and sold a majority stake in 2008 in a deal valuing the building at $800 million. By 2019, the valuation dropped to $150 million when RFR Holding and Signa Group took over. However, RFR lost control to Cooper Union in 2024 after falling behind on escalating ground lease obligations.

The 77-story tower, once the world’s tallest building, contains roughly 1 million square feet of office space that has struggled to compete with newer, modern developments in recent years.

______

3. Blackstone Raises $10bn for Opportunistic Credit

Blackstone Inc. has raised $10 billion for its latest opportunistic credit fund, signaling sustained institutional appetite for private debt despite recent market upheaval. Blackstone Capital Opportunities Fund V, the firm’s largest-ever vehicle for this strategy, was oversubscribed and closed at its hard cap. The fund is designed to invest in both performing and opportunistic assets, targeting segments that may currently be undervalued.

The $1.8 trillion private credit market has faced intense scrutiny recently due to its exposure to software firms, which many investors fear are being disrupted by advances in artificial intelligence. While retail-focused funds have been forced to implement 5% redemption caps to manage investor exits, Blackstone’s institutional raise suggests professional investors see value in the current volatility. Lou Salvatore, co-portfolio manager at Blackstone, noted that the firm’s ability to hit its $10 billion target amid a “noisy backdrop” underscores its market position.

This successful close follows a challenging period for Blackstone’s flagship private credit vehicle, which faced record redemption requests of $3.8 billion earlier this year.

______

4. Jeff Bezos’s AI Start-up Poaches xAI Co-founder from OpenAI

Jeff Bezos’s secretive AI start-up, Project Prometheus, has poached Kyle Kosic, a co-founder of Elon Musk’s xAI, from his recent role at OpenAI. Kosic, who previously led the infrastructure team for xAI’s Colossus supercomputer, will continue focusing on AI infrastructure at Prometheus. His departure marks the latest exit from Musk’s original circle of 11 xAI co-founders, all of whom have now left the company amid reports of management friction.

Project Prometheus, led by Bezos and former Google executive Vikram Bajaj, is rapidly scaling its operations in San Francisco, London, and Zurich. The start-up is specifically targeting high-level researchers and engineers experienced in massive infrastructure projects. Unlike language-based chatbots like ChatGPT, Prometheus is focused on developing AI systems capable of transforming the industrial sector and operating within the physical world.

This high-profile hire underscores the intensifying global war for elite AI talent.

______

5. Delta Raises Checked Bag Fees as Jet Fuel Prices Surge

Delta Air Lines Inc. announced on Tuesday that it will increase checked bag fees by $10 to $50 per piece, responding to a dramatic rise in jet fuel prices. The Atlanta-based carrier will charge $10 more for the first and second checked bags on domestic and select international routes, while the fee for a third bag will jump by $50. Following the hike, passengers will pay $45 for their first bag, $55 for the second, and $200 for the third. Delta SkyMiles Medallion members and first-class passengers will retain certain complimentary bag allowances.

Delta joins rivals United Airlines and JetBlue, both of which raised baggage fees earlier this month as the conflict in the Middle East continues to destabilize global energy markets.

The closure of the Strait of Hormuz has severely constricted the supply of crude oil and aviation fuel, forcing carriers to implement higher ticket prices and fuel surcharges alongside increased service fees to offset surging operational costs.

______

6. Apple’s First Foldable iPhone on Track for September Launch

Apple Inc.’s first foldable iPhone is reportedly still on schedule for a September debut, countering recent reports of significant manufacturing delays. Sources familiar with the matter indicate that the company plans to unveil the foldable model alongside the iPhone 18 Pro and Pro Max during its traditional autumn launch window. While Apple typically releases its new hardware the week following its keynote, the complexity of the foldable display and specialized materials could lead to constrained initial supplies.

The clarification follows a Nikkei Asia report on Tuesday that suggested engineering test hurdles might derail the production timeline, causing Apple shares to drop as much as 5.1%. Despite these reported technical challenges, insiders maintain that Apple is moving forward with a plan to launch the device alongside its non-foldable counterparts.

However, as full-scale production has not yet begun and the launch remains six months away, the schedule remains subject to change.

______

7. Artemis II Crew Captures Breathtaking Deep Space Images

The four-member crew of NASA’s Artemis II mission—Reid Wiseman, Victor Glover, Christina Koch, and Jeremy Hansen—has already secured its place in history by shattering human deep-space distance records. Beyond their technical achievements, the astronauts have also earned acclaim as skilled photographers, capturing breathtaking high-resolution images of Earth and the moon from a distance of approximately 252,760 miles. Operating from within the Lockheed Martin-built Orion capsule, the crew has provided a rare glimpse into daily life and work during this historic lunar journey.

The imagery sent back to Earth has inspired global awe, with one particular shot of the moon eclipsing the sun drawing significant attention. In a post on X, the White House described the vantage point as “a view few in human history have ever witnessed.”

As Artemis II continues its mission, these visual records serve as a powerful testament to the progress of the Artemis program and humanity’s return to deep-space exploration.

______