AI stocks are in an ‘air pocket’ and Meta and Microsoft are being traded like ‘bear market names that cannot be owned,’ top analyst says

Everything you need to know before you reach the office this morning.

Good morning. On Fortune’s radar today:

• Iran war raised shipping prices globally.
• AI stocks are in an “air pocket,” Dan Ives says.
• Markets: broadly up—correction incoming?
• Too hot to work: Europe’s heat crisis has a $638 billion price tag.
• AI is causing inflation, just look at these charts.
• Mass cheating scandal shows willingness of students to behave like “idiots,” Brown University professor says.

This story was originally featured on Fortune.com