‘Memory supply crisis’: Wall Street triggers huge selloff in fear of looming chip shortages

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

Good morning. On Fortune’s radar today:

• Markets: Yikes. 😞
• There’s a “memory supply crisis” among chipmakers, Deutsche Bank says.
• Vanguard: AI is the new railroad boom—and we’re still laying track.
• The Fed is reaching the end of its five-year rope.
• Ray Dalio: The U.S. is re-enacting the Suez crisis.
• Elon Musk wants to borrow $25 billion. Allianz has an issue with that.
• Just how bad was Brexit? 10 years on, we have the numbers.
• How TIAA’s CEO discovered her father didn’t have a 401(k).

This story was originally featured on Fortune.com