Good morning. On Fortune’s radar today:

• A “complete reversal”: Market bears are getting louder.
• Could China flip Iran?
• Export policy built into Nvidia compensation packages.
• The K-shaped economy is only getting worse.
• President Trump’s Golden Dome plan will cost $1.2 trillion.

Today’s edition was written by Eleanor Pringle, Senior Reporter, Economics and Markets. Quick note: Subscribe to the forthcoming Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.

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