The dollar rose to 162.41 yen, the highest level since 1986, while the yen slid to a four-decade low on Tuesday. Japan’s Finance Minister Satsuki Katayama said authorities were ready to take “appropriate action” if needed, adding to expectations of FX intervention. The dollar index stood at 101.32 and was on track for a 1.4% gain in the second quarter, as widening U.S.-Japan rate differentials and renewed rate-hike expectations continued to weigh on the yen.

More graduate students will face higher federal student loan caps than previously anticipated following a court ruling last week. Beginning July 1 under President Donald Trump’s “one big beautiful bill act,” new graduate students would be capped at $20,500 a year, while “professional” students can borrow up to $50,000. On Monday, the Education Department released an updated list of over 20 professional degrees eligible for the higher limit during the court’s stay. The list includes registered nursing, physician associates and speech-language pathology.

Palantir said it has struck a strategic partnership with Nvidia to deploy open AI models inside classified and airgapped U.S. government systems by integrating Nvidia’s Blackwell Ultra GPUs and Nemotron open-source models with Palantir’s AIP and other platforms. The companies did not disclose specific agency customers or financial terms, describing the move as a productized follow-on from earlier demonstrations tied to Nvidia’s GTC event and the “Chain Reaction” program. Palantir reported Q1 revenue of $1.63 billion, up 85% year on year, including $687 million from the U.S. government, up 84%.

Technology shares led gains, with AI infrastructure-linked chipmakers including ASML, Lam Research, KLA, AMD, Marvell, Texas Instruments, Applied Materials, ARM and Intel each rising more than 1%. AI spending is expected to drive results, with forecasts pointing to AI infrastructure stocks contributing nearly 60% of the S&P 500’s Q2 earnings-per-share growth. Some crypto-exposed stocks such as MicroStrategy, Coinbase and Riot came under pressure as bitcoin fell.

SharonAI said it has closed a $1.6 billion private placement financing, including $900 million in Class A ordinary shares and prefunded warrants and $700 million in convertible notes. The company said it plans to use the proceeds to support a previously announced six-year compute collaboration with NVIDIA, including deployment of up to 40,000 Grace Blackwell GB300 GPUs in Australia. Goldman Sachs served as lead placement agent.

After multiple military clashes near the Strait of Hormuz, the U.S. and Iran agreed to pause hostilities and head to Doha for talks. WTI crude futures edged up to $70.56 a barrel on Monday and Brent rose to $72.91, rebounding from Friday’s low as markets began pricing in easing tensions. Trump also pressed gasoline retailers to cut prices and called on California to lower its gas tax, without changing the core drivers behind oil prices.

Micron’s latest fiscal Q3 results were strong, with revenue rising 4x year over year and gross margin hitting 84.6%, as AI-driven demand lifted high-bandwidth memory pricing. The analysis argues that Samsung, SK Hynix and Micron are simultaneously ramping investment toward roughly $130 billion in a single year, far above prior cycle peaks. It warns that this scale of capacity build-out could flip supply-demand dynamics later and pressure DRAM prices and profitability if AI infrastructure spending undershoots expectations.

U.S. Treasury Secretary Scott Bessent called on gasoline retailers to lower prices as the country marks its 250th anniversary, warning that “we’re watching.” President Donald Trump had earlier threatened “big problems” if prices do not fall to around $2.50 a gallon. The push follows a recent oil-price surge tied to U.S.-Israel strikes on Iran and Iran’s retaliation, before prices eased after an initial agreement was signed this month.