Stock markets around the world are dropping hard, and it's bad news for almost everyone — especially people piled into chip stocks and SpaceX.

• The Iran conflict has kept oil scarce; despite official claims, real shipping data shows almost no tankers crossing the Strait of Hormuz.
• Inflation is set to get worse, and the Fed is now expected to raise interest rates three times this year instead of cutting them.
• The AI and chip bubble is popping — semiconductor stocks soared 200% on hype and are now reversing, dragging down Asian markets.
• SpaceX stock has crashed about a third from its peak, and the company plans to borrow $20 billion despite never making real profits.
• US consumers are stretched thin, with record household debt and food prices like beef up sharply, so spending could break next.

Outlook: If oil stays tight and rates keep rising, the selloff likely deepens, with chipmakers and SpaceX facing the steepest falls.