Fortune
Wall Street is the biggest winner of the Iran war — and the S&P 500 just turned positive for the year
The S&P 500 has clawed back its 2025 losses and turned positive for the year, with markets surging on signs that U.S.-Iran tensions will stop well short of full-scale conflict. Investors who bet on de-escalation — a strategy some are calling the "Trump Always Chickens Out" trade — have been handsomely rewarded. Wall Street, it turns out, was never pricing in war; it was pricing in a deal.
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Wall Street is the biggest winner of the Iran war—and the S&P 500 just turned positive for the year
Markets have shrugged off geopolitical anxiety and rewarded investors who bet on de-escalation, with the S&P 500 climbing back into positive territory for the year following the Iran conflict's swift resolution. The so-called "Trump always chickens out" trade — wagering that bellicose rhetoric rarely translates into sustained military action — has proven remarkably lucrative for those willing to hold their nerve. Wall Street, far from fearing the conflict, effectively profited from it.
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Fortune
AI agents are acting like employees, but company structures still treat them like software
AI agents have crossed a critical threshold — they're no longer just tools that execute commands, but autonomous operators making decisions and taking actions independently. Yet most organizations continue to govern them through outdated software procurement and IT frameworks, creating a dangerous accountability gap. As these agents take on roles that resemble employees, businesses need governance structures that reflect that reality.
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