Ships go dark as the clock runs out on Trump’s ‘undeclared naval war’ in the Strait of Hormuz

Good morning. On Fortune’s radar today:

• Trump has an “undeclared naval war” in the Strait of Hormuz.
• Oil goes up as the clock ticks down to the midterms. 
• Markets: Mostly down.
• Chipmakers are vacuuming up hyperscaler cash.
• Tariff revenue is now close to zero.
• Is the K-shaped economy coming to an end?
• Wall Street is paying interns up to $86,000 for just 10 weeks work.

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This story was originally featured on Fortune.com