Plus, Space X reports the rebound in stocks looks set to continue for a fourth consecutive session. Oil prices, which plunged Monday on Iran peace hopes, are rising again, though. So are Treasury note yields. This afternoon will feature the first quarterly earnings report from Space X following its huge June initial public offering.

After an initial surge, the stock’s performance has been disappointing. You probably aren’t rich or well‑connected enough to have a 24‑year‑old incinerate your savings. There are still lessons to be learned from last week’s meltdown at hedge fund Situational Awareness. One is that investors can be too quick to forgive and forget, focusing on the heady gains instead of reckless behavior.

Humbled manager Leopold Aschenbrenner, whose surname means ash burner, probably will rise like a phoenix. Paper value once managed is seen as a sort of credential. Aschenbrenner’s fund had about $45 billion before its plunge and fire sale. Surely someone rich people entrusted with so much was special? And the valedictorian of an Ivy League university nicknamed “Nostradamus of AI” must be very smart.

Both can be true without meaning he’ll repeat and sustain his early success. Probably the best story of brainiacs blowing up is Roger Lowenstein’s “When Genius Failed.” The book is about hedge fund Long Term Capital Management, which collapsed in 1998 with possibly the highest‑IQ team ever, including two Nobel Prize winners.