July turned out to be a particularly turbulent month. Investors' favourite sector, semiconductors, but also, more broadly, anything related to artificial intelligence, sold off sharply for no apparent reason.

The war in the Persian Gulf triggered wild moves in energy stocks and, more surprisingly, in semiconductor stocks, which have rallied strongly since April and show no signs of stopping.

Two subjects dominated markets and our attention this month: artificial intelligence and the price of oil. Both saw significant developments.