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Disappointing earnings reports from Alphabet, Amazon and Intel renewed fears on Friday that the AI trade could unravel.

U.S. intelligence finds Iran has "substantially increased" its efforts to target American diplomats and officials in the Middle East and beyond, with lethal plots reaching "advanced stages," according to an Oct. 23 memo to Secretary of State Marco Rubio obtained by Axios. Why it matters: U.S. officials say the intelligence is one reason the State Department is drawing down personnel at several American embassies across the Middle East, amid mounting fears of a broader regional conflict. U.S. officials also fear that Iran-backed Houthi rebels in Yemen could expand their attacks beyond Saudi Arabia to other countries in the region. Adding to the volatile security environment is the prospect of renewed U.S. and Israeli military operations against Iran, potentially after the midterm elections. News of the memo exploded across the internet after Axios posted it last night, with media coverage worldwide . What they're saying: "We may do another little Operation Epic Fury, or [the Iranians] will agree [to a deal]," President Trump said at a rally in Florida on Friday. "If they're smart, they will just say, 'Let's get down to business,' but I doubt they will do that because perhaps they're not smart." Driving the news: In the one-page, unclassified memo obtained by Axios, Director of National Intelligence Jay Clayton warned Rubio that intelligence about Iranian assassination plots needs to reach more U.S. personnel than are currently authorized to receive it. The memo does not identify specific targets, countries outside the Middle East or the nature of the plots, but says the underlying intelligence has already been shared with senior State Department officials. Clayton offered to downgrade as much of the sensitive intelligence as possible so Rubio could share it more widely with personnel potentially at risk. State of play: Earlier this week, the State Department ordered family members and nonessential personnel to leave the U.S. Embassy in Riyadh and consulates in Jeddah