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You have a broken belt in that tire. Usually it is the result of hitting something hard like a curb or pothole. The impact pinches the tire against the rim and breaks the belt. If you don't remember anything like that happening it the past week or so, check the rim below the bulge and see if you have any nicks or scratches. If not, it could be a manufacturing defect. In that case you should be covered under the tire warranty. If it is impact related, that would be considered a "road hazard" and would NOT be a covered repair, unless you bought the additional road hazard coverage.
You definitely need to get the tire replaced immediately. A part of the internal structure of the tire has failed.
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