As negotiators race to finalize a tentative debt ceiling deal before the June 5 deadline, the White House and House Speaker Kevin McCarthy have reached an agreement in principle on the matter. Nvidia has emerged as a leading force in AI this year, with triple-digit stock gains, leaving behind Intel as its rival. JPMorgan and Morgan Stanley are also creating AI-powered investing tools called IndexGPT and a ChatGPT-style chatbot, respectively. However, analysts have voiced concerns that these tools may struggle due to problems with “second-level thinking.” Bank of America strategists have warned that the AI bubble could burst if financial conditions tighten and the Fed isn’t careful. Beijing’s priority of national security above its economy may prevent it from catching up to the US economy. Private investment in China has grown just 0.4% this year.
Nvidia is a multinational technology company known for designing graphics processing units and AI systems. Founded in 1993, it has since become one of the largest manufacturers of semi-conductors globally.
Phil Rosen is a writer and financial journalist based in New York. He is a regular contributor to Insider’s newsletter and covers various financial news topics.
