Raymond James raises estimates for 3 major Nvidia datacenter accessory makers following Blackwell announcement.
Congressional pushback on executive authority intersected with geopolitical tensions this week as the Republican-led Senate backed a resolution curbing the president's Iran war authorities. Negotiations remain ongoing while the U.S. and Iran remain locked in a high-stakes standoff over nuclear inspections and war-endgame terms, with the U.S. and Iran "once again at odds over nuclear inspections—no deal, no clarity, just uncertainty," according to U.S. officials. Meanwhile, Trump's second-term agenda is colliding with courts over immigration powers as judges block or narrow aspects of enforcement and detention. Congress advanced a major bipartisan housing affordability package that includes a ban on central bank digital currency development until December 31, 2030, sending the bill to President Trump after rare cross-party support.
Equity markets sold off sharply this week as chip and AI-linked names led the decline, dragging risk appetite across sectors. The Nasdaq and S&P 500 ended lower, with volatility rising as investors questioned AI spending, valuations, and margins. A sweeping selloff in chips and AI-related names is dragging global risk sentiment, with memory and semiconductor concerns spilling into broader indexes. SpaceX's explosive market debut is colliding with investor fatigue and leverage dynamics, pushing the stock into sharp reversals and raising new questions about risk in highly traded structures. Alphabet's upgrade to the Dow is happening as markets scrutinize AI leadership, underscoring Wall Street's tech pivot even while trading pressure builds. Treasuries saw a shift toward safety, while energy and select defensives drew relative support amid macro uncertainty.
The AI buildout is reshaping corporate strategy and labor markets. Oracle eliminated about 21,000 roles over the last year, underscoring how AI adoption is reshaping headcount even as investors question broader tech momentum. Cerebras' first earnings as a public company is flashing a reality check for AI hardware expectations, with revenue strength meeting margin and guidance concerns. In contrast, FedEx beat Wall Street expectations and delivered a solid quarter as pricing and execution held up, delivering a $25 billion quarter, even as the company prepares to return tariff-related funds. Meta's AI strategy is expanding on multiple fronts with smart glasses rolling out while regulators push AI review controls.
Energy markets are navigating multiple cross-currents as geopolitical risks reshape supply dynamics. Oil is sliding as the market prices improving flow expectations after a turbulent week dominated by Hormuz supply fears and shifting sanctions narratives. Hormuz logistics are reshaping energy risk through evacuations, mined routes, and renewed shipping lanes, influencing freight and oil-price trajectories. Europe is facing extreme heat with grid stress and soaring electricity costs, raising immediate consumer and infrastructure concerns. The energy-transition push is accelerating via large-scale nuclear financing and data-center power needs, with policy dollars moving to expand capacity—though data centers and power demand are fueling a broader backlash as cities and regulators scrutinize energy use and siting as AI expands.
Regulatory action is intensifying across multiple domains as authorities weigh systemic risks. U.S. and global regulators are moving against crypto prediction-market risks, with Kentucky becoming the next target as the CFTC expands scrutiny. Corporate and retail strain continues with bankruptcies and store closures signaling pressure on the consumer and cost structure. China's tech race keeps accelerating while security and geopolitics follow, with supercomputing and biotech milestones highlighting both the pace and the broader debate. Pay and price pressures are intersecting with central-bank decision-making, with rate expectations shifting as officials weigh normalization against inflation risks.