- The consumer price index rose at its fastest clip in nearly three years last
month, according to federal data released yesterday. The headline annual
inflation reading came in at 3.8%, its highest level since 2023, moving further
from the Federal Reserve’s target of 2%.
- Alibaba Group ADRs (BABA) slip 3% after the company posted its first operating
loss since the depths of the Covid pandemic, underscoring the extent to which
China’s e-commerce leader is spending on the AI initiatives it hopes will power
its next phase of growth.
- Nvidia last night confirmed that CEO Jensen Huang is among the slew of
executives traveling to China for Trump’s visit. Huang’s name wasn’t on a list
of CEOs joining the U.S. delegation provided by a White House official earlier
this week, causing uncertainty over whether he would join.
- Chipmakers, opticals and storage firms gain as supply for global memory chips,
key to AI infrastructure build-outs, tightens further. The sector is also
getting a boost from Huang’s trip to China.
- Trump said yesterday that Dr. Marty Makary resigned as commissioner of the
Food and Drug Administration. Kyle Diamantas, a former top food official at the
agency, will become acting commissioner.
