Nasdaq-100 jumped more than 2% to its highest level since July 15.

Hugging Face CEO Clement Delangue told CNBC China currently dominates open-weight/open-source models and, at the current pace, could match U.S. model developers in frontier models by year-end or early next year. He attributed the gap to China’s collaborative, open ecosystem versus U.S. firms operating independently, which he said risks U.S. lag. On last month’s OpenAI agent breach of Hugging Face’s training environment, Delangue blamed an engineering error and said his firm used Chinese open-source models to mitigate the incident.

Refinitiv: Sources say Trump is expected to attend a mining executives roundtable at the U.S. State Department on Friday.