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Nvidia says it can sell AI chips to China again. You can’t stop Jensanity—you can only hope to contain it. Nvidia CEO Jensen Huang revealed this week that the company will resume selling its popular H20 semiconductors to China. The Trump administration had placed restrictions on sales of the chips due to national security concerns, but Huang said President Trump reversed course after meeting with him at the White House. The move—the latest in a string of good news for Nvidia—sent the chipmaker’s stock to another new record as its market cap continues to climb past the $4 trillion mark. Huang’s net worth recently caught up to Warren Buffett’s.
Big banks are buzzing. JPMorgan kicked off earnings season with a solid beat, posting $15 billion in profit as corporate dealmaking rebounded more than expected last quarter. Citigroup, meanwhile, smashed expectations, reporting total revenue that was up by 16% from the same period a year ago. Wells Fargo also reported higher Q2 profits after the Federal Reserve lifted its asset cap, though its stock fell after it lowered its annual forecast for net income. Overall, it was a more-good-than-bad day for the US’ biggest banks, providing further evidence that they’re weathering the tariff-induced economic uncertainty better than most.
Jamie Dimon said Fed independence is “absolutely critical.” The JPMorgan CEO threw his unwavering support behind the concept of an independent Federal Reserve amid President Trump’s ongoing attacks on Chairman Jerome Powell. “Playing around with the Fed can often have adverse consequences, absolutely opposite of what you might be hoping for,” Dimon said yesterday. Treasury Secretary Scott Bessent suggested that the process to identify Powell’s successor has already started, and he claimed that Trump’s criticism of the chairman is simply “working the refs” to cut interest rates. Powell’s term as Fed chair ends next year, but his term as one of the Fed governors isn’t up until 2028.—AE
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