Maria Aspin
👤 SpeakerAppearances Over Time
Podcast Appearances
Shares in Oracle soared after Larry Ellison's software company reported earnings that beat expectations and reassured some of Wall Street's ongoing anxiety about an AI bubble.
Wall Street has been swinging between hope and fear over how AI will change the economy.
But recently, fear is winning out.
Investors are worried that companies are spending too much on AI without seeing results.
But they're also worried that AI will eventually become too effective, destroying jobs and making entire industries obsolete.
Tech giant NVIDIA is at the forefront of this AI anxiety.
After it reported record-breaking earnings, its shares plunged, dragging down the tech-heavy Nasdaq.
Meanwhile, non-tech investors are worried about other risks, including a downturn in risky private credit lending.
Goldman Sachs, Wells Fargo, and other big bank stocks also sold off.
President Trump has sued JPMorgan Chase and its chief executive, Jamie Dimon, over allegations of what is known as debanking.
He claims that the country's largest bank closed his accounts for political reasons, and he's seeking at least $5 billion in damages.
In a new court filing responding to the lawsuit, JPMorgan Chase acknowledged for the first time that it had closed accounts belonging to Trump and his businesses.
The bank has previously said that the lawsuit is without merit and that it does not close accounts for political reasons, but it does for legal or regulatory ones.
NVIDIA is now the most valuable company in the world, and it's become one of the most closely watched.
It sells the advanced computer chips powering the AI boom, which some investors are increasingly worried is actually an AI bubble.
Amazon, Google, and other big tech companies are spending hundreds of billions of dollars on AI, but it's unclear how soon or how much those investments will pay off.
Meanwhile, non-tech companies like Home Depot and the owner of TJ Maxx will also report earnings.