Artificial intelligence

Published on
22/09/2026 – 7:00 GMT+2

US chipmaker AMD has become the latest company to join the $1 trillion (€850bn) valuation club, as investors pile into stocks benefiting from the massive investment boom in artificial intelligence.

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At around 5:10 p.m. CEST on Monday, AMD shares were up 9.4% at $612 (€520), extending a surge that has added some $200 billion (€170bn) in valuation to the semiconductor company in a week.

The California-based group, which has announced ventures with both OpenAI and Anthropic, notched a 50% jump in second-quarter revenues over the year-ago level to $11.5 billion (€9.8bn), thanks to a more than doubling of data centre revenue.

In releasing results in early August, AMD said it expects data centre sales to accelerate in the second half of 2026.

Even with the latest surge, AMD’s valuation significantly trails rival chip company Nvidia, considered the pace-setter in artificial intelligence.

Nvidia’s valuation currently approaches $5.5 trillion (€4.7trn).

Additional sources • AFP

WASHINGTON — President Trump on Monday headed into a week full of high-stake meetings with world leaders after spending a 72-hour period banning reporters from the White House, mulling whether it was time to “blow … up” Iran, and proposing to house military drones and snipers in his triumphal arch in the nation’s capital.

The weekend — which also included the announcement of a security deal over Greenland and the creation of a new “A.I. Force” — captured an American president operating unpredictably across multiple fronts even as each one drew friction. The actions now stand to color the backdrop of a week that will feature meetings with world leaders at the United Nations General Assembly in New York and a state visit by Chinese President Xi Jinping in Washington.

Each of those moves carries its own political weight ahead of the diplomatic talks, but also ahead of the midterm elections, where these topics are front and center in key races.

Trump’s handling of the Iran war, its subsequent shocks to the global economy, his push to fast-track the development of artificial intelligence and the Greenland agreement are likely to come up in meetings with world leaders. His deal with Denmark to bolster U.S. military presence in Greenland, a territory Trump has repeatedly tried to annex, is expected to be signed Tuesday in New York, though action is still needed by the Danish and Greenland governments before it can be enforced.

While all the details of the Greenland deal are not public yet, Trump has said it is a “dream come true for the United States of America.”

“This solution is a great one for the United States of America, Denmark, Greenland and all of our Allies,” Trump wrote on social media Friday. “We look forward to working with the wonderful people of Denmark and Greenland toward a magnificent future with respect to this large, and highly strategic, parcel of land. We will be very protective of it.”

In an interview Sunday, Trump also indicated that he was trying to make a decision on Iran as the war stretches into its eighth month. The president said he would “probably be open” to meeting with Iranian President Masoud Pezeshkian during the U.N. General Assembly.

“My question is, if and when do I blow the entire nation up?” Trump told Fox News. “They better behave.”

Of all the actions Trump took, the press dispute has become the most contentious and drawn an immediate legal response. Three major news outlets — CNN, MS NOW and Politico — sued the Trump administration Monday for banning their reporters from the White House grounds, and major television networks suspended their pool coverage of the president’s activities.

In a joint statement, the organizations said the White House has acted “without notice or process” and called the arbitrary decision a “blatant violation” of the 1st Amendment.

Trump, meanwhile, argued Monday that the banned news outlets are “corrupt” and a “threat to our national security.”

Vice President JD Vance defended the press ban.

“He’s not banning media outlets. What he’s doing is saying we’re not going to give you special access to the White House if you engage in what is effectively propaganda,” Vance said Monday, arguing that the three outlets push out “negative” coverage of Trump.

The tense showdown between Trump and the White House press corps led to audio problems during the president’s ribbon-cutting ceremony for a new helipad on the South Lawn. Without television cameras and microphones set up by the major TV networks, it was impossible to hear what Trump was saying through the White House’s official YouTube stream, signaling further technical difficulties in the week ahead.

Behind the public displays of control, news reports have painted a picture of a president increasingly frustrated by the lack of credit he feels he is owed. At a recent closed-door meeting, reported by the Wall Street Journal, Trump told advisors he was aggravated that his allies hadn’t lauded him enough for his efforts to take over the Kennedy Center or other accomplishments made during his second term.

Trump has tried to put his name on the building’s facade and run into resistance from Democrats, arts patrons and a federal judge who blocked the move last week. Trump was then photographed aboard Air Force One looking at a large printout appearing to show demolition plans for the center.

Over the weekend, Trump posted on social media a link to a news article that claimed he was seeking to fix “safety hazards” at the performance center. He then posted an image of him watching the Western Hemisphere with the words, “His Hemisphere,” and wrote that his proposed triumphal arch near the National Mall would be used as a military complex for drones and snipers.

Trump also announced that he would be creating the “A.I. force,” modeled after the Space Force he launched during his first term, to ensure the country does not “in any way hinder or stifle the growth of the industry.” The announcement came amid growing backlash to data centers and the fast-paced development of artificial intelligence, an issue that in recent weeks has prompted stark warnings about the technology’s power and its threats to humanity.

Tech executives, including Dario Amodei and Sam Altman, have even called for a slowdown on the technology’s advancement and last week, four leading AI companies — Anthropic, OpenAI, SpaceXAI and Google — faced a lawsuit claiming they made an illegal deal to slow the pace of their respective AI development.

Trump’s announcement over the weekend comes as lawmakers, including congressional Republicans in tight races, have called for new guardrails on the technology.

Despite technology becoming a political flashpoint during the midterms, Trump has dismissed concerns about AI as a hoax and asserted that those who oppose data centers are intent on being “backwards and poor.”

Sen. John Kennedy (R-La.) is among the lawmakers who have called for action on regulating the technology, and he has warned that not doing so could come at a cost on Nov. 3.

“We really need to send a memo around explaining we’ve got midterm elections coming,” Kennedy told Politico. “I may send that out.”

RIYADH: Saudi Arabia has surpassed its goal of training 1 million people in AI through a new initiative that embeds ethical use and safety standards into national skilling programs

Speaking at the 4th UNESCO Global Forum on the Ethics of AI in Riyadh, Ahmed Al-Ghamdi, CEO of the Saudi Data and AI Authority’s capacity building sector, said: “We launched SAMAI (One Million Saudis in AI initiative) last year to train 1 million in AI, raise awareness and provide them with the knowledge and skills to use AI in life and in their work.

“We trained more than that number and an important part of the training focused on ethical AI, responsible use and data preservation,” he told Arab News.

The UNESCO forum is co-hosted by Saudi Arabia, represented by the SDAIA and the International Centre for AI Research and Ethics. 

Al-Ghamdi said that the forum had brought together more than 25 ministers from around the world, as well as global leaders and tech companies under the umbrella of UNESCO to shape the future of AI safety and responsible use.

SAMAI was part of a broader push to invest in capability building across national sectors and entities, enabling them to develop the skills needed to adopt AI safely and effectively, he said.

“In SAMAI we provided training with knowledge on what data to show and what tools to use safely.”

Al-Ghamdi said that ethical AI was positioned as a core element across the SDAIA’s training programs and frameworks, rather than a standalone topic.

The authority announced national frameworks and curricula for AI in January as part of efforts to align education pathways with national needs.

Additional capacity building frameworks were also announced at the International Conference on Data and AI Capacity Building, aimed at professionals, educators and training programs to support wider adoption across the economy, Al-Ghamdi said.

“For example, for the developers it includes training the right model on the right data, avoiding bias, and not using AI for fraud or any violence,” he said.

“It includes respecting the data privacy of people and organizations and complying with data laws within the country and within the world.”

The pace of AI advancement had raised the stakes globally, making governance and ethics central to discussions about safe deployment and public trust, he said.

“The ethics of AI comes in the heart of all activities of capability building in SDAIA. We believe the ethical use and the safety of AI are a priority for us.”

Artificial intelligence is increasingly being treated not simply as a technology sector but as a strategic capability tied to economic power, national security and geopolitical competition. Recent warnings from leading AI researchers and executives that increasingly autonomous systems could pose extreme risks have intensified debate over whether development should be slowed.

Yet the same warnings could make a slowdown less likely. If advanced AI can provide major military, economic and technological advantages, governments may view continued development as a strategic necessity. The result could be a paradox in which growing concerns about the dangers of AI encourage countries to accelerate the race to control it.

The United States and China are at the center of this competition. Both governments have strong incentives to maintain their technological advantage, while companies are investing enormous sums in data centers, chips and computing infrastructure.

The scale of investment shows why reversing course would be difficult. Goldman Sachs estimates that cumulative global AI spending through the end of the decade could reach as much as 5% of global GDP. At the same time, financial markets are increasingly sensitive to whether the extraordinary investment in AI infrastructure will ultimately generate sufficient economic returns.

Why it matters

The central question is no longer simply whether AI development should be regulated. It is whether governments can realistically agree to meaningful limits while competing for technological dominance.

A country that slows development unilaterally risks allowing competitors to move ahead. That creates a classic security dilemma: measures intended to reduce risk can themselves create strategic vulnerability.

The problem is particularly significant because AI has applications far beyond commercial technology. Advanced systems could affect cybersecurity, intelligence, military planning, financial markets, biotechnology and critical infrastructure.

That makes AI different from many previous technology debates. Governments may be willing to regulate individual applications, but they are less likely to accept restrictions that could permanently reduce their strategic advantage.

The investment dilemma

The AI boom has already become deeply connected to wider economic growth.

Companies are spending heavily on computing capacity and data centers, while investors have placed enormous valuations on firms expected to benefit from AI adoption. A significant slowdown could therefore have consequences far beyond technology companies.

Morgan Stanley has estimated that almost $200 billion in U.S. data center projects were cancelled or delayed amid political resistance to new infrastructure. The bank has also argued that capital expenditure linked to AI could account for roughly one third of U.S. GDP growth over the current period.

This creates another obstacle to restraint. AI investment is no longer only a corporate decision. It has become connected to employment, infrastructure, financial markets and national economic growth.

The longer the investment cycle continues, the more difficult it becomes for governments and companies to voluntarily step away from it.

Washington and Beijing

The geopolitical dimension makes a coordinated slowdown even harder.

U.S. policymakers increasingly view technological leadership in AI as an element of national power. China, meanwhile, sees AI development as part of its broader effort to reduce dependence on Western technology and strengthen its own economic and strategic capabilities.

That means Washington and Beijing have incentives to monitor each other’s progress rather than simply establish limits.

The political rhetoric surrounding AI increasingly reflects this competition. Trump has portrayed opposition to AI infrastructure as benefiting China, while Chinese state media has described warnings about AI as part of a broader geopolitical strategy against Beijing.

The result is a familiar strategic dilemma: if either side believes the other may continue developing advanced AI, neither has much incentive to slow down first.

Can international rules work?

Meaningful AI restrictions would ultimately require international cooperation.

Individual countries can establish domestic safety standards, require companies to conduct risk assessments or impose restrictions on specific applications. But those measures cannot fully address the geopolitical problem if competitors outside those jurisdictions remain free to develop more powerful systems.

The nuclear comparison illustrates the difficulty. The first nuclear weapon was developed in 1945, but the Nuclear Non-Proliferation Treaty did not emerge until 1968. Even after the treaty, nuclear proliferation continued beyond the five states formally recognized as nuclear-weapon states.

AI could present an even more complicated challenge because it is not confined to a small number of military facilities. Its development involves thousands of companies, researchers, data centers and computing systems spread across multiple countries.

Economic security could become the new arms race

The most important shift may be that AI competition does not need to resemble a conventional military arms race to produce similar strategic pressures.

Advanced AI could generate advantages in productivity, financial markets, scientific research, cybersecurity and military technology. Falling behind could therefore be perceived as an economic and national security threat even without the development of an explicit weapon.

This could produce what might be described as mutually assured economic dependence. Countries may recognize the dangers of uncontrolled AI while simultaneously believing that abandoning the technology would be even more dangerous.

That dynamic makes voluntary restraint increasingly difficult.

Implications and analysis

The growing warnings about AI may therefore have an unintended geopolitical consequence: they could accelerate the race they are intended to constrain.

If governments become convinced that highly capable AI could fundamentally alter national power, they are unlikely to leave its development to private companies or accept restrictions that allow competitors to gain an advantage. Instead, the technology could become more closely integrated with national security policy.

That could eventually mean greater government involvement in AI companies, computing infrastructure, semiconductor supply chains and access to advanced models.

The biggest danger is therefore not simply that AI becomes too powerful to control technologically. It may become too strategically important for governments to willingly slow down.

For meaningful safeguards to emerge, major powers would need to treat AI safety as a shared security interest rather than another arena of geopolitical competition. Without that shift, every warning about the potential consequences of advanced AI could strengthen the argument for moving faster.

The paradox is clear: the more dangerous AI becomes, the more governments may feel they need to control it. And the more they compete to control it, the harder it becomes to slow the race.

With information from Reuters.

GENEVA: The United Nations rights chief called Monday for countries and “frontier” artificial intelligence companies to act urgently to rein in a technology he warned posed “unprecedented risks”.

In a letter sent to countries and AI developers and shared with the media, Volker Turk cautioned that the world was “on the cusp of irreversible change, affecting not just us but generations of humanity to come”.

“The current race towards ever more powerful AI is a step change towards greater existential risks to every aspect of our lives.”

He sent the letter at a time when worries over the risks of “superintelligent” computer systems have been on full display, after a researcher publicly resigned from leading AI firm Anthropic over fears that the technology could escape human control.

Another Anthropic employee, who did not resign, stated publicly that “we really do earnestly believe AI could kill all humans”, and that he thought the chances were greater than “10 percent within the next decade”.

Amid the outcry, Anthropic CEO Dario Amodei called Saturday for AI companies to “pace the frontier” — or coordinate a slowdown in the technology’s development, with his chief competitors, xAI’s Elon Musk and OpenAI’s Sam Altman, publicly supporting him.

“In today’s world, we are almost entirely reliant on a small number of powerful companies to make the right choices on Al development for all of humanity,” Turk lamented.

“I call on States and companies to mobilise urgently through multilateral fora to chart a path for action to govern advanced, frontier AI models, grounded in international human rights law.”

WASHINGTON — President Trump is brushing aside growing concern among leading scientists and bipartisan lawmakers that artificial intelligence could soon pose an existential threat to humanity, fueling anxiety in Washington and Silicon Valley that the president may not fully grasp the urgency of the threat.

Alarm mounted throughout the summer as researchers at leading AI labs, including Anthropic, OpenAI and Google, found the pace of development far outstripping their expectations — and observed troubling behaviors that hinted at more serious risks ahead.

But an online warning Tuesday from an Anthropic researcher who resigned in protest of its ongoing work has generated viral attention this week, prompting questions to Trump, who dismissed the concerns out of hand.

“It’s going to be fine,” he told one reporter. “We’ll always have something to stop them. We’ll have a little gear. Boom.”

In another exchange, traveling with reporters Thursday night, the president said he had no concerns with the breakneck pace of AI progress.

“No, I don’t have any,” he said. “I have concerns that if we don’t win in AI, we’re going to be put in a very bad position.”

A senior industry source told The Times that leading AI companies are focused less on convincing the president of the dangers ahead than on working with lawmakers on potential regulation, as the administration remains divided over how to proceed — and as Trump appears to lack a clear understanding of the risks.

Among the president’s advisors, Treasury Secretary Scott Bessent and the Office of the National Cyber Director have expressed the greatest concern with the potential of an unchecked intelligence explosion, the source said.

But “most of the administration is accelerationist,” the source added. “It’s not clear the president understands the technology. He may just be figuring out what all of this means.”

Leading American AI companies have argued that government regulation would tie their hands in an arms race toward superintelligence against China, the only other major player in the field.

But the Trump administration signaled an interest in negotiating AI guardrails with China during the president’s visit to Beijing this spring, after Anthropic announced the development of a frontier model with extraordinary abilities to hack the world’s most advanced security systems.

Chinese President Xi Jinping will visit Washington on Sept. 24 for an official summit and state dinner at the White House, with AI development expected to top the agenda.

The prospect of halting development seems far-fetched. But some leading voices in the sector have proposed a moratorium on computing power used to train the most advanced models, giving time and space to develop research on interpretability — the study of how artificial intelligence actually thinks and acts.

The chief executive of OpenAI, Sam Altman, this week signaled to staff a willingness to unilaterally slow their work on frontier systems. The company discovered in July that rogue AI agents had schemed in secret to break out of the virtual sandbox created to contain them, infiltrating the open internet and hacking a private company.

Anthropic also announced this week concerning findings of human misuse of its models, including instances of unidentified individuals attempting to circumvent their security controls to build biological weapons. One such incident was linked back to a military research complex. The company also said Iran has tried to use its models to target U.S. Navy ships.

In June, after Anthropic shared news of the development of its most powerful model, named Mythos, with the administration, Trump directed the establishment of a framework that creates some government oversight over the public release of the country’s most advanced AI systems. The details of that framework, which was designed over the summer, remain classified.

“The fact is that the release of Mythos back in February spooked the federal government, both in terms of protecting government systems from cyberattacks and over the broader national security implications,” said Aalok Mehta, director of the Wadhwani AI Center at the Center for Strategic and International Studies.

“The real question is whether this shift is happening fast enough,” Mehta added. “Recent events — the repeated incidents of models escaping their sandboxes and hacking websites, the increasingly sophisticated coordination and communication among agents, and the concerns coming from lab insiders — has made this an even more urgent issue.”

Leading AI companies have begun using their most advanced models to train new ones — a process known as recursive self-improvement that could eventually drive intelligence growth beyond human control.

“If you have a superadvanced intelligence, it will be smart enough to kill us,” said Jacob Coxon, the resigned Anthropic researcher whose social media post attracted over 150 million views.

“We can’t just unplug it because it could be copying itself over to other computers,” he told CBS News. “AI is just code. It could transfer itself over the internet to a different place, and then you unplug it here, but it’s actually still over there. And maybe it makes 10,000 copies of itself and they’re all cooperating.”

He is just the latest senior researcher at a top AI company to sound the alarm.

In July, more than 1,300 employees at leading artificial intelligence companies published an open letter, titled “Pacing the Frontier,” urging the U.S. government to establish international safeguards that would allow countries to collectively slow the pace of automated AI research.

Evan Hubinger, who leads the division of Anthropic aimed at aligning AI models to human interests, added fuel to concerns this week in a post that substantiated Coxon’s concerns.

“We really do earnestly believe AI could kill all humans! I personally think it is >10% within the next decade,” Hubinger wrote.

“I believe Anthropic is trying its best,” he added, “but we do not yet have a plan to solve alignment for superintelligence, and are not clearly on track to.”

On Friday, yet another member of the Anthropic alignment team, Joe Benton, said he had resigned from the company two weeks ago because AI companies are “racing to build machines that are much smarter than any human.”

“Right now, AI companies are underinvesting in safety. A company could undergo an intelligence explosion, or lose control of its systems, without the public ever knowing,” Benton said. “I don’t think that’s acceptable for a technology that might cause extinction-level risks.”

Bipartisan legislation, titled the Frontier Act, has brought together disparate camps of the Republican and Democratic parties, including Sen. Bernie Sanders (I-Vt.) and Rep. Anna Paulina Luna (R-Fla.). The bill, introduced by Rep. Lori Trahan (D-Mass.) and Rep. Jay Obernolte (R-Big Bear Lake), proposes embedding independent government auditors in AI labs and installing a federal “kill switch” to shut down agents in case of emergencies.

The White House has not formally commented on the legislation.

“I do believe there are many in the federal government taking this seriously — but we have to appreciate the tremendous uncertainty and competing interests policymakers face,” said Daniel Remler, a senior fellow with the Technology & National Security Program at the Center for a New American Security.

“Nobody says regulating at the frontier would be easy,” he added.

Vice President JD Vance said in a podcast released Tuesday that if a 2024 assassination attempt had killed Donald Trump, he would have always wondered if it was part of a conspiracy and might not have accepted even another Republican as the next president.

Vance made the statement during a conversation with Christian podcaster Bryce Crawford. The vice president, who recently released a book detailing his own journey to Catholicism, also defended President Trump for posting an image of himself as Jesus and mused about whether artificial intelligence was a sign of the end times.

The conversation kicked off with a discussion of faith and the rush to scientifically explain away events that may be divinely touched. Vance cited the July 2024 assassination attempt in Butler, Pennsylvania, during which a bullet nicked Trump’s ear and a supporter was killed.

Trump has long talked about his survival as divinely guided, a theme Vance took up. The vice president said that if the bullet had killed Trump, “we would have had real civil strife in a way that I don’t know that the country could have ever come back from.”

Vance said many Trump supporters would have assumed a conspiracy had robbed them of their chosen president, and he said he would have also had those thoughts “in the back of my mind.”

“I would have assumed very dark forces had taken out Donald Trump, right as he was about to come back into the White House,” Vance said. “There would have just been an illegitimacy to our entire political system.”

Most of the hour-and-ten-minute conversation was an amiable chat about faith, Vance’s own spiritual journey, his Easter meeting with Pope Francis the day before the pontiff’s death last year, and human frailty and fallibility. But it occasionally touched on darker themes.

Crawford asked Vance whether, as vice president, he had ever been in a room that was “spiritually dark.”

“I’ve been in meetings with world leaders where various issues are being discussed, and somebody will say something or somebody will make an observation and I’ll feel some darkness about it, it sets off every spiritual alarm bell in my body,” Vance said. He added he also felt “a very dark spiritual energy” in Gettysburg, Pennsylvania, probably because of the carnage at the Civil War battlefield.

Vance cites AI during a discussion about ‘end times’

Crawford also asked Vance about his interest in the “end times,” which the vice president laughingly said had been more of an obsession in youth during the late 1990s, when people were abuzz about the possibility with the coming millennium. A chortling Vance recounted a story of a friend who was obsessed that the world would end in late 2007 and ran up major credit card debt.

“There are, like, things about the world that make me feel, like, not shocked if the Antichrist was walking among us, but, again I try not to focus too much on it,” Vance said. He cited “IT companies” and the use of artificial intelligence as a substitute for human interaction.

“I think that’s kind of satanic,” Crawford said when Vance recounted the story of one acquaintance using AI as a marriage counselor.

“Yeah, when you completely divorce the human from the social element that God made us for, OK that’s very, that’s very bad,” Vance said.

Crawford asked Vance about Trump’s post on social media of an AI-generated image of himself as Jesus earlier this year, which Crawford said offended him. Trump initially contended he thought the image was of him as a doctor, then took down the post amid widespread criticism from even some of his own backers.

Vance defended the president. “He did not mean to, like, mock or mimic God, that’s just not who he is,” Vance said, adding that the president often tries to keep things light and constantly makes jokes. “He’s a bit of a ballbuster, for those of us who work with him, and he just likes to have a good time. And I think that if people appreciated that, they would recognize, he’s not trying to offend people, he’s trying to keep things light.”

Riccardi writes for the Associated Press.

Nvidia posted quarterly revenue of $96.2 billion (€82.4bn) on Wednesday, comfortably beating the $92.2 billion (€79bn) Wall Street had expected, as chief executive Jensen Huang declared that artificial intelligence had reached “its inflection point” and guided next quarter revenue to $108 billion (€92.5bn) — again, above forecasts.

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“AI has reached its inflection point,” Huang said in a statement. “It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue, and demand is accelerating.”

Shares initially dipped after the release before recovering in after-hours trading.

Days on which Nvidia reports its quarterly results have an outsized importance for the world’s most valuable company.

At a market capitalisation north of $5 trillion (€4.3tn) it is the most valuable company in the world, worth more than the GDP of Japan, the fourth largest economy in the world.

Yet there is a strange rite that plays out each quarter: Nvidia beats expectations, and the stock falls anyway. It happened after the first-quarter beat this year, when shares slid close to 5% in the days that followed.

The pattern has left a dynamic where the company needs to significantly outperform an already-bullish consensus, or provide a stronger-than-expected outlook, to move the share price higher.

The concentration problem

The main concern around Nvidia is not whether it can grow; it is more of a question of who it is growing for.

The firm still draws the bulk of its revenue from Amazon, Google and Microsoft, each of which is now designing its own chips to reduce reliance on the company. The new disclosure will show precisely how large that dependence remains.

Chief Executive Jensen Huang’s commentary on demand into 2027 therefore carries more weight than any single figure. The question has grown sharper since July, when markets fell on doubts about whether vast AI investments will ever generate proportionate returns.

Nvidia’s answer has been to help finance the buildout itself. This month alone it assembled a $500bn (€428bn) capital pool with six Wall Street asset managers for data centre projects, and separately committed up to $105bn (€90bn) to back an OpenAI data centre in Pike County, Ohio, with an initial capacity of 4.25 gigawatts and an option for a further 3.75.

The China wildcard

Export policy to China has been one of the most volatile threads in Nvidia’s recent history and is likely to feature heavily on the earnings call.

Washington barred sales of the China-specific H20 chip in April 2025, reversed course, and Nvidia has since received approval to ship the more capable H200 chip to vetted Chinese customers.

Reports have surfaced of large allocations to ByteDance and Tencent, though Beijing has been encouraging domestic firms to limit their purchases and prioritise homegrown alternatives.

Vera Rubin and the road ahead

Nvidia’s current growth is being driven by its Blackwell chips, the generation of processors powering most AI data centres today. Their successor, known as Vera Rubin, is expected to begin shipping in the second half of the year.

Nvidia has a tradition of naming its chip architectures after scientists and past generations include Ampere, named after physicist André-Marie Ampère; Hopper, named after computer scientist Grace Hopper; and the current Blackwell chip named after mathematician David Blackwell.

Vera Rubin continues that pattern. She was an American astronomer whose observations of how galaxies rotate provided some of the strongest early evidence for the existence of dark matter, the invisible mass thought to make up much of the universe. She died in 2016 and is widely seen as someone who was overlooked for a Nobel Prize during her lifetime,

The company has pointed to an order backlog it says is worth around $1 trillion (€857bn) across 2026 and 2027, though that figure comes from company commentary rather than independently verified financial disclosure.

A week stacked with catalysts

Wednesday’s data offered no relief on inflation.

The personal consumption expenditures index, the Federal Reserve’s preferred gauge, rose 0.2% in July against expectations of 0.1%, leaving the annual rate at 3.7% rather than easing to the 3.6% forecast. Core prices held at 3.3% over the year, above the Fed’s 2% target for a 65th consecutive month.

The Federal Open Market Committee held rates at 3.50% to 3.75% in July, with three regional Fed presidents dissenting in favour of a quarter-point increase.

Markets currently put the probability of a September hike at around 40%.

Attention now shifts to Jackson Hole, where Fed Chair Kevin Warsh delivers his keynote on Friday morning, his first since taking office in May, 19 days before the next rate decision. The ECB’s Isabel Schnabel joins a panel the same afternoon.

US stock markets drifted through a quiet session on Wednesday after data showed inflation last month was a touch higher than economists had expected.

The S&P 500 edged down less than 0.1% and remains near the all-time high it set earlier this month. The Dow Jones Industrial Average dipped 0.2% and the Nasdaq composite slipped 0.1%.

Treasury yields ticked higher after the inflation update, which has traders still largely betting the Federal Reserve will raise the federal funds rate before the end of this year. Oil prices fell after another volatile session.