Persistently high inflation, driven by surging import prices, is creating a challenging economic environment for newly confirmed Fed Chair Kevin Warsh and setting up a tense backdrop for the president's high-stakes summit in Beijing. In corporate news, the AI gold rush continues to power the market, highlighted by a blockbuster IPO for chipmaker Cerebras and record stock surges for Cisco and Ford after they made strategic pivots toward the AI economy. However, US-China tech tensions remain palpable, as a major, approved deal for Nvidia to sell its advanced AI chips to Chinese firms is stalled, underscoring the deep strategic rivalry that persists despite Chinese President Xi's promises of openness.

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