The U.S. economy is grappling with the highest inflation in years, driven by soaring energy prices from the war with Iran, which is squeezing consumers and presenting a major challenge for the newly confirmed Federal Reserve Chair, Kevin Warsh. Meanwhile, the artificial intelligence boom is reshaping Wall Street, fueling a "supercycle" in memory chips, driving strong results for companies and prompting major strategic shifts, including Bill Ackman's new investment in Microsoft. Other key developments include a tense U.S.-China summit that failed to resolve key trade and security issues, and significant corporate moves such as layoffs at Starbucks and Walmart and the planned IPO of Dunkin's parent company, Inspire Brands.

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