Finance

Artificial intelligence remains a dominant market driver as chipmakers like Intel and AMD saw significant stock surges at the end of the quarter. While industry giants such as Meta and Oracle continue to reduce their workforces to prioritize AI investments, the broader semiconductor sector has gained over 80% year-to-date.

Central bank officials have signaled that aggressive rate cuts are unlikely in the near term, with current rates holding steady between 3.5% and 3.75%. Market projections now suggest a growing probability of a rate hike by year-end as policymakers monitor a resilient labor market and potential inflationary pressures from AI productivity shifts.

A dangerous summer heatwave across the East Coast and Midwest has forced the U.S. Department of Energy to declare a state of emergency for the PJM Interconnection region. Record-breaking demand driven by cooling needs and data centers has prompted authorities to allow power plants to exceed environmental standards to prevent widespread grid overload.