TLDR

MARKET RECAP → Stocks closed higher on Thursday as a bounce in Oracle (ORCL) raised investors' hopes, leading to a rise in the big tech sector. In the crypto world, Bitcoin (BTC) dipped again but still hovers just under its all-time high near $111K. $BTC.X ( ▼ 4.09% ) 

TRUMP–POWELL RATE RIVALRY → ⚖️ Trump slammed Jerome Powell as a “numbskull” and called for drastic rate cuts to juice the economy and cut deficits—sparking fears he’s turning Fed independence into election-year theater.

AMD'S AI AMBITIONS GO NUCLEAR → 🧠 AMD (AMD) unveils its MI400 chip for 2026, directly challenging Nvidia’s (NVDA) AI dominance. OpenAI's Sam Altman cheers the move, citing a need for more hardware options. Major cloud players are already on board, as demand for AI chips shows no signs of slowing.

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FINANCE

Trump vs. Powell Rate Rivalry

🔻Political Pressure on the Fed: Trump unleashes insults, calling Fed Chair Jerome Powell a “numbskull” as he pressures for interest-rate cuts—claiming he’ll "force something" if the Fed doesn't act, while maintaining he won’t actually fire Powell . This comes amid cooler inflation data, setting the backdrop for the president’s aggressive tone.

📉 Economic Stakes and Arguments: The administration argues inflation has softened enough to justify a full-percentage-point rate cut, citing May’s CPI running at just 2.4%, with core CPI flat month-over-month. Trump says such a cut could slash the federal deficit by hundreds of billions—a bold economic claim wrapped in political optics.

🏦 Fed Independence vs. Political Shoves: Despite Trump’s pressure, experts warn against undermining the Fed’s credibility. The central bank is expected to hold rates steady at its June 17–18 meeting, opting for a cautious "data-first" approach while tariff uncertainty lingers. Powell is expected to weather the storm—his term runs through May 2026—and any attempt to dismiss him preemptively could spark legal and market chaos.

TECH

AMD's AI Ambitions Go Nuclear

🧠 AMD unleashes new AI chip to rival Nvidia: AMD (AMD) just unveiled its next-gen MI400 AI accelerator, aiming to challenge Nvidia's (NVDA) dominance in the red-hot AI chip market. CEO Lisa Su announced the MI400 will launch in 2026 and is tailored for generative AI workloads, boasting improved compute performance and memory bandwidth. The reveal came at AMD's annual AI event, where Su made clear that the company is “just getting started.”

🤖 OpenAI throws weight behind AMD: OpenAI CEO Sam Altman made a surprise appearance to voice support for more competition in the AI chip space, a not-so-subtle nod to Nvidia's market grip. Altman praised AMD’s progress and emphasized the need for multiple suppliers to ensure innovation and stability in AI infrastructure. It’s a major public show of support from one of the biggest names in AI.

📈 AI chip demand still exploding: Demand for AI chips remains sky-high as hyperscalers and startups alike race to build and deploy generative AI models. AMD said its MI300 line is already being adopted by industry heavyweights like Microsoft (MSFT), Meta (META), and Oracle (ORCL). The MI400 signals AMD’s intent to stay competitive—and potentially grab more market share—in an AI-driven future.

KEEP READING

Google cloud and other internet services are reporting outages (CNBC)

Chime opens at $43 in Nasdaq debut after pricing IPO above expected range (CNBC)

Hundreds feared dead after Air India jet crashes after takeoff (CNBC)

Coinbase beefs up subscription plan by offering it with American Express credit card (CNBC)

Trump wanted an Iran nuclear deal fast. Now he may get military confrontation (CNBC)

Financial Stress: Ways to Cope and Regain Control (ML)

Summer Travel Trends 2025: 10 Ways Smart Travelers Are Saving Money and Avoiding Crowds (ML)

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