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Time:2026-06-19T17:09:09Z

Chinese AI firms from Alibaba to DeepSeek are escalating investment in massive foundation models despite US restrictions, while Japan unveils a $65bn AI investment target. Financial markets are volatile as Fed Chair Kevin Warsh's hawkish stance raises rate-hike fears, offsetting positive signals from falling oil prices. A diplomatic row erupts between Italy and the US after Trump claims Meloni 'begged' for a photo at the G7. The US-Iran deal is reshaping global trade, reopening the Strait of Hormuz to stranded ships but creating uncertainty in airfares and oil markets.

China and Japan race ahead with massive AI investments

China and Japan race ahead with massive AI investmentsAlibaba Chairman Joe Tsai laid out a sweeping AI investment strategy at VivaTech, vowing to invest across the entire stack and sort out winners later. Chinese AI developers Zhipu and DeepSeek are pushing into trillion-parameter foundation models, backed by lower costs and investor momentum despite ongoing US restrictions. Meanwhile, Japan targets $65 billion in public-private physical AI investment by 2040, signaling intensifying global competition in artificial intelligence.

Sources:
‘We’re all in’: Alibaba’s Joe Tsai makes biggest AI push yet at VivaTechTsai lays out Alibaba’s AI playbook: invest across the stack, figure out the winners later. (SCMP)
Zhipu, DeepSeek push China’s trillion-parameter AI frontier amid US clampdownChina’s AI developers deepen push into massive foundation models, backed by lower costs and investor momentum despite US restrictions. (SCMP)
Even as model sizes balloon, Chinese AI firms continue to compete aggressively on price rather than relying solely on performance premiums. Photo: Shutterstock (SCMP)
Japan targets $65bn in public-private physical AI investment by 2040 (Nikkei Asia)

Wall Street slides as Fed signals possible rate hikes

Wall Street slides as Fed signals possible rate hikesUS stocks sank on fears that the Federal Reserve may hike interest rates this year, with Fed Chair Kevin Warsh's hawkish stance removing market guardrails. Oil prices are falling alongside stock gains, but traders worry the recent rally has gone too far. Market analysts see the Fed's shift as a potential step-change in dollar sentiment, raising concerns across risk assets.

Sources:
Oil prices are falling and stocks are up. Traders worry they’ve gone too far (CNN)
US stocks sink on worries about a possible hike to interest rates this year by the Federal Reserve (AP News)
These stocks are in trouble after Fed Chair Kevin Warsh removed the market’s guardrails (MarketWatch)
Why the Fed’s hawkish stance signals a step-change in U.S. dollar sentiment — and a new direction (MarketWatch)

Meloni slams Trump over 'begged for photo' G7 claim

Meloni slams Trump over 'begged for photo' G7 claimItalian Prime Minister Giorgia Meloni strongly denied Donald Trump's claim that she 'begged' for a photo with him during the G7 Summit. Meloni defended Italy's dignity, stating she 'never begs,' while Italy's top diplomat canceled a scheduled US trip in the wake of the controversy. The incident has escalated into a diplomatic strain between Rome and Washington.

Sources:
Meloni slams Trump's claim she 'begged' for a photo with him as Italy's top diplomat cancels U.S. trip (CNBC)
‘I never beg...’: Meloni slams Trump’s claims, defends Italy’s dignity (Business Today)
'Meloni begged for a...': Donald Trump kicks off major controversy from G7 Summit (Business Today)

US-Iran deal reshapes oil, rates and global economy

US-Iran deal reshapes oil, rates and global economyThe emerging US-Iran framework is rippling across multiple markets, with some analysts calling it 'enormously helpful' to Iran. Easing geopolitical tensions have pushed mortgage rates lower, though a potential Fed rate hike clouds the outlook. Iran's path to reconnecting with the global economy is opening up, while airfares and oil prices face continued uncertainty as the deal navigates tests ahead.

Sources:
Exclusive: Ex-Trump official: US-Iran framework is ‘enormously helpful’ to Iran (CNN)
Easing tensions with Iran push mortgage rates lower — but a potential Fed rate hike clouds the outlook (CNN)
Why Airfares May Not Fall After the U.S.-Iran Deal (NYT)
Oil Prices Wobble as U.S.-Iran Deal Faces Tests (NYT)
How Deal With U.S. Could Reconnect Iran to the Global Economy (NYT)

Strait of Hormuz reopens as US-Iran deal takes effect

Strait of Hormuz reopens as US-Iran deal takes effectOil tanker traffic in the Strait of Hormuz has surged after the US and Iran implemented a deal to reopen the critical sea lane. Stranded ships that were unable to transit are finally beginning to move, though maritime data indicates the strait remains turbulent. The reopening marks a concrete early impact of the US-Iran framework on global energy trade routes.

Sources:
Oil tanker traffic in Strait of Hormuz jumps after U.S. and Iran implement deal to open sea lane (CNBC)
Stranded ships have begun transiting the Strait of Hormuz, maritime data company says (AP News)
Stranded Ships Hoping for Escape Find a Turbulent Strait of Hormuz (NYT)