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Time:2026-06-20T01:35:31Z

China's AI sector accelerates development of trillion-parameter models, with Alibaba's Joe Tsai making a major push at VivaTech and Japan committing $65bn to physical AI by 2040. On Wall Street, new Fed Chair Kevin Warsh signals resistance torate cuts, supporting hawkish policy and delaying any move until December, which rattled markets before a partial recovery. The U.S.-Iran deal framework eases geopolitical tensions, lowering mortgage rates and freeing stranded oil tankers in the Strait of Hormuz as traffic resumes.

China and Japan race ahead in AI development

China and Japan race ahead in AI developmentAlibaba chairman Joe Tsai made the company's biggest AI push yet at VivaTech, declaring "we're all in" on artificial intelligence. Chinese developers Zhipu and DeepSeek are pushing into trillion-parameter foundation models despite U.S. export restrictions, benefiting from lower costs and sustained investor momentum. China is also promoting safe AI adoption in the financial sector. Japan separately announced plans for $65 billion in public-private investment in physical AI by 2040.

Sources:
‘We’re all in’: Alibaba’s Joe Tsai makes biggest AI push yet at VivaTech (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)
Nation promotes safe AI adoption in finance (China Daily)
Japan targets $65bn in public-private physical AI investment by 2040 (Nikkei Asia)

Fed Chair Warsh signals hawkish stance, delays rate cuts

Fed Chair Warsh signals hawkish stance, delays rate cutsFederal Reserve policymakers are showing growing support for rate hikes as new Chair Kevin Warsh reins in market expectations for easy monetary policy. Warsh's newly formed task forces give the Fed room to delay any rate changes until December, disappointing traders who expected Trump's pick to cut rates quickly. Market participants are now reassessing the interest rate outlook after Warsh made clear he has his own plans.

Sources:
Federal Reserve policymakers show support for rate hikes as Warsh reins in guidance (AP News)
Warsh’s new task forces give the Fed wiggle room to put off changing rates until December (MarketWatch)
Trump picked Kevin Warsh to cut rates. The new Fed chief just told us he has other plans. (MarketWatch)

Wall Street swings on Fed uncertainty and oil price moves

Wall Street swings on Fed uncertainty and oil price movesUS stocks experienced a volatile week, initially sinking on concerns that the Federal Reserve might hike rates this year, before rebounding to erase much of those losses. Falling oil prices provided some relief but raised new worries that traders may have overreacted in both directions. Analysts warn that certain stocks are particularly vulnerable after Warsh removed the market's guardrails, leaving investors exposed without the Fed's traditional support.

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)
Stocks rise on Wall Street, erasing much of their loss from a day earlier (AP News)
These stocks are in trouble after Fed Chair Kevin Warsh removed the market’s guardrails (MarketWatch)

U.S.-Iran deal framework reshapes geopolitics and markets

U.S.-Iran deal framework reshapes geopolitics and marketsA former Trump official described the emerging U.S.-Iran framework as 'enormously helpful' to Tehran, as easing tensions push mortgage rates lower in the U.S. The deal could reconnect Iran to the global economy, though a potential Fed rate hike clouds the housing outlook. Trump has committed to playing out a 60-day timeline despite Israeli criticism of the agreement.

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)
How Deal With U.S. Could Reconnect Iran to the Global Economy (NYT)
'We’ll play out the 60 days...': Trump doubles down on Iran deal amid Israeli criticism (Business Today)

Oil tanker traffic resumes in Strait of Hormuz

Oil tanker traffic resumes in Strait of HormuzOil tanker traffic in the Strait of Hormuz has jumped significantly after the U.S. and Iran implemented a deal to reopen the sea lane. Ships that were previously stranded have begun transiting the strategic waterway, according to maritime data companies. However, vessels returning to the strait still face a turbulent environment as the broader deal framework continues to take shape.

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)