The announcements followed the release of the Federal Reserve’s annual stress test. The test found that all 32 large banks remained above their minimum capital requirements under a hypothetical recession. The scenario projected more than $708 billion in losses across the industry, the Fed said.

Treasury Secretary Scott Bessent said the U.S. economy can achieve 3% growth this year. Traders on the prediction-markets platform Kalshi assign 14.2% odds that GDP growth will land between 2.6% and 3.0%. The same contract implies a higher probability that growth will come in between 2.1% and 2.5%.

Global markets operator Cboe has launched its first prediction markets products as it moves into the fast-growing sector. The company said the initial offering includes binary option contracts based on the Mini-S&P 500 Index. Cboe is positioning the launch to meet consumer demand for outcome-based trading.

Elon Musk’s SpaceX is pressing ahead with the idea of putting AI data centers into orbit, arguing it could become more practical as launch costs fall and terrestrial buildouts face growing local pushback. The company’s IPO raised $85.7 billion and valued the newly public SpaceX in the trillions, giving it new capital to link rockets, Starlink satellites and xAI’s computing needs. Still, investors and economists say the economics remain uncertain even as other players, including Jeff Bezos and Google, pursue similar concepts.

GPUs and other AI-specific chips could rise to 60% of annual data-center spending by 2030 from roughly 50%, driven in part by the shorter 3–5 year replacement cycle for chips versus decades for larger infrastructure, according to a JPMorgan note. The bank also expects more than $3 trillion in financing for AI chips and essential hardware components over the next five years, and projects silicon spending reaching about $800 billion in four year's time from $340 billion in 2026. JPMorgan estimates Nvidia will ship 8.9 million GPUs this year, well ahead of Google’s TPUs and Amazon’s in-house AI chips. Nvidia reported $81.6 billion in fiscal first-quarter revenue, up 85% from the year-earlier period.

Federal Reserve Chairman Kevin Warsh struck a tough tone on inflation on Wednesday, sending ripples through financial markets. Traders moved to price in the possibility that the central bank could begin raising interest rates within months. The remarks challenged expectations that Warsh would prioritize easier policy.

Several Wall Street firms issued a wave of buy ratings on Thursday, led by Rosenblatt doubling its Micron price target to $1,200 from $600 and KeyBanc raising Marvell to $385 from $260. Loop and Oppenheimer kept buy ratings on Palantir, highlighting the value of its industrial AI platform and positioning as a foundational software layer. Arete and Oppenheimer also initiated coverage of SpaceX with buy/outperform ratings. The moves collectively centered on AI computing infrastructure, memory, and software, according to the analyst notes.

Intel shares jumped nearly 9% in premarket trading after President Donald Trump said in a Truth Social post that the company struck a deal with Apple to design and build chips in the United States. Other chipmakers also moved higher, with Marvell Technology up nearly 7% and Lam Research and Applied Materials each rising about 5%. Memory-related names advanced as well, including Western Digital up 5.6% and Micron Technology and Sandisk each up about 4%. The report also said falling oil prices lifted cruise operators, while SpaceX fell on a technical pullback after a recent surge rather than fresh fundamentals.

JPMorgan said China’s crude imports fell to 7.8 million barrels a day in May, an eight-year low, and held at around 8 million barrels a day in June as strategic stock releases and disruptions from the Middle East conflict weighed on flows. The bank expects imports to gradually recover from August, estimating that about 3 million barrels a day of the drop is temporary as China refills reserves and chemical-sector demand rebounds. It also said that if Beijing lifts its ban on refined fuel exports via general trade, shipments could rise 88% to 160% from first-half levels, tightening the global oil balance.