AMD (US)

A proposal by Senator Ruben Gallego (D-AZ) this week likely gives investors an idea of what’s in store for the AI / data center complex if Democrats take control of Congress next month (our base…

With data center moratoriums recently gaining steam across the country, we do not expect political opposition to data centers to fade after the midterms. Governors facing elections in 2027 and 2028 may face growing pressure…

President Trump’s comments today at the UN—and despite the calls for regulation from the large AI frontier models CEOs—reinforces our view that this administration intends to maintain a light-touch approach to AI regulation absent a…

Following reports that the Trump administration is considering eliminating the tariff exemptions for data centers and extending Sec. 232 semiconductor tariffs to servers and other chip products, we assign ~70% odds that Trump announces expanded…

The House Rules Committee did not make the MATCH Act, the Chip Security Act, or the AI Overwatch Act in order as amendments to the fiscal year 2027 National Defense Authorization Act (NDAA). This move…

We remain skeptical that Congress will pass comprehensive federal AI legislation this year or likely next year, leaving companies to navigate a state-by-state regulatory patchwork since no current federal law exists that broadly preempts state…

Below are the key takeaways from our conference call on this week’s Trump/Xi summit in Beijing. During the call, we touched on trade in general as well as the USMCA agreement. Our base case remains…

Sen. Jim Banks (R-IN) introduced his version of the AI Overwatch Act yesterday, which would, among other things, impose a two-year ban on sales of high-end AI chips such as Nvidia’s (NVDA) Blackwell systems to…

Recent developments on the AI front – including the Trump administration’s recently released AI policy blueprint and a letter made public today from Sens. Jim Banks (R-IN) and Elizabeth Warren (D-MA), urging an immediate pause in Nvidia (NVDA) AI chip exports to China, highlighting that while there will continue to be a great deal of sound coming out of DC, we’re…

We continue to expect that three of the most material non-defense-related items that some members of Congress hoped to include in the National Defense Authorization Act (NDAA) will not make the final cut. Those amendments are:  GAIN…