AMD (US)

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…

Congress returns to Washington this week, with little on the formal legislative agenda likely to move markets. Still, investors should keep an eye on the following developments:   A potential Trump administration farm aid announcement.   Progress…

Below our are thoughts on the following recent trade issue developments: The U.S. Supreme Court decision to hear the Trump administration’s appeal of a lower court ruling invalidating the president’s reciprocal and fentanyl tariffs under…

We provide our takeaways from a trade and tariff conference call we hosted last week considering tomorrow’s expiration of President Trump’s 90-day pause on reciprocal tariffs, though the effective rates have been pushed to August…