Chipmakers Under Pressure; Saudi Arabia Intercepts Missiles

• Widespread chip selloff, particularly in Korean and European markets, fueled by Broadcom CEO's AI funding concerns and Chinese rival CXMT's breakthrough claim.
• Saudi Arabia continues to intercept Houthi missile and drone attacks, escalating Middle East geopolitical risks and putting pressure on the US to increase its role.
• Major US banks including Goldman Sachs, JPMorgan, Wells Fargo, and Citigroup are reporting earnings, with analysts closely watching for economic health indicators and deal pipelines.
• Infosys Co-Founder Nandan Nilekani sees AI as the 'biggest ever opportunity' for India's business, emphasizing job creation in small businesses and the need for responsible AI.
• The IMF projects global growth but warns the world economy is nearing its resilience limits, while LVMH reports a significant sales slump in China.

Global markets are experiencing a significant chip selloff, driven by concerns over AI funding and increased competition from Chinese manufacturers. Geopolitical tensions in the Middle East persist with ongoing Houthi attacks. Major US banks are set to report earnings, while the IMF warns of limits to global economic resilience. Discussions at the Bloomberg New Economy Forum highlight India's growth potential and AI's transformative impact.