Pretty much everyone on Wall Street is in for a sweet payday. But the threat of job cuts from AI looms, a new report predicts.

Nvidia has especially moved the needle for TSMC's business through its dominance in the data center space. TSMC manufactures both Nvidia's Hopper chip architecture and its successor, Blackwell. It will also manufacture Blackwell's upcoming successor, Rubin.

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) has been the odd one out in the Magnificent Seven for a while. The stock didn’t make parabolic gains, whereas most other AI stocks were on a rally that was truly deserving of the “Magnificent” title.

JPMorgan, Citi, and Goldman Sachs are investing heavily in AI technology to transform operations, enhance productivity, and stay competitive.

CEOs of Wall Street heavyweights Morgan Stanley and Goldman Sachs on Tuesday cautioned that equity markets could be heading toward a drawdown, underscoring growing concerns over sky-high valuations.

The Hang Seng Index declined 0.1 per cent to 25,935.41 at the close, adding to the 0.8 per cent loss a day earlier. The Hang Seng Tech Index slumped 0.6 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.1 per cent.

The execs were simply pointing out an age-old market truism: sometimes stocks have to go down and reset before continuing the