Asian tech shares retreated as Alibaba tumbled after unveiling a $10 billion equity sale to bankroll artificial-intelligence ambitions, days after posting a steep profit drop tied to heavy AI spending. Nvidia is reportedly preparing double-digit price increases for AI servers, stoking concerns about the escalating cost of computing power. Beyond markets, Washington and Ottawa failed to clinch a trade accord, setting off new U.S. duties on roughly $20 billion in Canadian imports and prompting Ottawa to threaten dollar-for-dollar retaliation next month. The Biden administration’s Treasury chief, Scott Bessent, promised what he called the “single greatest financial offensive ever” targeting Iran, as Tehran warned it could seize vessels violating transit rules in the Strait of Hormuz; crude eased ahead of details. Ukraine marked Independence Day with fresh pledges of aid—Norway committed $9 billion for 2027—while U.K. Prime Minister Andy Burnham visited Kyiv, signaling deeper defense cooperation. Meanwhile, President Donald Trump disclosed an active June trading month, rotating out of names including Meta and adding Berkshire Hathaway. The crosscurrents underscore how costlier AI buildouts, renewed trade frictions and mounting geopolitical risks are shaping investor sentiment.
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