AI optimism and Trump-Xi talks lift markets as Cisco unveils AI overhaul
Futures rose on AI-driven optimism ahead of the Trump-Xi summit, helped by news the U.S. has cleared roughly 10 Chinese firms to purchase Nvidia’s H200 chips; Cisco announced a sweeping AI-focused restructuring with about 4,000 layoffs and a $1 billion charge, while Nvidia’s chip access spurred tech gains. The Senate confirmed Kevin Warsh as Fed chair, oil held a bit above $105 amid Iran-related risk, and the S&P 500 hit a fresh high as Nasdaq rallied.