US–Saudi alignment on AI and defence

Is the bubble bursting? Despite a big earnings beat from Nvidia, concerns about overheated AI valuations are mounting. Jonas Goltermann weighs the risks that the equities rally is fading. We also look at what to expect from Rachel Reeves’ Budget after an unusually turbulent build-up, and the possible economic fallout. And Neil Shearing considers what this week’s Trump-Mohammed bin Salman meeting signals about Saudi Arabia’s position in a fracturing global economy.

Analysis and events referenced in this episode:

UK Drop-In: The Autumn Budget – What’s next for the economy and markets?
What if the AI stock market boom turned to bust?
Why we aren’t worried about US tech valuations
MbS’s Washington trip tips the balance in US’s favour