Welcome to Markets Desk, your midday read on what's moving markets and making news.
Nvidia, AMD, and Intel are facing consequences from U.S. export controls that go well beyond lost revenue. Analysts warn the deeper damage hits research pipelines, global partnerships, and long-term competitiveness — structural wounds that quarterly sales figures simply don't capture and that investors may be underpricing right now.
Shifting to legal tech, Harvey has launched its first proprietary large language model, called Tenet, purpose-built for legal work. The firm, now valued at eleven billion dollars, had previously relied on outside AI infrastructure. Building in-house clears the runway for Harvey to eventually train custom models on client data — a significant competitive moat in an industry built on confidentiality.
And on the equity side, a note of caution from strategists watching the retail positioning picture. U.S. investors have been accumulating stocks throughout the month and are now sitting on unrealized gains, while short interest has largely been squeezed out. That combination leaves the market structurally exposed — any deterioration in economic data could trigger selling with very little cushion underneath.
That's the tape. Markets Desk, signing off the floor.
