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OpenAI is reportedly unhappy with Nvidia’s newest chips, while Musk combines SpaceX and X‑AI into a trillion‑dollar IPO vehicle. Tariff cuts send the rupee and Indian stocks higher, but doubts remain over India’s pledge to ramp up U.S. imports and shift away from Russian crude.

Today’s recommended read: Dollar risk premium is rebuilding by Mike Dolan

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Produced by Eliza Davis Beard, Ethan Plotkin, and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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