Bessent suddenly said he wants China and the U.S. to work on AI with a “common goal and common threat,” and the fact that this came out of the U.S. Treasury Secretary’s mouth in itself is already surreal. He was talking about bottlenecking chips just before, and then right after he wants to talk about a shared vision—at the end of the day, it’s still because AI is burning cash too hard for anyone to go it alone. If the U.S. and China really do shake hands on AI, the tech stocks and the compute-power narrative could get another leg; but if it turns into yet another round of talk, the market won’t buy it. Don’t get carried away—first, see whether there are any actual moves.

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