AI Is No Longer A 'Buy Everything' Trade; Goldman Traders See 'Zero-Sum' Game Emerge As Huang Warns "China Will Win The Race"

Tuesday night’s price action felt pretty bad, by yesterday afternoon things felt pretty good, and by the close... it felt uneasy again.

Late in the day yesterday, OpenAI headlines sparked a selloff in NVDA and fade in the broader market as investors digested what AI infrastructure financing might look like if the government acts as a backstop or if private-credit funding becomes necessary.

Speaking at a Wall Street Journal business conference, OpenAI CFO Sarah Friar explained that government backing could help attract the enormous investment needed for AI computing and infrastructure, given the uncertain lifespan of AI data centers.

"This is where we're looking for an ecosystem of banks, private equity, maybe even governmental," Friar said.