Bad news for Nvidia and US tech workers, good news for China's chip industry and Russia's oil sales.

• China banned Nvidia's RTX V2 gaming chip during Jensen Huang's Beijing visit, cutting off one of the last legal ways for Chinese AI developers to buy Nvidia hardware.
• Nvidia hit record sales but the stock still dropped because investors no longer believe in explosive AI growth, and China going self-sufficient kills the path to $1 trillion in revenue.
• China's chip fund is nearly double the US one at $142 billion, Huawei pours 22% of revenue into research, and Beijing aims to match Nvidia by 2028.
• Meta is cutting 7,000 to 8,000 jobs and Oracle has laid off tens of thousands as big tech slashes payroll to fund $800 billion in AI spending while interest rates stay high.
• The UK is quietly letting Russian oil back in and the US Treasury issued another waiver, because the Iran conflict has pushed energy prices back to Ukraine-war levels.

Outlook: Expect more tech layoffs, faster Chinese chip independence, and more countries quietly buying Russian oil as long as the Iran conflict keeps energy prices high.