This is bad news for regular savers, because plans to tap 401k and pension money to fund private equity and the AI race would put retirement savings at risk.

• BlackRock's Larry Fink says the US needs trillions to stay ahead of China in AI, but the money has run out — so he points to pension and retirement savings as the source.
• Trump's team is reportedly looking to let private equity and private credit tap into 401k money, just as those funds are struggling.
• Private equity and private credit are under stress from failing commercial real estate, and some funds have frozen withdrawals.
• Warning signs are flashing abroad: South Korea's market is propped up by two AI stocks, Turkey's exchange hit a trading halt, and the yen and Indian rupee are falling.
• High gas prices and a fertilizer shortage from the Iran war could squeeze the food supply and hit company earnings this summer.

Outlook: Expect more market stress in July and August, with pressure building to pull retirement money into bailouts.