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Hour in Review — 2026-08-24 04:00 UTC0 sources
Artificial intelligence developments and corporate maneuvers anchored financial markets over the past week, driven heavily by Nvidia's looming Q2 earnings and reported plans for major chip price hikes that have prompted data center operators like Microsoft and Google to notify customers. Nvidia was also reported to be discussing an investment in Perplexity at a valuation exceeding thirty billion dollars. In contrast, Alibaba shares plunged 10 percent after the tech giant priced a $10.2 billion share placement to fund its growing AI investments and investor Burry exited his stake to shift into JD.com, whereas Data#3 shares surged to a record high on strong AI-fueled earnings. Amid soft U.S. sales, Walmart is launching a sub-$25 fashion brand named Scenario to target younger shoppers and compete with Amazon, while BNPL firm Klarna suffered its worst week ever, prompting a UBS downgrade to Neutral with a price target cut to $16 from $23. On the macroeconomic front, U.S. Treasury Secretary Scott Bessent announced an impending economic D-Day of fresh sanctions on Iran. In frontier technology, researchers in Singapore unveiled a world-first biological data center prototype powered by living human neurons across 20 CL1 units to address the AI power crisis and lower energy consumption. Meanwhile, 89-year-old Norwegian King Harald's health deteriorated over the weekend while hospitalized, though he is responding to antibiotics for a bacterial blood infection and remains in stable condition.