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Nvidia announced a deal to purchase open-source AI platform Hugging Face for roughly $13 billion, news that broke alongside the close of the G20's two-day Innovation Ministerial in Chapel Hill. At the summit, tech leaders including Nvidia's Jensen Huang and OpenAI's Sam Altman pushed governments to treat AI adoption as essential, while officials debated the costs and benefits of data center expansion.
At a G20 gathering, leaders from OpenAI, Anthropic, Nvidia and Palantir urged world leaders to embrace rapid AI development and avoid heavy regulatory constraints. The executives framed AI adoption as essential and non-negotiable, echoing the deregulatory stance favored by the Trump administration.
At the G20 Innovation Ministerial in Chapel Hill, Commerce Secretary Howard Lutnick argued alongside Anthropic's Tom Brown that AI growth requires more data centers, launching a US effort to persuade global leaders to support them. The pitch comes even as roughly 3,400 data centers already operate in the US with 2,000 more planned, drawing bipartisan opposition over energy demands, water use and rising utility costs. The summit itself drew about 100 protesters objecting to appearances by Sam Altman, Elon Musk and Lutnick.
Treasury Secretary Scott Bessent said 19 G20 members agreed at a finance ministers meeting to address a flood of underpriced exports distorting global trade, with China the sole holdout. He identified China as running the world's largest current account surplus and said its practices were unsustainable for global markets.
At the G20 Innovation Ministerial in Chapel Hill, the Trump administration pushed back against AI regulation, with OSTP director Michael Kratsios warning that outdated rules could stifle innovation and cause countries to fall behind. The US is promoting the 'Carolina Principles,' a pro-innovation framework favoring industry-led standards over government oversight, while AI czar David Sacks argued that creating an 'FDA for AI' or 'DMV for AI' would be disastrous for the sector.
The Trump administration is pushing G20 countries to endorse a framework called the 'Carolina Principles,' which would discourage strict government regulation of artificial intelligence. The push aims to align global AI policy with a laissez-faire approach favored by U.S. tech companies.
Bank of England Governor Andrew Bailey, writing as chair of the Financial Stability Board, told G20 finance officials that cutting-edge AI models could sharply increase the speed, scale and affordability of cyberattacks on the financial system. He warned that many countries still lack rules to govern how these advanced models are developed, released and deployed, leaving the sector exposed. Bailey urged banks and tech providers to bolster defenses and prepare for scenarios where multiple firms are hit simultaneously through shared technology dependencies.
Treasury Secretary Scott Bessent opened G20 finance minister talks in Asheville, North Carolina, seeking backing for new sanctions on Iran, including targeting another bank as part of an effort he calls 'Operation Economic Outcast.' The meeting unfolds against a backdrop of renewed U.S.-Iran hostilities and strained trade relations with allies like Canada following tariff escalations.
Bank of England Governor Andrew Bailey told G20 finance ministers that a collapse in AI sector growth could trigger a market correction that ripples across the world economy. He pointed to high stock valuations, rising investor leverage, and growing financial ties between AI firms and major tech companies as factors that could magnify such a shock, while also flagging cyber security risks from coordinated attacks on multiple firms at once.
Iran reportedly struck two U.S. bases in Jordan after American forces hit Iranian rocket launchers on Larak Island, the first direct exchange of fire between the two countries in over a month. The clash, confirmed by U.S. Central Command, followed concerns that Iran was preparing to launch sea-mine-equipped rockets into the Strait of Hormuz, and it sent oil prices up more than 3%. Meanwhile, Treasury Secretary Scott Bessent and Fed Chair Kevin Warsh headed to North Carolina for G20 finance meetings, and Trump separately announced a deal giving the U.S. control over more than 65 billion barrels of Venezuelan oil reserves.
The chair of the G20's Financial Stability Board warned in a letter that emerging AI models could create risks capable of spreading across borders and destabilizing financial systems. The warning urges regulators to prioritize safety measures before new AI systems are widely deployed in finance.