An A.I. ‘Tipping Point’ Ignites a New Market Rally
Summary
For now, Nvidia is living up to the lofty title that Goldman Sachs bestowed on it this week — “the most important stock on planet Earth” — after its blowout earnings report. Markets are looking up today, as are investors’ and governments’ hopes for the artificial intelligence boom, as strong demand for the chipmaker’s products suggest that there’s more room for the trend to run. That has included dealing with the proliferation of artificial intelligence and revamping streaming royalties — two reasons the company cited in pulling its music off TikTok. Armed with tens of billions in new funds allocated by the Inflation Reduction Act of 2022, the agency is starting to show off its new efforts, including going after improper use of private planes and billionaires using sophisticated tax avoidance strategies. And a lot of money is at stake, according to Daniel Werfel, the agency’s commissioner: “On a given taxpayer’s tax return, the amount of the deduction for aircraft travel can be in the tens of millions of dollars,” he said.