Nvidia is in talks with OpenAI to provide a financing guarantee of about $250 billion for a data‑center project, the Wall Street Journal reported on July 26. The guarantee would support the lease of a 10‑gigawatt facility that SoftBank Group’s energy subsidiary is developing in southern Ohio, the report said. OpenAI would use the financing to secure its own infrastructure rather than rely on cloud providers such as Microsoft, Amazon and Oracle, the report added. Nvidia’s involvement would ensure demand for its graphics processing units for the project, the report said. The backing would support financing vehicles intended to reassure lenders. The total estimated cost of the data‑center project exceeds $500 billion, including the chips required for operation, according to the journal. The $250 billion guarantee covers the lease and debt financing but does not include the chips, the report said. Nvidia is also discussing financing OpenAI’s chip purchases up to $350 billion. The first phase of the project is expected to be completed in 2028 with about 800 megawatts of capacity, the Journal reported. Power for the project is managed by the U.S. government and funded separately by Japan under a trade agreement that includes a $33 billion investment in a natural‑gas plant, the report added. U.S. Commerce Secretary Howard Lutnick is involved in decisions about access to the project, according to the report. Reuters could not immediately verify the report. Nvidia, OpenAI and the U.S. Commerce Department declined to comment. In addition to OpenAI, Anthropic, Microsoft and Google have spoken with Lutnick in recent weeks, the report said. The involvement reflects broader interest in the project. The deal illustrates a trend in which technology companies are increasingly financing AI infrastructure through debt and equity markets, with total spending projected to exceed $700 billion this year.

Kevin Warsh, the newly appointed Federal Reserve chair, has offered limited public commentary on monetary policy since taking office two months ago, instead relying on task forces staffed with external experts. He has not indicated his stance on upcoming interest rate decisions, which some officials consider possible this week.

The Federal Reserve’s policy framework and communication style have been central to market expectations. Previous chairs, including Jerome Powell, regularly explained their views through press conferences. Warsh’s approach diverges from that tradition, as he has declined to specify preferred inflation measures or future rate moves.

At a recent Senate Banking Committee hearing, Warsh said he would not endorse any particular inflation gauge and emphasized that task forces would assess underlying price trends. He also indicated that any rate increase would depend on the Fed’s evaluation of economic conditions, noting that inflation has cooled to 3.5% year-over-year, above the 2% target. President Donald Trump has repeatedly called for rate cuts, creating potential tension with the Fed if rates rise.

Analysts have offered differing views. Vincent Reinhart, former senior Fed economist and now chief economist at BNY Investments, said that greater public statements could increase political risk for the chair. William English, former senior Fed economist at Yale, warned that a rate move without explanation could be misinterpreted by investors. Michael Strain of the American Enterprise Institute noted that Warsh’s silence may be sustainable until a significant economic shock prompts a need for clearer guidance.

The Fed will convene this week, and the first rate increase of the year remains a possibility, though no decision has been made. The agency’s communications task force continues to study whether press conferences after each meeting will resume. The situation remains unresolved as markets watch for further signals from the chair.

Oil prices dropped 4% on Monday, with Brent crude futures down $3.96 to $92.82 per barrel and West Texas Intermediate down $4.02 to $85.29 per barrel. The decline followed a weekend pause in U.S. and Iranian strikes after two weeks of attacks. The drop brought both contracts to their lowest levels in nearly a week after a three‑week rally. Brent had risen to about $100 earlier as conflict reduced shipments through the Strait of Hormuz and disrupted Red Sea routes that affect Saudi exports. U.S. UN ambassador Mike Waltz said President Donald Trump ordered the pause to give diplomacy more time. Market analysts said the price move reflected traders' desire for positive news. Shipping data showed fewer than 10 vessels passed through the Strait of Hormuz each day during the weekend, and traffic through the Bab el‑Mandeb strait fell after Houthi attacks on Saudi facilities. Analysts noted that a sustained rebound in shipments would require greater confidence in safety. Some analysts warned that ongoing shipping risks in the Middle East and the Russia‑Ukraine war could keep prices elevated and add upside pressure to inflation. Ukraine reported striking several Russian oil sites over the weekend. The pause in hostilities offers a potential opening for diplomatic progress, though shipping confidence remains limited.