On Friday, June 6, 2026, the Nasdaq and S&P suffered their worst day of the year, leading a broad market selloff that impacted stocks, bonds, Bitcoin, and metals. The Nasdaq alone was down more than 4%, marking its steepest decline in over a year. This market downturn was attributed to mounting concerns surrounding the artificial intelligence sector and increased investor confidence that the Federal Reserve will soon raise interest rates, with Bitcoin falling below $60,000 for the first time since 2024.
Amidst this financial turbulence, former President Donald Trump announced he is exploring proposals for the U.S. government to take stakes in leading artificial intelligence companies. He is scheduled to meet with top AI executives next week to discuss this potential public-private partnership, suggesting that "pieces could be given to the American public" so they can benefit from AI's success. This initiative comes as major AI firms like SpaceX, Anthropic, and OpenAI are reportedly preparing for trillion-dollar initial public offerings.
Bloomberg's program included discussions with various experts, such as Bloomberg Intelligence Senior Commodity Analyst Mike McGlone and Bloomberg Chief Economist Tom Orlik, offering insights into the market's movements and the implications of Trump's AI plans. The former president's former AI adviser, however, is reportedly against these government involvement proposals. Additionally, the U.S. is proposing new tariffs of at least 10% on imports from 60 trading partners, citing their failure to enforce bans on goods made with forced labor.
