NATO allies hit defense spending record; China 'fueling largest conflict in Europe since WWII'; Nvidia now world's most valuable company; US economy 'more dynamic than its ever been in history'
AP: “A record number of NATO allies are hitting their defense spending target during war in Ukraine”
WASHINGTON (AP) — A record 23 of NATO’s 32 member nations are hitting the Western military alliance’s defense spending target this year, NATO Secretary-General Jens Stoltenberg said Monday, as Russia’s war in Ukraine has raised the threat of expanding conflict in Europe.
The estimated figure is a nearly fourfold increase from 2021, when only six nations were meeting the goal. That was before Russian President Vladimir Putin’s full-scale invasion of Ukraine in 2022.
“Europeans are doing more for their collective security than just a few years ago,” Stoltenberg said in a speech at the Wilson Center research group.
South China Morning Post: “China support for Russia in Ukraine compels Nato to seek Asian partnerships: top official”
China’s support for Russia’s efforts in Ukraine has made it necessary for Nato to forge global partnerships, particularly in the Indo-Pacific, and significantly ramp up defence spending”
The position adopted by Beijing has intensified the largest armed conflict in Europe since the end of the second world war’, according to Nato Secretary General Jens Stoltenberg, requiring the allies to act and ‘impose a cost’.
“Publicly, President Xi [Jinping] has tried to create the impression that he’s taking a back seat in this conflict to avoid sanctions and keep trade flowing,” said Stoltenberg.
“But the reality is that China’s fuelling the largest armed conflict in Europe since World War Two. And at the same time, it wants to maintain good relations with the West.”
Bloomberg: “S&P 500 Hits 30th Record of 2024 as Megacaps Rally”
“… Optimism over a resilient economy, improving earnings .. ebbing inflation and artificial-intelligence fervor …”
WSJ: “Nvidia Tops Microsoft to Become Largest U.S. Company”
Nvidia’s shares rose Tuesday to make it the U.S.’s most valuable listed company, underlining the high demand for the company’s artificial intelligence chips.
The shares finished the day up 3.5% at a record-high $135.58, with the company reaching a valuation of $3.34 trillion, ahead of Microsoft and Apple—and marking the first time a company other than those latter two sat atop the list since early 2019.
CNBC: The U.S. economy is more dynamic than its ever been in history, says 'Big Short' investor Steve Eisman
Charlie Bilello, Chart of the Day:
US stocks have been outperforming international stocks for 16 years running, and by a huge margin. The result: we’re now 3 standard deviations above the mean in terms of historical US outperformance, a record high.
