The topic of Artificial Intelligence (AI), however, remains unavoidable. Many market commentators are arguing that this is becoming a bubble. The difference between AI and the internet craze, and it is a very important point, is that AI-related companies are making incredible amounts of money and are incredibly profitable. Valuations may be stretched, but these companies can at least be valued on something else than price to clicks, as was the case with internet companies back in the day.

For the first time this year, no major announcements came out of the White House. That said, verbal agreements were made with key trading partners, such as the EU and Japan. Still, it remains unclear how the U.S. plans to enforce some of the promises made, particularly those related to investment commitments in the U.S.

On July 4, the Retaliatory Tax Provision, which would have granted the U.S. government authority to impose a surtax of up to 20% on U.S.-source income (such as dividends, interest, royalties, capital gains) earned by foreign persons or companies, was scrapped from the final version, which was very important for foreign investors.