Washington signaled it will not slow the AI buildout, which is good news for AI and chip stocks in the near term but raises the odds of a bigger bust later.

• The White House meeting with Trump, Musk, Zuckerberg and Nvidia's Jensen Huang produced a voluntary framework, not new rules — companies promise better internal controls and outside audits.
• The pitch is that firms will police themselves because users abandon AI products they don't trust, and that hard laws would push data centers to China or Europe.
• That leaves nothing standing in the way of AI spending, so expect more debt, faster growth estimates, and a fatter bubble until it pops.
• Fights over data centers are moving to the local level instead: noise next to houses, power supply, and a Texas air review freezing new permits.
• Trump said Iran is "doing very poorly," and more oil is again moving through the Strait of Hormuz, which is helping push oil prices down.

Outlook: No AI-slowing legislation is likely before 2029, so the market melt-up probably continues — a good time to invest but also to pay off debt, with bonds and housing near a bottom.