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A selloff in chipmakers deepened on concerns about the sustainability of the artificial-intelligence trade, weighing on stocks as Wall Street banks kicked off the earnings season. In a renewed bout of weakness, a closely watched gauge of semiconductor powerhouses extended its plunge from a June record, while concerns linked to artificial intelligence propagate across sectors. Meantime, New York Fed President John Williams said he still sees one more interest-rate hike as appropriate this year.

On today's episode:

• Herman Chan, Bloomberg Intelligence Senior US Banks Analyst
• Mamadou-Abou Sarr, Founder & President at V-Square
• Gautam Mukunda, Bloomberg Opinion Columnist
• Natalia Emanuel, New York Fed Economist