Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The fears had shadowed Wall Street off and on for months. Then, all at once, everyone rushed for the exits. The hardest hit were the companies at the heart of the artificial-intelligence boom.

(2) Jensen Huang got an expensive taste of the Democratic Party’s newfound political power Thursday. The Nvidia Corp. CEO’s net worth fell by $15.1 billion to $150.9 billion as stocks tumbled. Other big losers were SpaceX’s Elon Musk and Oracle Corp. co-founder Larry Ellison.

(3) Japan’s Nikkei 225 Stock Average slumped Friday, putting the tech-heavy gauge on course to enter a technical bear market as investors unwind artificial intelligence-related trades.

(4) Bloomberg Economics modelled what an AI market crash might look like. If the S&P 500 were to drop by 20%, it could wipe 1.6 trillion dollars from global GDP.

(5) Hedge Fund strategies designed to behave independently suddenly lost money in lockstep, exposing crowded positions, heavy leverage and vulnerabilities that had been easier to overlook during the long ascent of AI-linked stocks.

(6) Bank of England Governor Andrew Bailey said another interest-rate hike is more likely than not if the high energy costs seen in recent weeks return.

(7) French protests over the cost of living showed no signs of losing steam on Thursday, raising the pressure on the government as it struggles to push a budget through parliament.

(8) The hackers who stole $6.3 billion from Binance last week found a way to take 40% of the stolen cryptocurrency in one hit, reducing their chances of being caught in the act, and it cost them just $15.

(9) More than 10 flights were forced to divert or were searched by authorities after European airlines suffered a second wave of bomb threats in a week.

Podcast Conversation: Goldman Traders Say Phones ‘Are Exploding’ as AI Selloff Worsens