Markets got a sharp reminder today that the AI boom is creating both winners and strains across the global economy. China posted a stronger-than-expected 27% jump in June exports, driven by heavy demand for semiconductors, electronics and electric vehicles, while IBM moved in the opposite direction, tumbling after warning that customers are diverting spending away from software and toward scarce AI infrastructure like servers and memory. In Europe, the ECB took a longer view, naming 36 payment providers for a 2027 digital euro pilot as policymakers push to build a homegrown payments alternative. In Washington, new Fed Chair Kevin Warsh told Congress the central bank has “no tolerance” for entrenched inflation, reinforcing a hawkish tone for rates. And in one of the day’s most closely watched philanthropy stories, Warren Buffett ended donations to the Gates Foundation, redirecting Berkshire shares to four family charities.