Trump says AI to be 'greatest economic engine' in history

US President Donald Trump made the following statements about artificial intelligence in a Truth Social post:

• He stated that AI and data centers represent "the Greatest Economic Development Engine in History — Bigger than Oil, Gold, Diamonds, or even the Internet".
• He noted that AI development "will not be stopped".
• He expressed displeasure that Google reportedly plans a large facility in Finland, attributing this to permitting challenges in the US.
• He mentioned that Chinese President Xi declared China will not obstruct AI or its future.
• He labeled concerns about AI taking over or destroying humanity as a "HOAX".
• He questioned why industry leaders seek regulations that, if enforced, could push them "into oblivion and bankruptcy".

Trump's comments signal that his administration aims to accelerate AI and data-center growth while minimizing regulatory and permitting obstacles.

The remarks broadly back the AI investment narrative, encompassing chipmakers, data-center firms, power generators, and grid expansion businesses. However, Trump's rebuke of industry figures advocating regulation may introduce ambiguity about how the administration will weigh swift advancement against safety, energy, and security issues.

Naturally, if Trump calls it a "HOAX", the probability that it is indeed a hoax remains unclear.

Meanwhile, the Nasdaq is nearly flat at -9 points, or 0.04%. The S&P 500 has fallen 15 points, or 0.20%. The NASDAQ 100 remains down 96 points, or 0.33%, indicating that markets are not strongly reacting to the statements.

Technically, the NASDAQ Composite Index is retesting its 100-hour moving average at 26296.40. The 200-hour moving average stands at 26386.66. The index currently trades at 26325, between those two levels. A break above the 200-hour moving average would be more bullish. The bias is turning neutral after bouncing off the 100-day moving average at the start of the session.