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Nvidia CEO Jensen Huang said on Thursday that the company will double the number of chips it sells next year.

It's the latest forecast from Nvidia that points to continuing massive growth for the next six quarters, and comes shortly after the company revealed that it expected 70% growth in the fiscal year ending in January 2028, or about $673 billion, which caused analyst expectations to shoot up.

"I expect Nvidia to sell twice as many chips as this next year as we do this year," Huang told the media at a summit with the U.K.'s King Charles III in Scotland. "The reason for that is because AI has, has so much contribution to the benefits of different industries, different economies, and you can see that in almost every single country that we're in, people want to invest in AI."

Nvidia doesn't disclose the number of chips it sells in total. Its best-known products are its data center graphics processing units, or GPUs, such as its Blackwell and Rubin chips. Last fall, Huang said that Nvidia had shipped 6 million Blackwell GPUs in four quarters.

But Nvidia makes a variety of semiconductors in addition to its GPUs, including central processors, or CPUs, switch chips, chips for optical networking, chips for laptops, Jetson chips for robots and cars, and the chip inside Nintendo's Switch 2 gaming console.

Huang, who was joined at the summit by representatives from Google DeepMind, OpenAI, and Anthropic, was in the U.K. to discuss AI safety, a topic that he's repeatedly weighed in on in recent weeks.

The public discourse over risks to humanity has reached a fever pitch after AI researchers warned that humans are no longer able to control the most advanced artificial intelligence.

"When a product is not safe, we should hold it back and keep engineering it," Huang said.

Anthropic — well, specifically CEO Dario Amodei — has a lot to say about AI safety in the aftermath of OpenAI's disclosure that its AI agents hacked Hugging Face, and it's already revealed some interesting details about how it works in the process. For example, in a new blog detailing measurement standards it thinks could help AI companies communicate the pace of AI development, Anthropic shared that its AI chatbot Claude "leads" 26 percent of its AI R&D work.

Now by "leads," the company means that the AI "can complete most of [a] task end-to-end from a high-level prompt, while [a] human supervises," but it's still a surprising metric. It also claims that AI now does at least "large chunks of work under close human direction" on more than 90 percent of its research, which includes the 26 percent Claude leads. That suggests Claude is touching the majority of the work Anthropic employees do, even if the company says the chatbot is "not operating fully autonomously for any measured subset of AI R&D work."

Anthropic came up with these stats through the first of its three proposed measurements, which is focused on "AI-led AI R&D." Using an index of how much of its AI research and development is performed by Claude and an automation rating scale developed by Epoch AI, Anthropic was able to create a chart that plots the "automation level" of Claude since August 2025, a process it believes any frontier AI model maker could reproduce with its own data and the validation of a third party.

The company also proposed ways to measure the oversight of AI agents (how much agent activity is monitored, how long it takes to be reviewed and how often agent behavior is flagged) and to track how much compute is being devoted to AI R&D as other ways to see if frontier development is being appropriately paced. The hope is that more transparency could make it easier to respond to potentially out-of-control AI development or at least give the public a clearer view.

So far though, the problem isn't really getting companies to agree on the idea of slowing down AI development. OpenAI has already paid lip service to the idea, and Anthropic has committed to allowing third-party evaluators to review its development practices. Amodei's stance on AI safety even got Elon Musk to agree on X.

Whether the AI industry faces anything other than self-regulation is far more uncertain — President Donald Trump has largely downplayed the risks of AI.

Sept 17 (Reuters) - JP Morgan said on Thursday that it does not have a clear baseline view for oil markets for the first time since the start of the US-Israeli war on Iran.

"We simply don't know how to model the endgame," analysts at the bank noted.

The note flagged that at the beginning of the conflict, JP Morgan had assumed there were some economic thresholds that the U.S. administration would not cross, but six months into the conflict, many of those lines have been crossed with no clear exit strategy in view.

The bank noted that oil prices have climbed above $100 a barrel with gasoline at $4.37 a gallon. It also noted that US diesel prices have hit an all-time high of $6.31 a gallon heading into winter, the period of peak seasonal demand, while inventories sit at all-time lows.

JP Morgan estimated Brent's fair value at around $90 a barrel for September, compared with current prices near $106, suggesting markets are pricing in the risk of further supply losses beyond the estimated 10 million barrels per day already disrupted.

The note pointed to mounting risks across the Middle East, including threats to shipping through the Bab el-Mandeb Strait and recent attacks affecting Saudi export routes. It also noted continued attacks on Russian refining infrastructure and Ukrainian cities, underscoring persistent geopolitical risks to global energy supplies.

However, despite the scale of supply disruptions, oil prices have not risen as sharply as expected because governments and consumers have relied less on inventory drawdowns, JP Morgan said.

Global inventories of crude and refined products have fallen by about 555 million barrels since the conflict began, only around one-third of the decline the bank had projected earlier this year.

At the same time, global oil demand has run about 4.4 million barrels per day below year-ago levels, helping offset supply losses, the bank said.

"By leaning much more on demand destruction and much less on stock draws, the market has been able to absorb an extraordinary supply disruption without a sustained rise in crude prices. Since the conflict began, Brent has averaged just $94," it noted.

Global oil supply and demand look set to fall further than previously expected this year, the International Energy Agency said last week.

By contrast, producer group OPEC still expects world oil demand to grow this year, even though it lowered its forecast for a fifth straight month. OPEC sees demand rising by 380,000 bpd in 2026.

The bank said significant inventories remain available, particularly in China, Europe, Japan and South Korea, providing a buffer against a prolonged disruption. That could limit the need for crude prices to rise substantially in the near term.

(Bloomberg) -- KKR & Co. increased its forecast for long-end US Treasury yields and said it expects the Federal Reserve to hold its benchmark rate at a higher level than previously envisaged, citing Chairman Kevin Warsh's concern over persistent inflation.

The US private equity firm expects the 10-year yield to finish the year at 5.1%, up from 5.0% previously, and end 2027 at 4.9%, up from an earlier 4.7% forecast, according to a note to clients.

KKR expects the Fed to hike again in December and then March, and now sees rates being held at those levels through early 2029, compared to 2028 before.

"We continue to believe that investors at the long end of the curve will demand a healthy level of term premium in an environment of elevated nominal growth, large fiscal deficits, and ongoing competition for capital," a team led by Henry H. McVey, the firm's head of global macro and asset allocation, wrote.

Traders added to bets for further Fed interest-rate increases following Wednesday's hike, with market pricing implying another three quarter-point raises over the next 12 months.

While Warsh was careful not to commit to any future move, he reaffirmed his dissatisfaction over inflation's trajectory and drove home the central bank's commitment to stable pricing.

The Fed no longer expects inflation to fall to its 2% target until 2029, the KKR team said.

"In our view, moderately restrictive rates alongside lingering inflation and resilient nominal growth argue for a higher for longer policy setting."

The diplomatic effort to reset relations between the United Kingdom and the European Union, initiated by Prime Minister Keir Starmer and European Commission President Ursula von der Leyen in May 2025, is facing significant friction. While both parties had signaled progress on a food and drink trade agreement and a youth mobility scheme, the UK government is now withholding agreement on a summit date until the scope of the discussions expands to include the EU's Industrial Accelerator Act.

The 'Made in Europe' Impasse

Central to the current deadlock is the proposed "Made in Europe" legislation. British officials are concerned that without specific provisions categorizing UK-manufactured goods as European, domestic firms could be excluded from lucrative contracts across the continent, potentially jeopardizing billions of pounds in trade. A government source stated: "We are willing to negotiate on the things that matter to them, but they have to be able to negotiate the thing that matters to us. Made in Europe should be on the table, definitely."

France, the primary architect of the legislation, is pushing for its adoption by the end of the year, citing the urgent need to counter competitive pressure from China. While some EU member states, including Germany, the Netherlands, Italy, and Poland, are reportedly sympathetic to the UK's inclusion, France remains hesitant. An EU diplomat noted that internal sentiment is divided, with some members viewing the potential benefits to the UK as asymmetrical.

Shifting Strategic Priorities

The UK's insistence on these manufacturing protections comes as the EU faces mounting pressure to insulate its supply chains from Chinese influence. With the EU's trade deficit with China currently reaching €1bn per day, industry leaders have warned of potential job losses exceeding 300,000 this year unless European products receive greater support. In her recent state of the union address, von der Leyen emphasized the necessity of diversifying critical mineral supplies away from Chinese dependency.

Brussels' recent overtures toward Canada—including a surprise offer of an associate membership deal—have further complicated the UK's position. Canadian Prime Minister Mark Carney has advocated for a "unique alliance" with the EU as Canada seeks to reduce its reliance on US trade. This development has raised concerns among UK ministers that the bloc's strategic focus is shifting elsewhere.

Domestic Political Pressure

The delay of a potential November summit, which had been discussed as a target date, reflects the high stakes for the Starmer administration. The government's economic growth projections, which are expected to influence the upcoming October budget, rely in part on the anticipated easing of trade barriers with the EU. Failure to secure a deal could undermine these fiscal calculations.

Meanwhile, the Conservative opposition has intensified its criticism of the reset strategy. Shadow ministers have argued that the current approach compromises the UK's regulatory independence. Alex Burghart, the party's deputy leader, stated: "Labour's EU reset is the worst of both worlds and will leave Britain unable to take advantage of our country's future growth potential."

A government spokesperson maintained that the UK remains a "close and trusted European partner" committed to economic cooperation, adding that the administration will continue to engage with the EU to "boost growth and open up trade."