Money Distilled

Even If Tariffs Go Away, AI Remains a US Worry

It’s easy to forget, but Liberation Day was not the start of US market woes this year. 

A Nvidia DGX Spark super computer mother board. US exceptionalism in a nutshell?

Photographer: David Paul Morris/Bloomberg
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Welcome to the award-winning Money Distilled newsletter. I’m John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money.

At the end of last year, my colleague Helen Chandler-Wilde over at The Readout (excellent newsletter, sign up here) asked me to contribute a paragraph about one number I’d be watching in 2025.