Nationalism Goes Better on Chips Than Nothing: John Authers

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Today’s Points:

• National capitalism: The US gets a 15% slice of Nvidia and AMD’s sales to China.
• Fund managers are convinced US equities are overvalued.
• But they’re looking forward to more QE and buying stocks all the same.
• The forthcoming Trump-Putin talks have hurt European defense stocks.
• AND: Some icy reading to cool you down on the beach.

85% of Something Beats 100% of Nothing

National capitalism is here. Nvidia Corp. and AMD Inc. will be permitted to sell H20 chips to China in return for a ...