Investors scramble to make sense of a shock Chinese challenge to the dominance of western chipmakers

Even for the rollercoaster world of AI, last week was particularly volatile as investors scrambled to keep up with developments that threatened the dominance of the largest western chipmakers.

It began with a double whammy. On Monday, the Chinese memory chipmaker CXMT floated on the Shanghai stock market, soaring by 466% in value to 3.3tn yuan (£365bn).

The lovefest from Musk’s conservative fans completely overlooks the unscrupulous tactics behind his immense wealth

For 12 glorious days in June, Elon Musk experienced something nobody else in the history of humankind has ever experienced: trillionaire status.

Did all those zeros make Musk happy? Did the army of children he has sired love him more? Did he find inner peace? We’ll never know because Musk was dragged back to being a boring old billionaire last Wednesday, after shares in Tesla and SpaceX plunged amid a broader tech sell-off.