AGP Executive Report
Last update: 7 hours agoWall Street: U.S. stocks plunged Friday as disappointing Intel and Amazon results revived doubts about the payoff from massive AI spending. The Nasdaq fell 2.9%, its biggest one-day drop since June. Nvidia’s growing stakes, loans and spending guarantees to AI firms are adding to concerns that it may be helping inflate a bubble. New York Finances: The state’s projected budget gap over the next three years narrowed to $8.9 billion from $14.7 billion, helped by stronger tax receipts and Wall Street. Budget officials urged caution, recommending reserves and debt payments over new spending. IPO Watch: SoftBank-backed OPay raised $304 million in its New York IPO, valuing the fintech at about $4 billion, but trading was halted before shares began changing hands as the company addressed a regulatory requirement. Rehabilitation Investment: New York led the nation in historic rehabilitation tax-credit use in 2025. The 106 projects generated $2.27 billion in investment and supported an estimated 37,000 jobs.
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