Semiconductor stocks tumble as fears over AI valuations come roaring back.
Plus Wall Street opts out of a $20 billion US bailout for Argentina.
There is a geopolitical reason for why Trump wants to help Argentina,
but Wall Street wants its money back.
And so I think that's where these plans have fallen apart.
And China prepares its people and the world for a new pressure campaign on Taiwan.
It's Friday, November 21st.
I'm Kate Boulevant for The Wall Street Journal and here is the AM edition of What's News,
the top headlines and business stories moving your world today.
We're exclusively reporting that a planned $20 billion bailout from US banks to Argentina has been shelved as JPMorgan Chase,
Bank of America and Citigroup pivot to a smaller short-term loan package instead.
Markets reporter Chelsea Delaney has been covering the US bailout of Argentina and says instead banks are proposing a short-term $5 billion loan package to help cover a debt repayment in January.
So the real sticking point in these negotiations has always been security for the banks lending this money to Argentina.
$20 billion is a lot of money and Argentina is a serial defaulter.
It's defaulted nine times on its sovereign debt.
So there is a legitimate risk that Argentina will not be able to pay back this debt.
So the banks going into this,
they wanted either Argentina to give them collateral that they could use
if it's not able to pay back the debt or the U.S.
Treasury Department to guarantee it.