Global Markets Tumble, Nvidia DOJ Subpoena & Banking's Multi-Trillion-Dollar Weak Spot

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Stocks in Asia slumped the most since the Aug. 5 rout, tracking a selloff in US peers driven by a plunge in Nvidia.

(2) The US Justice Department sent subpoenas to Nvidia Corp. and other companies as it seeks evidence that the chipmaker violated antitrust laws, an escalation of its investigation into the dominant provider of AI processors.

(3) Oil has pushed lower after a loss of almost 5% on Tuesday as the possible easing of political unrest in Libya shifted focus back to OPEC+'s plan to boost production, while demand concerns persist.

(4) Risks to smaller banks are likely to only increase as elevated interest rates, a faltering commercial real estate market and shaky economic conditions around the globe expose old fault lines in a sector that's often loosely regulated but also crucial to local economies from Mumbai to Memphis.

(5) Plans to scrap a preferential tax regime for wealthy foreigners living in the UK could cost the Treasury around £1 billion ($1.3 billion) a year in lost revenue and drive away global elites.

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