| Photographer: Krisztian Bocsi/Bloomberg The rout in chip stocks, sparked by yesterday's warning from a Dutch equipment maker, appears to have petered out after about $420 billion was erased from the market. Because ASML makes the machines that produce high-end chips, some investors say its woes are specific to the company—after all, AI demand remains brisk. Sticking with tech, Qualcomm will probably wait until after the presidential election before deciding whether to pursue an offer to buy Intel, people familiar said. LVMH’s China blues. Sales of the industry leader’s fashion and leather goods fell for the first time since the pandemic as China’s top-end consumers steered clear of Louis Vuitton and Christian Dior wares. It doesn’t look as though Europe's luxury firms will see a quick rebound in China despite Beijing’s recent efforts to revive the economy. But Bloomberg Opinion’s Andrea Felsted says LVMH will probably emerge less scathed than many of its competitors. While on the topic of lux, remember this Dior bag that caused a big stir in South Korea? Photographer: Justin Merriman/Bloomberg Elon Musk poured $75 million into the super political action committee he created this year, cementing him as a top donor for Donald Trump’s campaign. Billionaire Miriam Adelson pumped $95 million into her super PAC supporting the former president. If you missed his interview yesterday with Bloomberg, check out these key takeaways from the event. Tariffs, immigration and the Federal Reserve were part of the lively discussion. And we did some fact checking of Trump’s major statements, so you don’t have to. The world is heading into an era of cheaper energy prices as a shift to electricity use leaves behind surpluses of oil and gas, the International Energy Agency predicted. Global demand for all fossil fuels will stop growing this decade. Oil is still feeling the impact of Middle East tensions as Israel keeps its options open in how to attack Iran. Online casino gambling has become a big business in the handful of US states that allow it, but that growth spurt may be over, as worries mount over social costs and jobs. As for sports betting apps, they may be even more toxic than you imagined. And here’s a reminder how gambling on US sports went from nowhere to mainstream. Further afield, Brazil bolstered its online betting rules. | 