Chinese investors are heading into the earnings season demanding proof that billions in AI spending by tech giants are paying off.

1789 Capital Partner Paul Abrahimzadeh speaks to Romaine Bostick and Katie Greifeld on "The Close." (Source: Bloomberg)

China’s artificial intelligence hardware suppliers have a problem: keeping up with insatiable demand for their products.

Metis TechBio Co, a biotechnology company using artificial intelligence to deliver and formulate drugs, is set to begin trading in Hong Kong after raising HK$2.1 billion ($270 million) in an initial public offering.

Alger CEO and CIO Dan Chung discusses AI investment in an interview with Romaine Bostick and Katie Greifeld on "The Close." (Source: Bloomberg)

Fervo Energy Co., a geothermal energy developer, raised $1.89 billion in a US initial public offering that priced above the marketed range, after upsizing the deal earlier this week.

Asian stocks were poised for a weak open following losses on Wall Street, while the dollar strengthened and bonds fell as US inflation data showed the impact of energy-market disruptions tied to the war in Iran.

Brown Harris Stevens CEO Bess Freedman discusses NY Democrats cutting deal on second-home tax and says we need complete property tax reform. She speaks with Romaine Bostick and Katie Greifeld on "The Close." (Source: Bloomberg)

Oil was steady after a 4% gain on Tuesday as the Middle East conflict drags on and Iranian exports show further strain from the prolonged near-closure of the crucial Strait of Hormuz.

The macroeconomic outlook is “much more uncertain” with oil prices expected to remain elevated for some time yet and a slowdown in global growth, says Australian Treasurer Jim Chalmers in budget speech. (Source: Bloomberg)