Investors shouldnt be worried that the A.I.-driven boom in tech stocks is overblown, says Wharton professor Jeremy Siegel, days after a rosy forecast from chipmaker Nvidia led to the third-largest single-day jump in market value in U.S. history. 

There was excitement about A.I., and Nvidia ratified that excitement with blowout earnings, Siegel said on CNBC on Monday. 

Shares in Nvidia surged by over 24% on Thursday after the chipmaker surprised analysts by forecasting $11 billion in sales for the current quarter, much higher than expected. The jump in share prices increased Nvidias market capitalization by $184 billion. And it was more than just Nvidia: A.I. stocks added $300 billion in value on Thursday, according to Reuters, as investors plunged into companies working on the new technology.

By market close Friday, Nvidias market cap had risen to over $960 billion, bringing it close to the $1 trillion threshold now held by just four U.S. companies: Apple, Microsoft, Alphabet and Amazon. 

While admitting that A.I.-related stocks may be slightly overvalued in the long-term, Siegel noted that in the short-term momentum can carry stocks far higher than their fundamental value, and no one can predict how high they might go.

The A.I.-fueled boom is not a bubble yet, he said. 

He contrasted Nvidias jump in share price to earlier bubbles, like the dotcom bubble. During the late Nineties, we were getting tremendous valuations from companies that had no earnings, he said, unlike Nvidia, which he characterized as a real, good company.

Nvidia reported a record $4.58 billion in revenue from its data center business last quarter, a record high for the division thats closely connected to the growth in generative A.I. and machine learning. The company reported $7.1 billion in total revenue for the quarter.

Companies are seeking to upgrade a trillion dollars worth in data center infrastructure, CEO Jensen Huang said on a call with analysts Wednesday. 

A.I.-rally doubts

Not everyone is convinced. Economist David Rosenberg told CNBC on Thursday that the boom in A.I. stocks looks very weird, and is way overextended.

No question we have a price bubble, he said on Thursday. 

A model from David Trainer, founder of investment research firm New Constructs, suggests that Nvidia would need to increase revenues by 20% annually for 20 years to reward its investors. This is priced for fantasy, Trainer told Fortune after Nvidias jump in value.

Nvidia continues to double down on A.I. The company announced a suite of new A.I.-powered services on Monday, at Taiwans Computex conference. The chipmaker announced a new supercomputer platform that would help tech companies like Microsoft and Meta create the next ChatGPT, as well as a new partnership with WPP to use generative A.I. to create new advertising. 

I know its too much, Huang said at the end of his keynote address.

Its a deal no one in Washington claims to really like. But after weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have struck an agreement to raise the debt ceiling and avert a potentially devastating government default.

The stakes are high for both men and now each will have to persuade lawmakers in their parties to vote for it. Treasury Secretary Janet Yellen said last week that the United States could run out of cash to pay the bills and default on its obligations if the debt ceiling is not raised by June 5.

The ultimate agreement, hammered out by Biden, McCarthy and a small group of their deputies, is a two-year budget deal that would essentially hold spending flat for 2024, while boosting it for defense and veterans, and capping increases at 1% for 2025. It would suspend the debt limit until January 2025, after the next presidential election. Republicans had insisted on reducing spending and had passed their own bill with much larger cuts last month.

The package would also make policy tweaks, including by adding work requirements for some food aid recipients and streamlining an environmental law that Republicans say has made it harder to build energy projects.

Takeaways from the deal, and from the negotiations that led up to it:

McCarthys delicate balancing act

Ever since McCarthy won the House speakership on the 15th ballot in January, it was clear that the debt ceiling negotiations would be his first and perhaps biggest test.

Known more for strategy than policy, McCarthy has had a challenge that seemed almost insurmountable, with a narrow majority and a sizable group of hard-right conservatives certain to oppose anything he negotiated with Biden. And he could still find himself in the middle of a crisis if too many in his caucus revolt when the House votes on the package this week.

Through it all, the Californian has exhibited his typical laid-back vibe, projecting confidence about the bill and its success. He said Sunday that he will win a majority of Republicans on the bill and some Democrats.

In a conference call on Saturday night, McCarthy said, more than 95 percent of the members in his conference were overwhelmingly excited about what they see.

But some House Republicans were publicly slamming the deal, arguing it did too little to cut the deficit. Rep. Dan Bishop of North Carolina tweeted a vomit emoji, complaining that some Republicans on the call were praising the speaker for getting what he said is almost zippo in exchange for the debt-ceiling hike.

Bidens reluctant compromise

For months, Biden and his aides had a mantra: There would be no negotiation on the debt limit. But then he negotiated anyway.

Its not where Biden, a veteran of the nasty 2011 debt-limit battle that saw the nations credit rating downgraded for the first time in history, wanted to be. But it was a likely scenario with a Republican-controlled House that had made it clear from the start that it would not raise the borrowing authority under a Democratic president without extracting spending curbs or other policy concessions.

There was no way Biden, who is running for re-election next year, would want a historic default on his watch.

Biden has continued to insist that he was negotiating on the budget, not the debt ceiling. But pushed by a reporter Sunday evening who noted that was precisely what Republicans were seeking in exchange for lifting the debt limit, the president seemed to break from his talking point.

Sure, yeah, Biden said, chuckling slightly. Can you think of an alternative?

Now he will have to sell it to House Democrats, who must vote for it in big enough numbers to make up for defecting Republicans. Many progressive members in the House have appeared skeptical of the deal, but they remained mostly quiet over the weekend as they waited for more details.

But the deal won early praise from another key Democratic group. The New Democrat Coalition, which has roughly 100 members, praised Biden as having negotiated a viable, bipartisan solution to end this crisis.

Long-sought GOP policy

Republicans were able to win some policy changes they have sought for years, however modest, including on food aid. The bill would raise the age limit for existing work requirements in the Supplemental Nutrition Assistance Program, also known as food stamps. It would also create a new agency to develop and streamline environmental reviews that Republicans have complained about for decades.

The new work requirements for able-bodied SNAP recipients without dependents would phase in by 2025 and expire by 2030. And a provision pushed by Biden would take some vulnerable recipients like veterans and the homeless off work requirements entirely. But Republicans made clear that pushing more people to work in exchange for government benefits was a major victory for them, even if mostly symbolic.

The bill also would amend the National Environmental Policy Act and designate a single lead agency to develop environmental reviews, in hopes of streamlining the process.

Republicans had hoped for a much broader permitting package that would make it easier to build and develop energy projects. But Louisiana Rep. Garret Graves, a McCarthy ally who was one of the negotiators, said the bill brings transformational changes into the permitting and environmental review process for the first time in four decades.

Senate quiet, waiting to close

McCarthy has said the House will vote on the package Wednesday. If passed, it will then head to the Democratic-led Senate where leaders will have to get agreement from all 100 members to speed up the process and avert a default by next Monday.

The White House briefed Democratic senators Sunday and McCarthy briefed Republicans. But most senators remained quiet on the deal as they waited for the full text and to see if McCarthy can navigate it through the House.

Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Republican Leader Mitch McConnell of Kentucky cut themselves out of the negotiating process early on, saying it should be a negotiation between the White House and McCarthy.

McConnell issued a statement supporting the legislation on Sunday but some in his caucus have criticized it. The two leaders will have to navigate any potential objections over the coming week as they seek to win full support to move quickly on the deal.

With Republicans like these, who needs Democrats? tweeted Utah Sen. Mike Lee on Saturday, aligning himself with the House Republicans who say the deal is not conservative enough.

In our CEO wellness series, we ask executives about their day-to-day habits to gain insight into the tactics they use to minimize stress and maintain their well-being.

Varshil Patel is the co-founder and CEO of Therapy Notebooks, which helps people learn and use evidence-based mental health tools through guided notebooks. Prior to Therapy Notebooks, Varshil led product teams at Flatiron Health and Fundera.  

Coffee or tea? And what do you put in it?
Definitely coffee, usually with some oat milk. However, my mom was an Ayurvedic doctor in India and she convinced me to pause in the morning before brewing a cup. So now, I wait an hour before having coffee in the morning and start my day with lemon water first thing. This way, my stomach gets some prep before my coffee ritual (you know, coffee can be a bit tough on an empty stomach) plus, I get to properly hydrate at the beginning of the day. 

What is your go-to breakfast?
Oatmeal. Sometimes warm oatmeal that I make in the morning, but usually overnight oats that I prepare the night beforemy favorite toppings are bananas, berries, almonds, and peanut butter. 

Tell us about your workout routine.
I work out five days a week and my workouts are a mix of easy runs, hard runs, and strength training. My key to exercising consistently has been working out with friends at least twice a week. Its this great mix of accountability and fun: I commit to seeing that friend over a workout and enjoy myself way more, too. For my weekly speed workout, I actually go to Brooklyn Track Club on Tuesday evenings and run with 50 to 100 people. 

How many hours do you sleep on a typical night? 
I learned (the hard way) that sleep is critical to my overall well-being, so Ive been trying to get better at having a consistent sleep routine and aim to get seven hours a night. Im still a work in progress on that front. 

How do you de-stress?
My go-to tools for combating stress are stillness, movement, and connection. I start my mornings with alone time, which includes at least 15 minutes of writing. Then my partner and I go for a walk around the neighborhood to catch up with each other and reconnect. This morning routine has taken years to develop and has really improved my ability to manage stress on a daily basis. I also lean on these tools when Im overwhelmed: Ill go for a quick run, head to a nearby cafe with a journal, or talk to a loved one. I feel especially grateful to have a community of friends who live nearby that I can lean ontheir care and support grounds me in difficult times. 

According to your phone, whats your daily average screen time from last week?
3 hours 32 minutes. 

What app do you use the most?
Instagram. Im usually watching some combination of cooking, tennis, and running content (mixed in with memes, of course). 

Whens the last time you took a day off? What did you do?
About a month ago, my partner and I drove from Brooklyn to the Hudson Valley for a 3-day getaway. Its become an annual tradition for us every winter. We dont usually make specific plans or reservations. We choose one of the Hudson Valley towns to explore and let the days unravel naturally from there. Our favorite spot this past trip was Lagustas Luscious cafe in New Paltzgreat coffee and food, plus a perfect nook to spend the afternoon reading and chatting. 

Whats one thing your company is doing to prioritize employee wellness?

At Therapy Notebooks, we believe in human-first collaboration. This means embracing compassion in our day-to-day interactions to encourage openness, vulnerability, and authenticity at work. I think theres great power in the ability to feel like you can mess upand that its okay. You can have a tough day and you can be honest with your teammates, building a collective sense of safetyand feeling psychologically safe is fundamental to enduring well-being at work. 

Whats your favorite treat?
Cookie dough, especially from Eat Pastry. (I have a huge sweet tooth!)

Show us a photo of your happy place. 

Courtesy of Varshil Patel

Eight months ago, chef Michael Cellura had a restaurant job and had just moved into a fancy new camper home on Fort Myers Beach. Now, after Hurricane Ian swept all that away, he lives in his older Infiniti sedan with a 15-year-old long-haired chihuahua named Ginger.

Like hundreds of others, Cellura was left homeless after the Category 5 hurricane blasted the barrier island last September with ferocious winds and storm surge as high as 15 feet (4 meters). Like many, hes struggled to navigate insurance payouts, understand federal and state assistance bureaucracy and simply find a place to shower.

Theres a lot of us like me that are displaced. Nowhere to go, Cellura, 58, said during a recent interview next to his car, sitting in a commercial parking lot along with other storm survivors housed in recreational vehicles, a converted school bus, even a shipping container. Theres a lot of homeless out here, a lot of people living in tents, a lot of people struggling.

Recovery is far from complete in hard-hit Fort Myers Beach, Sanibel and Pine Island, with this years Atlantic hurricane season officially beginning June 1. The National Oceanic and Atmospheric Administration is forecasting a roughly average tropical storm season forecast of 12 to 17 named storms, five to nine becoming hurricanes and one to four powering into major hurricanes with winds greater than 110 mph (177 kph).

Another weather pattern that can suppress Atlantic storms is the El Nino warming expected this year in the Pacific Ocean, experts say. Yet the increasingly warmer water in the Atlantic basin fueled by climate change could offset the El Nino effect, scientists say.

In southwest Florida, piles of debris are everywhere. Demolition and construction work is ongoing across the region. Trucks filled with sand rumble to renourish the eroded beaches. Blank concrete slabs reveal where buildings, many of them once charming, decades-old structures that gave the towns their relaxed beach vibe, were washed away or torn down.

Some people, like Fort Myers Beach resident Jacquelyn Velazquez, are living in campers or tents on their property while they await sluggish insurance checks or building permits to restore their lives.

Its, you know, its in the snap of the finger. Your life is never going to be the same, she said next to her camper, provided under a state program. Its not the things that you lose. Its just trying to get back to some normalcy.

Ian claimed more than 156 lives in the U.S., the vast majority in Florida, according to a comprehensive NOAA report on the hurricane. In hard-hit Lee County location of Fort Myers Beach and the other seaside towns 36 people died from drowning in storm surge and more than 52,000 structures suffered damage, including more than 19,000 destroyed or severely damaged, a NOAA report found.

Even with state and federal help, the scale of the disaster has overwhelmed these small towns that were not prepared to deal with so many problems at once, said Chris Holley, former interim Fort Myers Beach town manager.

Probably the biggest challenge is the craziness of the debris removal process. Well be at it for another six months, Holley said. Permitting is a huge, huge problem for a small town. The staff just couldnt handle it.

Then theres battles with insurance companies and navigating how to obtain state and federal aid, which is running into the billions of dollars. Robert Burton and his partner Cindy Lewis, both 71 and from Ohio, whose mobile home was totaled by storm surge, spent months living with friends and family until finally a small apartment was provided through the Federal Emergency Management Agency. They can stay there until March 2024 while they look for a new home.

Their mobile home park next to the causeway to Sanibel is a ghost town, filled with flooded-out homes soon to be demolished, many of them with ruined furniture inside, clothes still in closets, art still on the walls. Most homes had at least three feet of water inside.

No one has a home. That park will not be reopened as a residential community, Lewis said. So everybody lost.

The state Office of Insurance Regulation estimated the total insured loss from Ian in Florida was almost $14 billion, with more than 143,000 claims still open without payment or claims paid but not fully settled as of March 9.

With so many people in limbo, places like the heavily damaged Beach Baptist Church in Fort Myers Beach provide a lifeline, with a food pantry, a hot lunch stand, showers and even laundry facilities for anyone to use. Pastor Shawn Critser said about 1,200 families per month are being served at the church through donated goods.

Were not emergency feeding now. Were in disaster recovery mode, Critser said. We want to see this continue. We want to have a constant presence.

In nearby Sanibel, the lingering damage is not quite as widespread although many businesses remain shuttered as they are repaired and storm debris is everywhere. Seven local retail stores have moved into a shopping center in mainland Fort Myers, hoping to continue to operate while awaiting insurance payouts, construction permits, or both before returning to the island.

They call themselves the Sanibel Seven, said Rebecca Binkowski, owner of MacIntosh Books and Paper that has been a Sanibel fixture since 1960. She said her store had no flood insurance and lost about $100,000 worth of books and furnishings in the storm.

The fact of the matter is, we can get our businesses back up and running but without hotels to put people in, without our community moving back, its going to be hard to do business, she said. You hope this is still a strong community.

Yet, the sense among many survivors is one of hope for the future, even if it looks very different.

Cellura, the chef living in his car, has a new job at another location of the Nauti Parrot restaurant on the mainland. Insurance only paid off the outstanding loan amount on his destroyed camper and he didnt qualify for FEMA aid, leaving him with virtually nothing to start over and apartment rents rising fast.

But, after 22 years on the island, hes not giving up.

I believe that things will work out. Im strong. Im a survivor, he said. Every day I wake up, its another day to just continue on and try to make things better.

The reviews are starting to come in as details emerge about the debt ceiling agreement reached by President Joe Biden and House Speaker Kevin McCarthy.

Even before seeing those details, some lawmakers were criticizing the deal as not doing enough to tackle the nations debt, while others worried its too austere and will harm many low-income Americans.

The legislation will probably need support from a significant number of lawmakers from both parties to clear the closely divided House and gain the 60 votes necessary to advance in the Senate.

Many lawmakers said they were withholding judgment until they see the final details, many which did not come out until Sunday evening. Thats when the 99-page bill that resulted from the Biden-McCarthy negotiations was made public.

A look at how the agreement is going over so far:

Early concerns

Some of the earliest objections are coming from the most conservative members of Congress, particularly members of the hardline House Freedom Caucus that often clashes with GOP leadership.

I think its a disaster! tweeted Matt Rosendale, R-Mont.

Fake conservatives agree to fake spending cuts, tweeted Sen. Rand Paul, R-Ky.

This deal is insanity, tweeted Rep. Ralph Norman, R-S.C. A $4T debt ceiling increase with virtually no cuts is not what we agreed to. Not gonna vote to bankrupt our country. The American people deserve better.

GOP leaders knew all along that they would lose some members support in any compromise with a Democratic-led White House and Senate. The question has always been whether the deal would pick up enough Democratic support to offset those defections.

Democrats weigh in

As much as some Democrats dislike what is roughly a spending freeze on non-defense programs next year and chafe at work requirements being extended to more food stamp recipients, initial reaction has been circumspect as they await more details.

Rep. Annie Kuster, D-N.H., and chair of a center-left group known as the New Dems, which has roughly 100 members, said the group is confident that White House negotiators delivered a viable, bipartisan solution to end this crisis.

Sen. Chris Coons, D-Del., said he believed it was the best deal that could be reached given the demands coming from House Republicans.

To my colleagues who have serious misgivings about this deal, I say this is far better than defaulting, Coons said.

The likeliest opposition will come from the more liberal members of the caucus. Rep. Pramila Jayapal, D-Wash., has been voicing opposition to additional work requirements for some of those getting food and cash assistance. She called it terrible policy Sunday on CNNs State of the Union.

But she said she is also waiting for legislative text to determine the level of exemptions to the work requirements that Biden was able to win for veterans, homeless people and people coming out of foster care.

And so what do the numbers look like at the end of the day, Im not sure, said Jayapal, chair of the Congressional Progressive Caucus. However, it is bad policy. I told the president that directly, when he called me last week on Wednesday, that this is saying to poor people and people who are in need that we dont trust them.

Asked if the Democrats at the White House and in the congressional leadership have to worry about whether the progressive caucus will support the bill, Jayapal said: Yes, they have to worry.

A provision that expedites the approval of the Mountain Valley Pipeline, a natural gas pipeline in West Virginia and Virginia, also adds to the consternation many Democrats will have about the bill. They had succeeded in keeping it out of prior bills, but Sen. Joe Manchin, D-W.V., and other members of the West Virginia delegation prevailed in getting it included in the debt limit bill. Environmental groups were harshly criticizing its inclusion Sunday evening.

Business group backing

With the nation roughly a week away from the risk of a default that could roil the global economy, major business groups have been urging Washington to act quickly on a debt-ceiling increase.

The Business Roundtable, a group of more than 200 chief executive officers, called on Congress to pass the bill as soon as possible.

In addition to raising the debt ceiling, this agreement takes steps toward putting the U.S. on a more sustainable fiscal trajectory, said the groups CEO, Joshua Bolten. This deal also makes a down payment on permitting reform, helping to clear the path for new energy infrastructure projects.

The U.S. Chamber of Commerce also urged a yes vote and noted that the vote will be included when the group rates or scorecards members of Congress based on how they vote on business priorities.

Economists have been clear that the economy would be roiled with even a short-term breach in the nations ability to fully pay its bills as interest rates would rise and financial markets swoon.

The gravity of this moment cannot be overstated, said Suzanne Clark, the business groups president and CEO.

Watchdog groups approve

Some advocacy groups have long warned of the propensity of Congress to enact policy priorities without fully paying for them. Their concerns generally go unheeded. But some see the agreement as a step in the right direction.

The Committee for a Responsible Federal Budget noted that if the legislation passes, it would be the first major deficit-reducing budget agreement in almost a dozen years.

The process was tense, risky and ugly, but in the end, we have a plan to enact savings and lift the debt ceiling, and that is what is needed, said Maya MacGuineas, the groups president.

Summer cookout season is finally here. While summer doesnt officially begin until June 21, Memorial Day is the unofficial kickoff to the lazy days of summerand the start of many peoples vacation season. The holiday, which is meant to honor American soldiers who have died in military service, is also a favorite of retailers, who hope to capture shoppers attentions before they begin to focus on outdoor activities.

Not every major retailer is open, though. And it can be hard to keep up with which other businesses give their workers a day off. Heres a comprehensive look at which stores are open and closed and which services are available on Memorial Day 2023.

Are banks open on Memorial Day 2023?

Memorial Day is a bank holiday, meaning all branches will be closed. ATM machines, as always, are available if you need to get cash or make a deposit into your account, however. And, of course, many operations can be done online or with your banks app.

Is the post office open on Memorial Day 2023?

Dont bother checking the mailbox. Memorial Day is a federal holiday, so the U.S. Postal Service is closed, and no mail delivery will take place. UPS and FedEx also observe the holiday, though UPS Express Critical and FedEx Custom Critical are still available. FedEx will suspend Express service the Sunday before Memorial Day and Ground, Ground Economy and Freight service for the two day before the holiday. Select FedEx Office stores will be open, but have modified hours.

Is the stock market open on Memorial Day 2023?

Nope. The New York Stock Exchange, Nasdaq and bond markets are all closed.

Which department stores are closed on Memorial Day 2023?

Most stores will be open, though that often doesnt extend to locally-owned small businesses. Also, Costco will be closed.

Which department stores are open on Memorial Day 2023?

Bass Pro Shops Open on Memorial Day

Bed Bath & Beyond Open on Memorial Day

Belk Open on Memorial Day

Cabellas Open on Memorial Day

CVS Open on Memorial Day

Dillards Open Memorial Day

Home Depot Open on Memorial Day

Ikea Open on Memorial Day

J.C. Penney Open Memorial Day

Kohls Most store are open.

Lowes Open on Memorial Day

Macys Open Memorial Day

Michaels Open Memorial Day

Old Navy Open on Memorial Day

Rite Aid Open on Memorial Day

Target Open Memorial Day

T.J. Maxx Closed Sunday

Walgreens Open on Memorial Day

Walmart Supercenters remain open 24 hours

Which grocery stores are open on Memorial Day 2023?

Since Memorial Day is often the start of cookout season, grocers are on standby to help restock when you run out of buns, corn or chips. However, its always wise to check first to ensure they dont have reduced hours.

Aldi Open on Memorial Day.

Bi-Lo Open on Memorial Day.

Food Lion Open on Memorial Day

Harris Teeter Open on Memorial Day

Ingles Open on Memorial Day

Kroger Open on Memorial Day

Publix Open on Memorial Day.

Safeway Open on Memorial Day

ShopRite Open on Memorial Day

Stop and Shop Open on Memorial Day

Trader Joes Open on Memorial Day

Wegmans Open on Memorial Day

Whole Foods Open on Memorial Day

Winn-Dixie Open on Memorial Day

Pomp and circumstance greeted the arrival of China Eastern Airlines flight MU9191 in Beijings Capital Airport on Sunday. Chinese state broadcasters streamed the entire flight, which departed from Shanghai. Two fire engines greeting the arriving jet with a water salute. Passengers on the flight itself got a special menu: claypot rice, mango pudding, and White Rabbit candya Shanghai specialty. 

The celebration marked the first commercial flight of the C919, a single-aisle, narrow-body aircraft designed by the Commercial Aircraft Corporation of China (COMAC). Both COMAC and China hope the new plane can compete with Boeings 737 Max and Airbuss A320, helping break the decades-long duopoly held by the two commercial aviation giants.

The C919s first flight has been a long time coming for COMAC. The company first announced the plane in 2007, but production delays pushed the first test flight to 2017. Chinese regulators only approved the plane for commercial passenger operations last September. COMAC delivered the first plane to China Eastern in December 2022. 

China Eastern now expects to put the C919 into regular commercial service, including a route between Shanghai and Chengdu, in Chinas southwestern Sichuan province. 

C919 fits into Beijing strategy of self-sufficiency

Beijing hopes the C919 proves that its strategy to build up domestic firms in high-end manufacturing and technologynot just in aerospace but also sectors like semiconductors, renewable energy, and electric vehiclesis paying off. 

Worsening U.S.-China tensions, as well as U.S. restrictions on the export of advanced technology to China, have made Beijings effort of self-sufficiency more urgent. COMACs new plane will help the country withstand the U.S.s high-tech containment strategy, argued an editorial from state-run outlet Global Times earlier this year.

Yet production of the C919 will be slow. While COMAC says it has received over 1,200 orders for the new jet, it only expects to be able to produce 150 planes domestically a year by 2028. By comparison, Airbus and Boeing delivered 661 and 480 planes respectively last year.  

Earlier efforts to break up Boeing-Airbus duopoly

Several other companies have tried, and failed, to challenge Boeing and Airbuss dominance. In 2018, Canada-based Bombardier ceded control of the CSeries, its most recent commercial plane, to Airbus. Then, in February of this year, Japanese manufacturer Mitsubishi abandoned its 15-year plan to create a regional jet. 

Yet Chinese government support could give the C919 a potential advantage, as Chinese airlinesseveral of which are state-runorder the plane to support COMAC. Those orders might hurt Boeing and Airbus, both of which have sold hundreds of planes to Chinese airlines.

Boeings struggles in China

Boeing, in particular, has not yet rebounded from its 737 Max debacle in China. Beijing grounded the plane in March 2019 after the Boeing model was involved in two high-profile accidents, and only re-approved the plane for flight in December 2021. Even then, the 737 Max did not return to Chinas skies until January. Chinese carriers have started to shift their allegiance to Airbus over Boeing.

In 2021, Airbus CEO Guillaume Faury predicted that COMAC might be able to capture market share from Boeing and Airbus when it comes to single-aisle planes (like Airbuss A320), creating a triopoly by the end of the decade.

More Articles ...

  1. Debt ceiling deal: Whats in, whats out
  2. Biden says debt-limit deal reached, urges Congress to pass legislation
  3. Ex-Slack CEO Stewart Butterfield explains the root of all the excess after techs over-hiringand its all about prestige
  4. Disneys Little Mermaid remake tops box office with fifth biggest Memorial Day weekend opening ever
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