the us benchmark s&p 500 index is up by more than 15%. the tech—heavy nasdaq is performing even better, up by almost 20%, with most gains coming from the frantic race in artificial intelligence and the chips that power them. but last week, shares of chip designer nvidia showed signs of slowing down. david kuo is the co—founder of the smart investor website. he says ai could continue to lead markets in the months ahead. there is no better word for it than mania. it's kind of different to saying it's in a bubble. i mean people have very high expectations of this new artificial intelligence. they don't quite know how it's going to pan out, but they know that there are certain companies in the centre of the artificial intelligence revolution and nvidia is one of them, and they are sort of putting their money behind nvidia and saying we think this company is going to drive the growth in al. what do you think the main

thing that investors or people watching this patient understand about this or people watching this space understand about this ai boom and where it's headed? your guess is as good as mine, there are lots of people out there at the moment, they kind of know that there is something there but they don't exactly know how it is supposed to play out. i'll give you one example, mcdonald's for instance, said that they were going to incorporate ai into the drive through ordering technology come so people drive into this...kind of booth, and they shout their orders out, then ai is supposed to be able to interpret what they want and deliver them the food at the other end. but it didn't quite work out that the way that they expected, and so the partnership they had with ibm has now been dissolved and they said there putting it to one side for now because i didn't quite work the way they thought it would, he had difficulties understanding what people were saying, certain accents, so people were getting the wrong burgers at the other end. so i think we will be

going through this teething process and until such time that we find out exactly what ai is capable of doing, people are going to be making those kind of blind bets. what i'm worried about, steve, is that it wasn't that long ago when people were talking about the internet of things, the iot, what has happened to that? and then there was this software as a service, saas, people were putting their money behind that saying it's going to be revolutionary, we have this new acronym, ai, and people are saying this is going to change the world. and you have to wonder, ok, maybe it's going to, but where is internet of things, where is s aas now, of things, where is saas now, what is happened all these technologies? the european union and china will hold talks on the bloc�*s plan to put tariffs on imported chinese electric vehicles. this comes after china's commerce minister and

the european union's trade commisioner spoke over the weekend. chinese ev makers will face tariffs of up to 38% in the eu from the fourth ofjuly. the eu is investigating what it claims to be a flood of cheap, government—subsidised chinese cars into its market. to india now, which is in the midst of its longest ever heat wave. more than 60 people have reportedly died from heat stroke. it is also affecting the lives of india's large informal workforce, that contributes to nearly half of the country's economy. an organisation in india's western state of gujarat is now offering women a "heatwave insurance", where a payout is given for missed work in extreme temperatures. archana shukla reports. it is sweltering in india. despite the blazing sun, hunza nadia is out, sifting through the city's waste.

every scrap whitened. heat stroke stole six days of work, leaving her week income work, leaving herweak, income halved to just $30. thankfully, hanza has an insurance for hot days. translation: i got $14 as insurance payment. - i used it to buy food and medicine for my skin rash. the scorching heat is putting millions of poor indians at risk. their choice — work in unsafe conditions or go hungry. women are among the worst affected, especially those on meagre incomes, like $60 to $70 a month. and for them, this heat insurance have actually come as a breather. when mercury reaches a threshold —

in ahmedabad, it is 44 degrees celsius, those insured get an automatic payment of $4 a day. it is critical even for those working indoors. sheikh sabairah cannot use the fan while making kites. and the stifling heat is taking a toll on her family's livelihood. translation: i get $0.03 per kite, but because of the heat, l i could makejust half the number of kites. the insurance money has helped. 16,000 women got paid through this novel insurance programme. but with worsening heatwaves, these meagre payouts may not be enough. the organisers say a policy push is needed. translation: can heatwave insurance be included - in the social security act? could the unspent welfare funds for construction workers and small band workers be redirected to climate support? we need to ask these questions and both government and private sectors need to partner. we could be the first country to offer climate cover

for informal workers. for these women, it's a matter of survival. as extreme weather disrupts livelihoods, india's informal workforce, crucial for its economy, need a safety net more than ever before. archana shukla, bbc news and world. turning to south east asia, where there has been growing interest in the alliance of major developing countries, known as brics. it is an acronym made up of the names of its earliest members — brazil, russia, india, china and south africa. more membersjoined the group this year, and most recently, thailand and malaysia have expressed interest injoining the club, which is seen as a counter to western influence. lava nya venkatesawa ran, who covers asean at 0cbc says the move will benefit

malaysia's economy. i think there are some benefits to be gained from the economic side, mainly in terms of trade and investment and i think it opens up the opportunity for malaysia to have deeper relationships with countries like brazil, russia, india even to some extent. malaysia's economic relationship with china is quite deep already so it gives them a chance to strengthen it further and of course the new wave economies have alreadyjoined the alliance, there is increased scope to deepen the relationships within these countries so i think malaysia is just looking to take advantage of that. over the weekend, apple opened its first store in malaysia in the heart of kuala lumpur. apple sales have suffered in china in recent years, but it's clearly making a big bet on high demand in south east asia. and it's not the only tech giant to do so, as suranjana tewari has been finding out. apple is just one of many tech giants making investments in malaysia. in 2021, intel announced a $7 billion plan to

expand manufacturing in panang an tech giant nvidia and chip giant nvidia has made a $4.3 billion injection to develop artificial intelligence capabilities. google announced a $2 billion package toward building a data centre and cloud region, and microsoft is putting in about the same amount to advance new cloud and ai infrastructure. the country is already a major player in semiconductors, accounting for about 13% of global testing and packaging. but the demand for al and cloud computing services is only increasing. and malaysia's government wants a slice of the pie. it has ambitious targets to meet the innovation rather than relying on natural resources and commodities. it wants to have five unicorns — companies that have a value of more than $1 billion — by 2025. in order to achieve

that the leadership is offering incentives including tax breaks, subsidies and visa exemption fees to attract global tech companies and investors. malaysia is likely to face stiff competition from established tech hubs like singapore, hong kong and japan, but experts say data centres are an area malaysia can really capitalise on. because energy and land are cheap there. a big advantage over smaller city states where resources are limited. in the past, malaysia has been criticised for not investing in technology and the digital economy. that seems to have changed and big tech companies are taking note, investing and building a future there. in music news for you do you recognise this tune? love me do by the beatles plays

it features in a rare early beatles single that will go on auction in the uk on monday, where it is expected to fetch up to $11,000. the 1962 demonstration record is one of only 250 in the world. experts say it is unique due to paul mccartney's surname being incorrectly spelt as "mcartney". that's it for this addition of business today, i'll see you tomorrow. goodbye.

i'm 0lly foster. here's what's coming up for you on sportsday. late, late drama at the european championship — hungary score in the 100th minute to keep their knockout hopes alive — and knock scotland out. the hosts germany leave it late too — a stoppage time equaliser to progress as group winners.

chrisjordan is england's hatrick hero on his barbados homecoming. they are the first side through to the t20 world cup semi—finals. and the new world number one jannik sinner prepares for wimbledon by winning the halle 0pen. hello there, it's been a gripping day at the european championship, with late goals in both matches to decide the final standings in group a. in frankfurt, switzerland were heading through to the last 16 as group winners after taking the lead against germany, that was until the hosts equalised in injury time to return to the top and scotland are out, finishing bottom of the group after a 100th minute winner from hungary in stuttgart, that keeps their hopes alive adam cottier reports.