Federal Reserve Chairman Kevin Warsh arrives to testiy before the Senate Banking, Housing and Urban Affairs Committee to deliver the semiannual monetary policy report to Congress, on Capitol Hill, Wednesday, July 15, 2026, in Washington. (AP Photo/Jose Luis Magana)

Federal Reserve Chairman Kevin Warsh testifies before the Senate Banking, Housing and Urban Affairs Committee to deliver the semiannual monetary policy report to congress, on Capitol Hill, Wednesday, July 15, 2026, in Washington. (AP Photo/Jose Luis Magana)

Visitors at the booth for Baidu's AI Agent Dumate during the World AI Conference in Shanghai, China on July 17, 2026. (AP Photo/Ng Han Guan)

A visitor stands near a poster for the World AI Conference in Shanghai, China on July 17, 2026. (AP Photo/Ng Han Guan)

Chiense President Xi Jinping speaks during a meeting on global AI governance held on the sidelines of the World AI Conference in Shanghai, China on July 17, 2026. (AP Photo/Ng Han Guan)

A worker stands at the booth for Chinese AI Startup Moonshot's Kimi K3 during the World AI Conference in Shanghai, China on July 17, 2026. (AP Photo/Ng Han Guan)

Visitors at the booth for Chinese AI Startup Moonshot's Kimi K3 during the World AI Conference in Shanghai, China on July 17, 2026. (AP Photo/Ng Han Guan)

A firefighter pauses while battling a wildfire in San Martín de Valdeiglesias, west of Madrid, Spain, Sunday, July 26, 2026. (AP Photo/Manu Fernandez)