CNBC Daily Open: Fast and furious intervention to prop up the yen — will it work?

In another edition of CNBC's Daily Open, Hui Jie reported from Singapore, covering Japan's coordinated intervention alongside the U.S. to stabilize its weakening currency. This intervention, described as "fast and furious," aimed to prevent the yen's drift and was facilitated by a lending facility requested by Treasury Secretary Scott Bessent.

Despite the initial success in holding the yen's strength, analysts remain skeptical about its long-term sustainability, suggesting that Japan's policy mix is unlikely to generate sustained currency strength.

Meanwhile, U.S. markets continued their upward trajectory, driven by strong performance in tech stocks. The S&P 500 approached its all-time high, only 0.3% away from the record set in early June. Amazon shares played a significant role in this rally, surging by 4% and reaching a new all-time high following a better-than-expected earnings report. This marked the company's highest valuation since May 5, placing its market capitalization above the $3 trillion threshold for the first time.

Furthermore, President Donald Trump expressed dissatisfaction with the record-breaking profits of energy giants Exxon and Chevron, attributing their gains to rising crude oil prices due to the Iran conflict. He criticized the companies for making "too much money" in the current market conditions.

In a separate news segment, Hugging Face CEO Clément Delangue discussed China's dominance in artificial intelligence, particularly in open-weight models. Delangue argued that China's collaborative and open ecosystem in AI could potentially catch up to U.S. model makers by the end of this year or next year. He suggested that model makers in the U.S. are "building in silos," which might hinder their progress and lead to falling behind in the AI race.