core

“The biggest story in AI right now is that Google and Nvidia are being extraordinarily competitive,” said Adam Sullivan, chief executive of data-center operator Core Scientific.

At the same time, Alphabet has defied the trend, with investors rewarding the company for both its AI advances and its strong core advertising and search businesses.

But core PPI, which economists and Fed officials tend to prefer, only advanced 0.1% on the month in September—a moderation from the revised wholesale price growth of 0.3% in August and 0.7% in July.

With September data for both PPI and the consumer price index now in hand, economists are estimating the core personal consumption expenditures price index—which excludes food and energy costs—will rise 0.2% month over month in September, though a 0.3% isn’t out of the question.

Either way, that is a fairly moderate read, but on an annual basis, core inflation is likely still running at 2.8% year on year.