Building on recent euphoria related to AI, Marvell Technology Inc MRVL.O jumped 32% after the chipmaker said it would double its annual revenue related to AI. After several rounds of talks, U.S. President Joe Biden and top congressional Republican Kevin McCarthy appeared to be nearing a deal to increase the government's $31.4 trillion debt limit for two years, while capping spending on most items, a U.S. official told Reuters. Data showed U.S. consumer spending increased more than expected in April and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month.