Elon Musk threatened to sue Apple, accusing it of antitrust violations for allegedly favoring OpenAI’s ChatGPT over his xAI’s Grok chatbot in App Store rankings and promotions. Musk claimed Apple’s practices make it “impossible” for other AI firms to reach the top spot and criticized its “Must-Have” section for excluding X and Grok. Apple, which last year integrated ChatGPT into its devices, declined to comment, … Continue reading Musk threatens ‘immediate’ legal action against Apple over alleged antitrust violations

Eastman Kodak warned it may not survive, citing a lack of committed financing or liquidity to cover about $500 million in upcoming debt. The 133-year-old photography company plans to cut pension payments and sell assets to raise cash. Shares fell over 7% after the announcement. Once dominant in film and cameras, Kodak’s failure to adapt to digital photography led to a 2012 bankruptcy, CNN has … Continue reading 133-year old Kodak says it might have to cease operations

Spirit Airlines warned of possible insolvency just months after emerging from bankruptcy, citing weak domestic demand, excess capacity, and dwindling cash reserves. The carrier, which filed for Chapter 11 last November and restructured in March, is facing credit-card processing risks, potential liquidity shortfalls, and ongoing operational pressures. Spirit plans to raise cash by selling assets and cutting airport gate capacity, but says substantial doubt remains … Continue reading Spirit Airlines raises going-concern doubts, months after exiting bankruptcy

Nvidia and AMD have agreed to pay the U.S. government 15% of their semiconductor sales revenue to China in exchange for export licenses, a deal reported by the Financial Times. This arrangement allows Nvidia’s H20 chips and AMD’s MI308 chips to be sold in China amid ongoing U.S.-China trade tensions. While the deal could generate billions for the U.S., China has raised security concerns, accusing … Continue reading Nvidia and AMD will give US 15% of China chip sales

President Trump signed an executive order directing federal agencies to allow 401(k) retirement plans to include higher-risk investments like private equity and cryptocurrencies. While no immediate changes will occur, new rules could eventually let employers offer these alternatives, opening trillions in retirement funds to industries long seeking access. This move rewards private equity and crypto sectors, which have supported Trump’s campaign, contrasting with the previous … Continue reading Trump opens the door for private equity and crypto as 401(k) retirement plan options

Asian markets were mostly down Friday, except for Tokyo, where the Nikkei 225 surged 2.2% after Japan resolved a tariff dispute with the U.S. that had threatened key exports like cars. Automakers Toyota and Honda saw strong gains. Meanwhile, markets in Hong Kong, South Korea, and India fell, while Taiwan edged up slightly. On Wall Street, the S&P 500 and Dow slipped, but the Nasdaq … Continue reading Asian shares are mostly lower, while Tokyo’s Nikkei jumps 2%

Intel shares fell Thursday after President Trump called for CEO Lip-Bu Tan to resign, citing conflicts of interest. Trump’s demand follows criticism from Sen. Tom Cotton over Tan’s past ties to Chinese companies and a previous criminal case involving Cadence Design, where Tan was CEO. Intel defended its leadership, highlighting its major investments in U.S. semiconductor manufacturing, CNBC has reported. Tan, appointed in March, recently … Continue reading Intel shares drop after Trump calls for CEO to resign immediately

Pfizer raised its full-year adjusted profit forecast due to cost cuts and strong business performance, beating Q2 revenue estimates driven by Covid products and other drugs. The new profit guidance is $2.90 to $3.10 per share, up from $2.80 to $3.00, while maintaining its 2025 revenue outlook of $61 billion to $64 billion. The company plans to record a $1.35 billion one-time charge linked to … Continue reading Pfizer hikes 2025 profit outlook on cost cuts, strong quarterly results

AMD reported slightly missed earnings with 48 cents per share vs. 49 expected, but revenue beat estimates at $7.69 billion. The stock dropped 5% after hours. The company expects $8.7 billion in sales next quarter. AMD is the second-largest AI GPU maker behind Nvidia, gaining clients like OpenAI. New AI chips, Instinct MI400, launch next year, but U.S. export controls hurt sales to China, costing … Continue reading AMD reports weaker-than-expected earnings even as revenue tops estimates

OpenAI is in early talks with investors about a potential secondary stock sale valuing the company at around $500 billion, with current and former employees selling shares. Thrive Capital, an existing investor, may lead the round. OpenAI’s valuation has soared since launching ChatGPT in 2022, reaching $300 billion after a $40 billion funding round earlier this year. Recently, OpenAI released new open-weight language models and … Continue reading OpenAI in talks with investors about share sale at $500 billion valuation

Harley-Davidson has named Topgolf CEO Arthur Starrs as its next chief executive, succeeding Jochen Zeitz amid declining U.S. demand and tariff pressures. Starrs, who previously held roles at Pizza Hut and Topgolf, will take over later this year. Zeitz, who led Harley for five years and launched its “Hardwire” strategy, will remain a senior adviser until 2026. The company faces challenges including weak demand for … Continue reading Harley-Davidson Names Topgolf Leader as New CEO

Palantir surpassed $1 billion in quarterly revenue for the first time, beating Wall Street expectations and raising its full-year forecast. Revenue rose 48% year-over-year, with U.S. revenue up 68% and commercial U.S. revenue nearly doubling. Net income jumped 144% to $326.7 million. Palantir also secured a $10 billion U.S. Army contract and closed numerous large deals. Shares have more than doubled this year, pushing its … Continue reading Palantir tops $1 billion in revenue for the first time, boosts guidance

BP has announced its largest oil and gas discovery in 25 years off the coast of Brazil, marking a major shift back to fossil fuels. The Bumerangue find could become a key production hub, though no reserve estimates have been released yet. The discovery is part of BP’s strategy to boost oil and gas output, regain investor confidence, and counter falling share performance. This is … Continue reading BP makes its biggest oil and natural gas discovery in 25 years as it refocuses on fossil fuels

The Bank of England is expected to cut interest rates by 0.25% to 4% this week, aiming to support the weakening UK economy amid rising unemployment and global trade disruption caused by new U.S. tariffs under President Trump. It would be the fifth cut since last August. The UK economy has shrunk for two consecutive months, and job vacancies and wage growth are falling. Despite … Continue reading Bank of England forecast to cut interest rates amid rising unemployment and Trump tariffs

Switzerland is seeking to negotiate with the U.S. after the Trump administration unexpectedly announced a 39% tariff on Swiss goods—more than double the rate for most EU imports. The tariffs, set to take effect August 7, could severely impact key Swiss industries like manufacturing and watchmaking. Swiss officials expressed disappointment, calling the move unjustified despite ongoing bilateral talks. The U.S. cited Switzerland’s refusal to drop … Continue reading Switzerland says ‘disappointed’ by Trump tariffs, will try to negotiate

Boeing faces its second strike in a year as 3,200 union machinists in the St. Louis area walked off the job Monday after rejecting a revised contract offer. The strike affects three defense plants and follows a failed deal that included 40% raises over four years. Union leaders say workers deserve a contract that reflects their skill and supports their families, CNN has reported. The … Continue reading Boeing’s second strike in less than a year begins at three defense plants

President Donald Trump fired Erika McEntarfer, the head of the Bureau of Labor Statistics, shortly after weak job growth data was released, sparking accusations of politicizing economic data. Trump claimed that McEntarfer had rigged employment figures to harm his image and help Democrats, calling the numbers “rigged.” Critics accused him of “firing the messenger” and undermining trust in federal statistics. McEntarfer, a respected economist confirmed … Continue reading Trump fires labor statistics chief hours after data showed jobs growth slowed

Federal Reserve Governor Adriana Kugler announced her resignation Friday, creating a key vacancy as President Trump pushes for lower interest rates. Kugler, a Biden appointee, will return to Georgetown University this fall and gave no specific reason for stepping down. Her departure gives Trump a chance to nominate a Fed governor aligned with his pro-rate-cut stance. Kugler’s term was set to run through January 2026, … Continue reading Fed Governor Kugler is resigning

The U.S. economy grew 3% in the second quarter, beating expectations and rebounding from a 0.5% decline in Q1. The growth was driven by a sharp drop in imports and stronger consumer spending, despite ongoing trade tensions and high tariffs. Consumer spending rose 1.4%, and inflation showed signs of easing. However, some underlying indicators, like private domestic sales and residential investment, pointed to a possible … Continue reading U.S. economy grew at a 3% rate in Q2

The Federal Reserve voted 9-2 on Wednesday to keep interest rates steady at 4.25%–4.5%, despite pressure from President Trump and dissent from two governors. This marks the first time since 1993 that multiple Fed governors opposed a rate decision. While inflation remains elevated and the labor market strong, the Fed noted slower economic growth and heightened uncertainty, CNBC has reported. The dissenting officials argued for … Continue reading Fed leaves interest rates unchanged

Union Pacific and Norfolk Southern announced a historic $85 billion merger to create the first U.S. transcontinental railroad, spanning over 50,000 route miles from coast to coast. Valued at more than $250 billion combined, the deal would be one of the largest rail mergers in U.S. history and aims to boost American manufacturing, jobs, and global competitiveness. The merger promises faster freight service, fewer delays, … Continue reading Union Pacific, Norfolk Southern merge creating first US transcontinental railroad

Starbucks reported its sixth consecutive quarter of same-store sales declines but said its turnaround efforts are gaining traction. CEO Brian Niccol, known for reviving Chipotle, emphasized growing momentum despite weak financial results. In Q3, net income dropped to $558 million from $1.05 billion a year ago, while global same-store sales fell 2%. However, U.S. performance beat expectations, with smaller sales declines and rising customer engagement. … Continue reading Starbucks same-store sales fall again

The Federal Reserve is expected to keep interest rates unchanged for the fifth straight meeting, highlighting a growing divide between Chair Jerome Powell and President Donald Trump. Trump is pushing for deep rate cuts, arguing they’re needed despite a strong economy, while Fed officials believe higher rates are appropriate to prevent inflation. The Fed has signaled limited cuts this year, while Trump wants rates slashed … Continue reading Federal Reserve likely to stand pat on rates this week

Spirit Airlines will furlough 270 pilots and downgrade 140 captains to first officers this fall as it prepares for a reduced off-season schedule. The moves, effective in October and November, aim to align staffing with flight demand and cut costs as the airline works to return to profitability following its March emergence from bankruptcy. Weakened travel demand and ongoing financial struggles continue to impact the … Continue reading Spirit Airlines to furlough 270 pilots

Tesla CEO Elon Musk announced a $16.5 billion chip supply deal with Samsung Electronics, aimed at producing Tesla’s next-gen AI6 chips at Samsung’s Texas factory. The deal is a major boost for Samsung’s struggling chip foundry business, which has faced delays and a lack of major clients. Samsung’s shares surged on the news, while Tesla’s rose in premarket trading. Musk said Tesla will help improve … Continue reading Musk says Tesla and Samsung have signed a $16.5 billion chip deal