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download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewChinese officials are asking domestic tech giants to buy locally-made AI chips instead of Nvidia's, The Information reported on Monday. Chinese tech giants, The Information's sources said, are now expected to purchase equal numbers of locally and foreign-made AI chips for their new data centers. China is a very important market for the technology industry," Nvidia CEO Jensen Huang told the Financial Times in May 2023. Cupertino-based tech giant Apple, for instance, has been working to diversify its supply chains away from China.
Persons: , Tencent, pare, hasn't, Colette Kress, Jensen Huang, Huang, walling, Jay Pelosky, BI's Yuheng Zhan, Tencent didn't Organizations: Service, Baidu, Business, China's National, Ministry of Industry, Information Technology, Nvidia, downer, Reuters, Financial Times, BI, Apple, Bloomberg, China's Ministry of Industry, Alibaba Locations: China, United States, Cupertino, India
Elon Musk seems to be courting Argentine President Javier Milei to secure lithium supplies. AdvertisementTesla CEO Elon Musk has been cozying up to Argentine president Javier Milei — and lithium may be one reason why. Milei told the TV show "La Noche De Mirtha" in December that Musk had called him and said he was "extremely interested" in lithium. Argentina's ambassador to the US, Gerardo Wethein, told Argentine media that the pair talked about Tesla's "investment opportunities" in lithium, the Financial Times reported. Musk met up with Milei again last week, shared a photo of them on X, and later told his followers: "I recommend investing in Argentina."
Persons: Elon Musk, Javier Milei, , Milei, Musk, Tesla, Gerardo Wethein, Donald Trump, He's Organizations: Argentine, EV, Service, Business, United States Geological Survey, Reuters, Financial Times Locations: Argentina, Argentine, Texas, Tesla's, Austin
Tesla shares are still vulnerable to a big decline ahead, according to investor Danny Moses of "The Big Short" fame . Even with the electric-vehicle maker's stock down 32% so far this year, Moses is sticking with his Tesla short. "Everything is kind of falling apart in their core business," the Moses Ventures founder told CNBC's " Fast Money " on Thursday. Moses, who is known for successfully betting against the housing market before its 2008 implosion, had the $50 short on Tesla last November, too. Moses expects Wayve, an autonomous driving company, to emerge as a serious competitor to Tesla.
Persons: Danny Moses, Moses, CNBC's, Elon Musk, Tesla, Wayve, CNBC's Anna Gleason Organizations: Moses Ventures, Tesla, Nvidia, Microsoft Locations: Wayve
CNN —A former US Marine pilot fighting extradition from Australia on US charges of training Chinese military pilots to land on aircraft carriers, unknowingly worked with a Chinese hacker, his lawyer said. The lawyer’s filing supports Reuters reporting linking Duggan to convicted Chinese defense hacker Su Bin. The case will be heard in a Sydney court this month, two years after his arrest in rural Australia at a time when Britain was warning its former military pilots not to work for China. Su Bin, arrested in Canada in 2014, pleaded guilty in 2016 to theft of US military aircraft designs by hacking major US defense contractors. Duggan asked Su Bin to help source Chinese aircraft parts for his Top Gun tourist flight business in Australia, Collaery wrote.
Persons: CNN —, Daniel Duggan, Duggan, Su Bin, Bernard Collaery, Mark Dreyfus, Collaery, Su Bin “, , AVIC, , Mr Duggan Organizations: CNN, US Marine, Reuters, Gun, Australian Security Intelligence Organisation, US, AVIC, ASIO, US Navy Criminal Investigation Service, United Locations: Australia, Australian, Beijing, Sydney, Britain, China, Canada, United States, Australia’s Tasmania, backdated
Switzerland wins Eurovision Song Contest amid Gaza protests
  + stars: | 2024-05-12 | by ( ) www.cnbc.com   time to read: +4 min
The completed stage for the Eurovision song contest (ESC) is pictured at the Malmo Arena, shown to the media at a press conference in Malmo, Sweden on April 25, 2024. Switzerland on Saturday won the Eurovision Song Contest 2024 in Swedish host city Malmo, beating runner-up Croatia, after having been among bookmakers' top-three to win the competition. Swiss rapper and singer Nemo, 24, won the contest with "The Code", a drum-and-bass, opera, rap and rock song, about Nemo's journey of self-discovery as a non-binary person. The Eurovision winner is awarded the contest's official glass trophy, which is shaped like a classic, old-fashioned microphone, with sand blasted and painted details. "I didn't just break the code, I also broke the trophy," Nemo said, laughing, at the press conference after the win.
Persons: Nemo, Celine Dion, Swiss revellers, Maha Nater, Lasagna, Marko Purisic, Israel's Eden Golan, Joost Klein Organizations: Eurovision, Malmo, Saturday, Moi, Protesters, European Broadcasting Union, Russia, Police Locations: Malmo, Sweden, Switzerland, Croatia, Israel, Gaza, Swiss, Zurich, Europe, Ukraine, Dutch
Ukraine has been targeting Russian oil refineries in recent months. The Biden Administration has criticized the strikes, warning of global energy price rises. AdvertisementUkraine has been ramping up attacks on Russian oil refineries in recent months as it seeks to hamper Russian export revenues and curtail fuel supplies to Russian President Vladimir Putin's forces. Advertisement"Those attacks could have a knock-on effect in terms of the global energy situation," Austin said. Related storiesThe experts said that Ukrainian attacks on oil refineries would only hinder Russia's ability to turn its oil into refined products such as gasoline and would not impact the volume of oil it can extract or export.
Persons: Biden, , Vladimir Putin's, Radiy Khabirov, Lloyd Austin, Austin, Michael Liebreich, Lauri Myllyvirta, Sam Winter, Levy, Alexander Novak Organizations: Biden Administration, Service, Reuters, Russia's, Defense, Foreign Affairs, Bloomberg New Energy Finance, Centre for Research, Energy, Clean, Princeton University, Bloomberg Locations: Ukraine, Russia's Kaluga, Russia's Republic, Bashkortostan, Russia, China, India
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Citing people familiar with the matter, Bloomberg reported that the US government is set to impose new tariffs on a range of Chinese industries, including EVs. Chinese EV producers such as BYD have so far largely avoided the US market due to pre-existing trade barriers, such as a 25% tariff on Chinese auto imports previously touted by President Donald Trump. AdvertisementRelief for US firmsThe expected decision to target China's EV exports would come as a relief to US EV companies. Tesla CEO Elon Musk said earlier this year that Chinese EV firms would "demolish" their Western rivals if trade barriers weren't put in place.
Persons: , Joe Biden, Donald Trump, he's, Elon Musk, Trump Organizations: Service, Bloomberg, Business, Reuters, EV, Chery Locations: Mexico
Protesters attempt to storm Tesla’s factory in Germany
  + stars: | 2024-05-10 | by ( Anna Cooban | ) edition.cnn.com   time to read: +3 min
London CNN —As many as 800 activists gathered outside Tesla’s factory near Berlin Friday to protest its expansion plans, and some of them clashed with police as they attempted to break into the plant. According to Reuters, some of the protesters attempted to storm the factory. Police officers stand in front of activists protesting against the expansion of the Tesla factory near Berlin, Germany on May 10, 2024. Christian Mang/ReutersTesla shut the factory Friday to all employees in anticipation of crowds gathering outside in protest against the planned expansion. A police officer tries to push back protesters running toward the Tesla factory near Berlin on May 10, 2024.
Persons: Ole Becker, , , Elon Musk, , Christian Mang, Tesla Organizations: London CNN, Reuters, CNN, Police, RTL, Reuters Police Locations: Tesla’s, Berlin, German, Brandenburg, Europe, Germany
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "It's a quiet, incredible bull market because it's so diverse," Jim Cramer said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Stocks, Jim said, We're, , Jim, OpenAI, Jim Cramer's Organizations: CNBC, Dow Jones, Nasdaq, Procter, Gamble, Taiwan Semiconductor Manufacturing, Club, Nvidia, Broadcom, Reuters, Microsoft, Bloomberg News
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpenAI plans to announce competitor to Google search, according to ReutersCNBC's Pippa Stevens joins 'Fast Money' with breaking news on a Reuters report that suggests a possible announcement coming from OpenAI concerning a Google search competitor.
Persons: Pippa Stevens Organizations: Google, Reuters Locations: OpenAI
Plane skids off runway in Senegal, injuring at least 10
  + stars: | 2024-05-09 | by ( ) www.cnbc.com   time to read: +1 min
Boeing 737 of Transair en route to Bamako skids off runway at Dakar International Airport in Senegal on May 09, 2024. A plane with dozens of passengers skidded off a runway before takeoff at Senegal's main airport on Thursday, injuring at least 10 people and bringing the facility temporarily to a halt, the airport and Senegalese transport ministry said. Night-time videos shared on social media showed passengers running away from a plane whose left wing appeared to be on fire. The airport said 78 passengers were on board and 11 people were wounded in the accident, including four serious injuries. The transport ministry said the plane was carrying 79 passengers and reported 10 people were wounded, including one of the plane's two pilots.
Persons: Blaise Diagne Organizations: Boeing, International, Air Senegal Locations: Bamako, Senegal, Mali
China is grappling with a retirement crisis as its population ages. According to OECD data, people over the age of 60 account for 13% of the country's workforce. China is anticipating another 300 million people to reach retirement age in the next 10 years. AdvertisementChina is going through a retirement crisis, with a significant portion of older people finding that they can't afford to stop working. That rivals the share of workers who are of retirement age in the US, where 10%-15% are aged 60 or older.
Persons: , That's Organizations: Service, OECD, Reuters, Social Security, Budget, Trustees Locations: China
US stocks dropped on Wednesday led by a selloff in the tech sector. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks slid on Wednesday, led by a sell-off in the tech sector as investors took in weak financials and earnings guidance. Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday:AdvertisementHere's what else happened today:In commodities, bonds, and crypto:Advertisement
Persons: Tesla, , David Bahnsen Organizations: Intel, Reuters, Service, Nasdaq, Justice Department, New York Fed Locations: Here's
EV company Nio is launching a new affordable EV brand in China. The alliance between the two companies will likely intensify pressure on Tesla in China. BYD will reportedly provide a small battery pack for one version of the Onvo EV, with Chinese battery maker CALB supplying a larger 85-kilowatt-hour battery pack. AdvertisementThe alliance between Nio and BYD will likely intensify pressure on Elon Musk in China, where Tesla sales have slumped amid brutal competition for EVs. Once again, however, he is likely to face stiff competition from BYD and Nio, who are developing their own driving assistance software.
Persons: , Elon, BYD, confirmeded, Nio, didn't, Musk Organizations: Nio, Service, Tesla's, Elon Musk, Reuters, Business, EV, Elon, EVs, China's Passenger Car Association, Bloomberg, Baidu Locations: China, Europe, Nio, Tesla's Shanghai, Beijing, BYD
The Department of Justice is investigating potential securities or wire fraud by Tesla, Reuters reported. The probe reportedly centers on Tesla's promotion of its driver assist software. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe Department of Justice is looking into potential securities or wire fraud connected with Tesla's efforts to promote its driver assist software, according to a report by Reuters that cited unnamed sources. In 2022, the news agency first reported that the DoJ had launched a criminal probe into Tesla and its self-driving claims, but further details regarding the scope of the investigation were previously unknown.
Persons: Tesla, Organizations: Justice, Reuters, Service, DoJ, Tesla, Business
U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles' self-driving capabilities, three people familiar with the matter told Reuters. Tesla's Autopilot and Full Self-Driving systems assist with steering, braking and lane changes — but are not fully autonomous. Investigators are exploring whether Tesla committed wire fraud, which involves deception in interstate communications, by misleading consumers about its driver-assistance systems, the sources said. They are also examining whether Tesla committed securities fraud by deceiving investors, two of the sources said. The Securities and Exchange Commission is also investigating Tesla's representations about driver-assistance systems to investors, one of the people said.
Persons: Tesla, Elon, Musk Organizations: Reuters, Justice Department, The Securities, Exchange Commission, SEC, Prosecutors Locations: U.S, Teslas
In March 2023, Iran and Saudi Arabia brokered a deal to re-establish diplomatic relations. Related storiesThe US and Saudi Arabia are in the final steps of a new agreement on security guarantees and civilian nuclear assistance, Reuters reported last week. Many of Neom's projects aimed at capturing the luxury tourism market are located along the Red Sea coast. Set to open next year, Neom's luxury island resort of Sindalah is advertised as an "exclusive gateway to the stunning Red Sea." Saudi officials are already fighting to combat claims that Neom is facing delays and setbacks.
Persons: , it's, Israel, Kristian Coates Ulrichsen, Ulrichsen, Robert Mogielnicki, Mogielnicki, Neom Organizations: Saudi, Service, Neom, New York Times, Reuters, Rice, Baker Institute for Public Policy, Gulf States Institute, Bloomberg, Business Locations: Saudi, Dubai, Israel, Gaza, Iran, Saudi Arabia, China, Palestinian, Israeli, Red, Jeddah
A rapidly rising market has caught a lot of investors off-guard. He loves to watch what he calls the "pain trade," the move in the markets that would catch the largest number of active investors off-guard. Surveying Monday's late-day rally on the floor, Anderson looked up at the NYSE boards and said, "the pain trade is up." The S & P 500 is now within 1.4% of its old closing high of 5,254 from March 28th. The STOXX Europe 600, essentially the S & P 500 of Europe, is also less than 1% below an historic high.
Persons: Tim Anderson, Anderson, It's, Nicholas Colas, DataTrek, Ingersoll Rand, Parker, Hannifin, it's, Alec Young, MAPsignals.com Organizations: MND Partners, NYSE, Nasdaq, Utilities, Reuters, Southern Company, EatoN Corp Locations: Europe, industrials
Read previewA former Fidelity financial advisor has accused the brokerage of unlawfully firing him after filing a whistleblower complaint. Fidelity ranked branch managers by the number of client assets in more expensive investments such as stock-managed accounts, Maeker said. Financial advisors who did not score highly were awarded little to no stock or threatened to be fired, Meaker said. This race to zero has led to more pressure on high-fee products, as Maeker's branch manager told him. In turn, financial advisors were pushed to sell more Tier 3 investments by awarding 10 times the amount of compensation for Tier 3 investments versus Tier 1.
Persons: , Michael Maeker, Maeker, Meaker, FINRA Organizations: Service, Fidelity, Department of Labor, Business, Financial Industry Regulatory Authority, Treasury, Northern, Northern District of, Securities and Exchange Commission, SEC, Reuters Locations: Dallas, Northern District, Northern District of Texas
Hamas said in a statement Monday that it's accepted a cease-fire proposal from Qatar and Egypt in the war with Israel, according to multiple reports. AdvertisementIt's unclear if Israel has accepted the terms of the Qatari and Egyptian cease-fire plan. The militant group's leadership announced it had agreed to the deal, Reuters reports. Hours earlier, Israel had dropped leaflets on the Gaza city of Rafah, warning citizens to evacuate ahead of military operations. Please check back for updates.
Persons: it's, Israel Organizations: Qatari Locations: Qatar, Egypt, Israel, Egyptian, Gaza, Rafah
Elon Musk is tightening his grip on Tesla
  + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com   time to read: +2 min
Top Tesla exec Tom Zhu has been redeployed to China, Electrek reports. Several other top execs have left Elon Musk's company. Musk is consolidating power at Tesla as a vote over his $47 billion pay package looms. AdvertisementOne of Tesla's top executives has been reassigned to China in another sign that Elon Musk is tightening his grip on the electric carmaker. Prior to the move, Zhu had assumed more responsibilities at Tesla as Musk was increasingly occupied by X, according to Electrek.
Persons: Tom Zhu, , Elon, Elon Musk —, Zhu, Musk, Zhu —, Tesla, Drew Baglino, Rohan Patel, That's Organizations: Elon Musk's, Service, China, X, Reuters, North, Business, Street Locations: China, Shanghai, Delaware
Three men were found dead in a well in Baja California, Mexico, after being shot on a surfing trip. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThree men in their early 30s have been found dead in a well after being shot in the head while on a surfing trip in Baja California, Mexico. This story is available exclusively to Business Insider subscribers.
Persons: , Callum, Jake Robinson, Jack Carter Rhoad Organizations: Service, Reuters, Business Locations: Baja California, Mexico, Ensenada
Former National Enquirer publisher David Pecker, who testified at Donald Trump's criminal trial last month, was targeted in a fake emergency the same day he took the stand in New York, according to police records seen by Reuters. The previously unreported April 25 "swatting" incident, or filing of a false report to trigger a potentially dangerous response, is one in a wave of violent threats against U.S. officials and other public figures in recent years. Jamal gave the address of the crime as Pecker's home in Greenwich, Connecticut. It appeared to be the first report of a swatting attempt against someone testifying in the Republican presidential candidate's 12-day-old hush money trial. The hoax email "Jamal" sent about Pecker's home came from the address nobody@dizum.com, the Greenwich police report said, describing the email address as untraceable.
Persons: David Pecker, Donald Trump's, Stormy Daniels, Jamal, Pecker, Elkan Abramowitz Organizations: National Enquirer, Former National Enquirer, Reuters, U.S, Greenwich Police Department, Republican, Trump, Greenwich police Locations: Manhattan, New York City, U.S, New York, Greenwich , Connecticut, Greenwich
Turkey has suspended trade with Israel, demanding a cease-fire in Gaza. AdvertisementTurkey halted trade with Israel last week, demanding a permanent cease-fire in Gaza and criticizing Western influence in the war. That's a significant portion of Israel's trade, according to recent trade data. Though they didn't name the United States, Turkish leaders also called out the West's tolerance and support of the war. The United States abstained from the vote, sparking sharp dissent from Israeli President Benjamin Netanyahu.
Persons: Israel, , Tayyip Erdogan, Benjamin Netanyahu, Netanyahu, Joe Biden, Erdogan Organizations: Service, Israel, Israel Defense Forces, Reuters, MIT Media Lab, United Nations, United Locations: Turkey, Israel, Gaza, Rafah, That's, China, United States
Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. A month earlier, on the opposite coast in downtown Manhattan, FTX's Sam Bankman-Fried received a 25-year prison sentence for his crimes. At the beginning of his trial, SBF sported a fresh haircut and wore suits, but by its end, his curls were wild again. Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. watch nowMoney makes all the differenceUnlike SBF, CZ didn't have his wealth wiped out by bankruptcy of the crypto company he founded.
Persons: Sam Bankman, Zhao Changpeng, Mike Segar, Benjamin Girette, Changpeng Zhao, FTX's Sam Bankman, Fried, Zhao, Binance's Zhao, FTX's, Toyotas, Braden Perry, Perry, Manfred, SBF, Michael Lewis, Lewis, Sam didn't, Amr Alfiky, Sam, Caroline Ellison, , Zhao's, Yi He, Binance, David Ryder, Yang, Rachel Zhao, Yesha Yadav, Yadav, Mark Bini, Lewis Kaplan, Bankman, Kaplan, perjured, Neama Rahmani, Rahmani, Tre Lovell, Zhao hasn't, Lovell, weren't, FTX Organizations: Reuters, Bloomberg, Getty, Department of Justice, CFTC, Stanford University's, Bankman, CZ, Staff, Reuters Prosecutors, Alameda Research, Vanderbilt University, Wall Street, CNBC, FTX, Emergency Economic, Justice Department, DOJ Locations: Seattle, Manhattan, California, Hong Kong, Bahamas, Palo Alto, U.S, New York City, Alameda, Seattle , Washington, Paris, France, Angeles, Binance, Dubai, Delaware
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