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☆ U.S. is closer to curbing investments in China's AI, tech sector
▼ + stars: | 2024-06-22 | by ( ) www.cnbc.com time to read: +4 min

Public comments on the proposed rules will be accepted until Aug. 4. watch nowTreasury said the new rules were intended to implement "a narrow and targeted national security program" focused on certain outbound investments in countries of concern. Treasury had mapped out the contours of the proposed rules in August. Certain third-country transactions determined to be addressing national security concerns, or in which the third country adequately addressed the national security concerns, could also be exempted, Treasury said. "U.S. investors will need to engage in more extensive due diligence when making investments in China or investments involving Chinese companies that operate in the covered sectors," she said.

Persons: Joe Biden, Investment Security Paul Rosen, Laura Black, Akin Gump, Black, Treasury's Organizations: U.S . Treasury Department, Investment Security, Treasury, Treasury Department, U.S Locations: Europe, United States, Binzhou, East China's Shandong province, China, U.S, Macao, Hong Kong, Washington

☆ Bad news for coders: The US is past peak software developer
▼ + stars: | 2024-06-22 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

A new ADP Research Institute report shows employment for software developers has declined from January 2018. Related storiesJob-search platform Indeed has its own running index of job postings for the software development sector. Swallowing a pay cut is a tough ask for software developers who were earning top dollar just a few years ago." AdvertisementData from Handshake, a platform where students can look for work, suggests a cooler demand for software developers or engineers. Have you made a career change from or to software development or another tech job?

Persons: —, Daniel Zhao, Glassdoor's, Zhao, Nela Richardson, Richardson, Nick Bunker, Bunker, Randy Tarnowski, Tarnowski, they're Organizations: Service, ADP Research, Business, North America, Bureau of Labor Statistics

☆ A US Navy carrier strike group is headed home after months battling the Houthis in the Red Sea
▼ + stars: | 2024-06-22 | by ( Jake Epstein | Katie Balevic | ) www.businessinsider.com time to read: +1 min

A US Navy carrier strike group that's fought the Houthis for months is finally returning home. The Dwight D. Eisenhower Carrier Strike Group left the Middle East on Saturday, the Pentagon said. It will soon be replaced by the USS Theodore Roosevelt Carrier Strike Group. AdvertisementThe US Navy carrier strike group that's been battling the Houthis in the Red Sea is finally heading home after spending months in the region protecting shipping lanes from relentless attacks by the Iran-backed rebels. The Dwight D. Eisenhower Carrier Strike Group left the Middle East on Saturday and will remain briefly in the US European Command area of responsibility before returning stateside.

Persons: that's, Dwight D, Theodore Roosevelt Carrier, — Organizations: US Navy, Eisenhower Carrier Strike Group, Pentagon, Theodore Roosevelt Carrier Strike, Service, US European Command, Business Locations: Iran

☆ Jensen Huang's Nvidia sure hopes the AI bubble doesn't burst anytime soon
▼ + stars: | 2024-06-22 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

AdvertisementHowever, Nvidia's run faces one big risk: it depends on the generative AI boom lasting. Though tech giants, including Apple, Google, Meta, and Microsoft, now appear to have made generative AI their priority, there appears to be awareness of the technology's weaknesses. Google, for instance, was forced to apologize earlier this year after its generative AI image generator created historically incorrect images in response to user requests. For now, though, the industry seems intent on moving ahead with LLM-enabled generative AI. That should keep Nvidia in the race with Microsoft and Apple to a $4 trillion valuation.

Persons: —, Jensen Huang, they've, Dan Ives, Huang, Tim Cook, Yann LeCun Organizations: Service, Nvidia, Microsoft, Apple, Business, Meta, Google, Blackwell, Apple Intelligence, Financial Locations: Taipei

☆ Tesla Cybertrucks vandalized in Florida with some choice messages attacking Elon Musk
▼ + stars: | 2024-06-22 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +1 min

Dozens of Tesla Cybertrucks were vandalized in Fort Lauderdale, Florida, this week. The Cybertrucks were spray painted with a message attacking Tesla CEO Elon Musk. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Nearly three dozen Cybertrucks were vandalized this week in Florida with disparaging messages aimed specifically at Musk. A 35-second viral video showing the aftermath of the vandalism spree in a Fort Lauderdale parking lot first gained traction on Instagram on Friday.

Persons: Tesla, Elon Musk, Elon Musk's, — Organizations: Service, Business Locations: Fort Lauderdale , Florida, Florida, Fort Lauderdale

☆ Nvidia CEO Jensen Huang shouts out OpenAI cofounder Ilya Sutskever for sparking 'the big bang of deep learning'
▼ + stars: | 2024-06-22 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +1 min

OpenAI cofounder Ilya Sutskever left his company in May after a failed attempt to oust Sam Altman. He announced on June 19 that he would start a new AI project called "Safe Superintellgence Inc."Nvidia CEO Jensen Huang said Sutskever's past work sparked the "big bang of deep learning." 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 . AdvertisementNvidia CEO Jensen Huang had high praise for Ilya Sutskever, the OpenAI cofounder who left his company after a chaotic attempt to oust its chief executive, Sam Altman.

Persons: Ilya Sutskever, Sam Altman, Jensen Huang, — Organizations: Inc, Nvidia, Service, California Institute of Technology, CNN, Business

☆ Apple's big AI rollout is looking a lot smaller
▼ + stars: | 2024-06-22 | by ( Katie Balevic | ) www.businessinsider.com time to read: +1 min

Apple went big with its reveal of Apple Intelligence, its AI offering, earlier this month. But Apple Intelligence is only available on the latest iPhone models. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAt one of its splashiest product reveals in recent history, Apple unveiled its new AI push, called Apple Intelligence, with great enthusiasm earlier this month. But the new tech's big rollout is turning out to be a lot more limited than that fanfare implied.

Persons: Apple, — Organizations: Apple Intelligence, Service, Apple, Business

☆ Mark Zuckerberg's summer vacation look includes a $1,150 hypebeast t-shirt
▼ + stars: | 2024-06-22 | by ( Jaures Yip | ) www.businessinsider.com time to read: +1 min

Mark Zuckerberg sported a $1,150 Balmain t-shirt on vacation in Ibiza with his wife. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMark Zuckerberg — CEO, chairman, up-and-coming fashion icon? The Facebook cofounder was recently spotted sporting a $1,150 Balmain t-shirt while vacationing in Ibiza, Spain, with his wife, Pricilla Chan, People reported. This story is available exclusively to Business Insider subscribers.

Persons: Mark Zuckerberg, —, Pricilla Chan, Zuckerberg Organizations: Balmain, Service, Saks Fifth, Business Locations: Ibiza, Spain

☆ UBS says AI may be one of the 'largest investment opportunities in human history.' Here's the bank's 4-step approach for investing in the technology.
▼ + stars: | 2024-06-22 | by ( Christine Ji | ) www.businessinsider.com time to read: +4 min

Big Tech companies are pouring billions of dollars into building data centers to train it. The AI Value ChainAccording to UBS, investors should approach the overall AI industry as three interconnected layers: enabling, intelligence, and application. By understanding the major players in the AI space and investing in the most critical parts of the AI value chain, according to UBS. The bank predicts that the AI landscape will be marked by "vertically integrated" and "monolithic" firms with the scale to reach across the AI value chain. However, its stock hasn't seen the price appreciation that domestic tech companies have, suggesting that there's ample room for valuations to expand.

Persons: Ulrike Hoffmann, UBS's Organizations: Service, Apple, Big Tech, UBS, Business, Nvidia, Dell, Broadcom Locations: China

☆ China can't get enough of Elon Musk's mom
▼ + stars: | 2024-06-22 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +1 min

Maye Musk, the mother of Elon Musk, is really popular in China. The model and dietician is also singing Tesla's praises while in China. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMaye Musk, Elon Musk's mom, is a celebrity in her own right. This story is available exclusively to Business Insider subscribers.

Persons: Maye, Elon Musk, Tesla's, —, Elon Musk's Organizations: Service, Sports, Business Locations: China

☆ Seine River in Paris still too polluted for Olympic events as opening ceremony looms
▼ + stars: | 2024-06-22 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +1 min

The Seine River is too polluted for swimming events at the Paris Olympics, city officials said. Paris invested $1.5 billion to clean the Seine, but heavy rainfall increased pollution levels. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDespite a massive cleanup effort, Paris' Seine River remains too polluted to host swimming events for the upcoming Olympic Games, city officials have said. "Samples from the Seine do not meet the standards we will have this summer," Paris region official Marc Guillaume added on Friday.

Persons: —, Marc Guillaume Organizations: Paris, Service, AFP, Business Locations: Paris, Seine

☆ The Justice Department is coming for AI: 'If your AI fixes prices, you're just as responsible'
▼ + stars: | 2024-06-22 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

The Justice Department is cracking down on anticompetitive uses of artificial intelligence. The DOJ has been investigating RealPage for using AI algorithms to set high prices since 2022. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Department of Justice is now cracking down on such anticompetitive uses of the buzzy new technology. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Department, DOJ, Biden, Big Tech, Service, Justice, Business

☆ Vladimir Putin gifted North Korean leader Kim Jong Un a 2nd luxury armored limo — check it out
▼ + stars: | 2024-06-22 | by ( Cameron Manley | ) www.businessinsider.com time to read: +1 min

Russian President Vladimir Putin made his first to North Korea in 24 years. Putin gifted North Korean leader Kim Jong Un a second Aurus Senat limousine during the visit. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRussian President Vladimir Putin and North Korean leader Kim Jong Un took a Russian-made Aurus Senat limousine for a spin during the Russian President's first visit to Pyongyang in 24 years. Video footage shared on Telegram showed Putin behind the wheel of the Aurus, which he also gifted to his North Korean counterpart, Russian state media reported, citing Kremlin aide Yuri Ushakov.

Persons: Vladimir Putin, Putin, Kim Jong Un, —, Kim, Yuri Ushakov Organizations: North, Service, Telegram, Korean, Business Locations: North Korea, North Korean, Russian, Pyongyang

☆ Microsoft is one of the most overbought stocks on Wall Street. Here are the others
▼ + stars: | 2024-06-22 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

To that end, CNBC Pro used its stock screener tool to find the most overbought and oversold names on Wall Street, employing the 14-day relative strength index, or RSI, as a metric. Stocks that have a 14-day RSI above 70 are said to be overbought, indicating that shares might soon be due for a pullback. Microsoft was among the most overbought stocks this week, with an RSI of 74. Analyst price targets suggest more than 37% upside, per LSEG. With a RSI of about 19, real estate data firm CoStar Group was also among the most oversold stocks.

Persons: Nvidia, Brent Thill, Morgan Stanley, Meta Marshall, Vasu Raja, AAL, Ravi Shanker, Nicholas Jones, CSGP, —, Fred Imbert Organizations: CNBC Pro, Microsoft, Jefferies, American Airlines, U.S, JMP Securities Locations: Corning

☆ See inside a secret Navy museum on an active base where visitors require an official escort at all times
▼ + stars: | 2024-06-22 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +1 min

The National Museum of the US Navy is located in the Washington Navy Yard, an active military base. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBefore I could join a dozen others for a tour of the Washington Navy Yard in Washington, DC, I first had to pass through its heavily guarded gate. Established in 1799, the Washington Navy Yard serves as the Navy's ceremonial and administrative center. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: National Museum of, US Navy, Washington Navy Yard, Service, Washington Navy, United States Navy, Business Locations: Washington , DC

☆ Fundstrat's Tom Lee keeps making bold stock calls — and nailing them
▼ + stars: | 2024-06-22 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

For example, a call that the S & P 500 would rise 100 points on a positive consumer price index print came true last year. That's true so far, with the S & P 500 jumping 4.8% in May after finishing April down 4.2%. As equities struggled, (the S & P 500 fell almost 20% in 2022), Lee felt like the risk of inflation was being mispriced. Because of that, he foresaw a rebound in 2023, a year that sent the S & P 500 more than 24% higher. "There was a pretty widely-held view that the Fed had to crash the economy in order to contain inflation," Lee said.

Persons: Fundstrat's Tom Lee, Lee, it's, that's, Lee doesn't, Russell, hiccups, Salomon Smith Barney Organizations: Fundstrat, CNBC Pro, Wharton School, selloff, Apple, Netflix, Nasdaq, JPMorgan

☆ A Southwest flight dropped to just 525 feet above an Oklahoma town, prompting an altitude warning and FAA investigation
▼ + stars: | 2024-06-22 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +1 min

A Southwest Airlines flight dropped to just 525 feet above the ground on Wednesday. The incident prompted an altitude warning and an FAA investigation. A Southwest flight dropped dangerously low off the coast of Hawaii in April. AdvertisementA Southwest Airlines flight dropped dangerously low over an Oklahoma town while preparing to land on Wednesday. The Federal Aviation Administration is investigating Southwest Flight 4069 after the aircraft descended to just 525 feet above the ground, the agency said this week.

Persons: —, Will Organizations: Southwest Airlines, FAA, Service, Airlines, Federal Aviation Administration, Southwest, Will Rogers, Airport, Business Locations: Hawaii, Oklahoma, Oklahoma City

☆ A millennial couple who ditched van life to buy a $150,000 hoarder house said it's worth it. Take a look inside.
▼ + stars: | 2024-06-22 | by ( Maria Noyen | ) www.businessinsider.com time to read: +1 min

Drew and Becky Bidlen are college sweethearts who spent three years traveling the US in a van. After the birth of their daughter, they ditched van life to buy a $150,000 old home in Indianapolis. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The couple are college sweethearts from the Midwest who met during college in Ohio. It was somewhere new for the pair, which awakened an "adventurous spirit" in both of them, Becky told Business Insider.

Persons: Drew, Becky Bidlen, —, Becky, Drew Bidlen Organizations: Service, Midwest, Business Locations: Indianapolis, Ohio, South Carolina

☆ I cooked meatballs in 4 different appliances, and I won't use my air fryer again
▼ + stars: | 2024-06-22 | by ( Steven John | ) www.businessinsider.com time to read: +1 min

I cooked frozen meatballs using my air fryer, microwave, oven, and stovetop to see which is best. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIf there's a more comforting meal than pasta and meatballs, I'm not sure what it is. Give me a good homemade marinara sauce, a fistful of linguini, and seven or eight meatballs, and I'm a happy man. I've traditionally prepared premade frozen meatballs by plopping them into a pot of pasta sauce and letting it simmer on the stove while I boil the noodles.

Persons: —, I'm, it's Organizations: Service, Business

☆ 4 members of UK's richest family convicted of exploiting servants at Swiss mansion
▼ + stars: | 2024-06-22 | by ( Cameron Manley | ) www.businessinsider.com time to read: +1 min

A Swiss court convicted four members of the UK's richest family of exploiting staff at their Geneva villa. The family was given sentences ranging from four to four-and-a-half years. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA Swiss court has convicted four members of the UK's richest family of exploiting staff at their Geneva mansion. They were given sentences ranging from four to four-and-a-half years, the report said.

Persons: —, Prakash Hinduja, Kamal, Ajay, Namrata Organizations: Service, BBC, Business Locations: Geneva

☆ Elon Musk predicts universal basic income will take off once AI replaces workers. Read his 8 best quotes about UBI.
▼ + stars: | 2024-06-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Elon Musk sees universal basic income as a necessary response to automation eliminating human jobs. The Tesla chief predicts there will be "universal high income" that will give people more free time. Here are Musk's eight best UBI quotes, including that people should spend the cash as they wish. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOne of the biggest champions of universal basic income (UBI) is Elon Musk, who expects it to become necessary when robots evict humans from their jobs.

Persons: Elon Musk, Tesla, — Organizations: Service, SpaceX, Business

☆ I'm a former TV chef who spends about $150 a week at Costco. Here are 11 things I always get.
▼ + stars: | 2024-06-22 | by ( Leslie Antonoff | ) www.businessinsider.com time to read: +1 min

I'm a former TV chef who spends $150 on tasty ingredients and cooking shortcuts at Costco each week. 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 . AdvertisementBefore the first season of my aspireTV series, "Butter + Brown," I trained with a chef whose husband was a corporate executive at Costco. This chef gave me the inside scoop on the best items from the store, and since then, I've joined the nearly 35 million customers who have an executive Costco membership.

Persons: I'm, —, Kirkland, I've Organizations: Costco, Kirkland, Service, Business

☆ Russia launches 'massive' attack on Ukraine's power grid, the 8th in just 3 months, Ukraine's energy ministry says
▼ + stars: | 2024-06-22 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +1 min

Russia launched a "massive" attack on Ukraine's power grid overnight. This latest attack marks the eighth since March, Ukraine's energy ministry said. AdvertisementRussia launched a "massive" attack on Ukraine's power grid overnight as it continues to target the country's energy infrastructure, Ukraine's energy ministry announced on Telegram. The latest attack marks the eighth time Russian forces have targeted Ukraine's power grid since March, the ministry added. Ukraine's air force said Russia launched 16 missiles and 13 drones in the attack, which targeted a number of different regions.

Persons: — Organizations: Service, Business Locations: Russia

☆ Prince William seen dancing to 'Shake It Off' with his kids at Taylor Swift's concert in London
▼ + stars: | 2024-06-22 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +1 min

Prince William attended The Eras Tour with Prince George and Princess Charlotte in London. Footage showed William, who celebrated his 42nd birthday, dancing to "Shake It Off." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . William rang in his 42nd birthday on Friday at Taylor Swift's concert in London with his two eldest children, 10-year-old Prince George and 9-year-old Princess Charlotte. The British royals were among the massive crowd that arrived at Wembley Stadium, where Swift, 34, kicked off the European leg of The Eras Tour.

Persons: Prince William, Prince George, Princess Charlotte, Swift, Travis Kelce, William, —, Taylor Organizations: Service, Wembley Locations: London, Wales

☆ The demise of Cisco and Sun are cautionary tales. Nvidia's Huang is worried history could repeat itself.
▼ + stars: | 2024-06-22 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Jensen Huang isn't sitting comfortably atop the world's most valuable company. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFor Jensen Huang, unparalleled success has reportedly come with a healthy helping of anxiety. The Nvidia cofounder has been christened the tech world's Taylor Swift — with a rock-star persona to match the company's unprecedented riches. This story is available exclusively to Business Insider subscribers.

Persons: Jensen Huang isn't, —, Jensen Huang, Taylor Swift, Huang Organizations: Nvidia, Cisco, Sun, Service, Microsoft, Business Locations: Taiwan

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