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☆ CNBC's Inside India newsletter: The secret of the stock market rally
▼ + stars: | 2024-05-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. "This particular product, and broadly speaking, the domestic investor, has driven the upsurge in the Indian stock markets," Mahesh Nandurkar, head of India research at Jefferies, told CNBC. For instance, of the nearly 4,900 actively traded India-listed stocks, 300 stocks had a fall in revenue in the last two consecutive financial years. Foreign investors have historically had a significant influence on local equity markets. For now, the savings directed into equity markets are still a tiny proportion of the overall savings Indians put away annually.

Persons: it's, Mahesh Nandurkar, Hermes, Jonathan Pines, Deepak Jasani, Jefferies, Nandurkar Organizations: Association for Mutual Funds, SBI Equity, Opportunities, ICICI Prudential, Advantage Fund, Jefferies, CNBC, Federated Hermes, HDFC Securities Locations: India, Japan

☆ Jim Cramer warns against trading Nvidia after blowout quarter
▼ + stars: | 2024-05-23 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Thursday said he thinks it's unwise to trade Nvidia , saying investors should keep the AI darling. "Just don't sell it on a moment's notice. In fact, don't sell it at all unless you need to do some profit-taking to even out your portfolio because it's just become too large." Cramer noted that Nvidia habitually exceeds earnings expectations and added that investors shouldn't be skeptical of the company's success. According to Cramer, many on Wall Street don't understand exactly what Nvidia does.

Persons: CNBC's Jim Cramer, Cramer, shouldn't, Nvidia aren't, they're Organizations: Nvidia, Microsoft, Meta

☆ Norfolk Southern agrees to $310 million federal settlement over Ohio train derailment
▼ + stars: | 2024-05-23 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

Officials continue to conduct operation and inspect the area after the train derailment in East Palestine, Ohio, United States on February 17, 2023. Norfolk Southern has agreed to pay $310 million to settle charges over a toxic train derailment in East Palestine, Ohio, in February 2023, the company announced on Thursday. The majority of the settlement is an estimated $235 million to cover all past and future cleanup costs. Per the agreement, the company will also pay a $15 million civil penalty to resolve alleged violations of the Clean Water Act. "We will continue keeping our promises and are invested in the community's future for the long-haul."

Persons: Alan Shaw Organizations: Norfolk Southern, EPA, U.S . Department of Justice, Norfolk Locations: East Palestine , Ohio, United States, Norfolk Southern

☆ From more inventory to lower prices, here are 3 signs the housing market may be getting better for buyers
▼ + stars: | 2024-05-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Read previewThe housing market may be starting to turn a corner, offering frustrated buyers a chance to jump back into the market after a long stretch of dismal prospects. "We think the housing market is going to improve over the next half of a year," Glenn Kelman, the CEO of Redfin, in a recent interview. Inventory is risingMore inventory is finally trickling into the housing market, which could help push prices down. Elevated mortgage rates are a key problem in today's housing market, as they deter both buyers and sellers from making deals. Rates dropping to 5%-6% would make the housing market "explode," but even a 6.5% 30-year mortgage rate would be enough to make the housing market "very strong," Reffkin said.

Persons: —, Glenn Kelman, That's, Robert Reffkin, Reffkin, Freddie Mac, Redfin's Kelman, Kelman, Compass's Reffkin Organizations: Service, Business, National Association of Realtors, CNBC Locations: Reffkin, Texas, Florida

☆ Nearly half of Americans say having a college degree is less important now than it was 20 years ago
▼ + stars: | 2024-05-23 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

In 2011, 86% of college graduates said their degree had been a good investment; in 2013, 70% of U.S. adults said a college education was "very important," according to Pew Research Center and Gallup surveys. Today, 29% of Americans say that college isn't worth the cost — and roughly half (49%) say having a four-year college degree is less important for landing a high-paying job today than it was 20 years ago, according to a new survey from the Pew Research Center. Only 22% of U.S. adults say the cost of getting a four-year degree today is worth it even if someone has to take out loans, Pew found. College graduates on average earn more than those without a four-year degree — but this so-called college wage premium is shrinking. A recent report from the San Francisco Federal Reserve found that the college wage gap peaked in the mid-2010s but declined by four percentage points in 2022.

Persons: Pew, Richard Fry Organizations: Pew Research Center, Gallup, U.S . News, College, San Francisco Federal Reserve, Economic, Institute, Pew, CNBC Locations: U.S

☆ Once Critics of Trump, These Republicans Are Now Playing by His Rules
▼ + stars: | 2024-05-23 | by ( Peter Baker | ) www.nytimes.com time to read: +1 min

There was a time when Nikki Haley thought an “unstable and unhinged” person should not be president. Flip-flopping has a long if uninspiring history in American presidential politics. But rarely have the flip-flops been as stark and head-snapping as those prompted by Mr. Trump. Ever since he vaulted to the leadership of the Republican Party eight years ago, the same Republicans who once deemed him a “kook,” a “pathological liar” and a “delusional narcissist” nonetheless have come around to endorse handing him the nuclear codes. Even some Republicans no longer aspiring to hold public office have buried their apprehensions to stay with the choice of the party’s voters.

Persons: Nikki Haley, Donald J, Trump, “ kook, ”, narcissist ” Organizations: Trump —, Mr, Republican Party, Republicans

☆ Addressing Immigration
▼ + stars: | 2024-05-23 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

President Biden and his aides describe this year’s election as crucial — existential, even — because of Donald Trump’s hostility to democracy. Yet given the election’s importance, the Biden administration has been notably slow to address one of his biggest political vulnerabilities: immigration. Polls show that immigration is a top concern of voters, often trailing only the economy. Most voters are unhappy with Biden’s handling of the issue and say they trust Trump more on it. Despite this situation, the White House has been reluctant to act aggressively for most of the past few years.

Persons: Biden, Donald Trump’s, Trump Organizations: Democratic, White, Politico

☆ Some Prominent Silicon Valley Investors Shift to the Right
▼ + stars: | 2024-05-23 | by ( Erin Griffith | ) www.nytimes.com time to read: +1 min

At a tech conference last week, Mr. Sacks said his view had changed. Such public support for Mr. Trump used to be taboo in Silicon Valley, which has long been seen as a liberal bastion. But frustration with Mr. Biden, Democrats and the state of the world has increasingly driven some of tech’s most prominent venture capitalists to the right. (He is set to co-host the fund-raiser for Mr. Trump alongside Mr. Others, like Marc Andreessen of Andreessen Horowitz and Shaun Maguire of Sequoia Capital, have criticized Mr. Biden without expressing support for Mr. Trump.

Persons: David Sacks, Donald J, Sacks, “, Biden, Trump, Mr, Marc Andreessen, Andreessen Horowitz, Shaun Maguire, Keith Rabois Organizations: U.S . Capitol, Trump, Mr, Social Capital, Sequoia Capital, Khosla Ventures, Republicans, Congress Locations: Silicon Valley

☆ Foreign Interventions in Haiti: A Brief History
▼ + stars: | 2024-05-23 | by ( Frances Robles | ) www.nytimes.com time to read: 1 min

It is hardly the first time that an international force has gone to Haiti in the name of law and order. For the past century, soldiers from around the world — including the United States — have deployed to, and even invaded, Haiti. In the past 30 years, the United Nations has launched at least six peacekeeping missions to Haiti. International soldiers have restored overthrown presidents, eased them out and helped train the Haitian National Police. But they have also left bleak legacies of sexual exploitation, civilian casualties and deadly disease.

Organizations: United Nations, Haitian National Police Locations: Haiti, United States

Signs of loss are scattered across Baltimore. Sprays of flowers in front of a boarded rowhouse. Makeshift memorials in the lobby of an apartment building or the therapy room of an addiction treatment program. People in Baltimore have been dying of overdoses at a rate never before seen in a major American city, a New York Times and Baltimore Banner examination has found. The epidemic has claimed almost 6,000 lives in the past six years.

Organizations: New York Times Locations: Baltimore, American

☆ Opinion | A Giant Crater in Siberia Is Belching Up Russia’s Past
▼ + stars: | 2024-05-23 | by ( Sophie Pinkham | ) www.nytimes.com time to read: +1 min

Even the roads are buckling, cracking and collapsing, as if in a slow-motion earthquake. And outside a small town called Batagay, deep in the Siberian hinterland, a crater is rapidly opening up — known to locals as the gateway to the underworld. Already more than half a mile deep and about 3,000 feet wide, the Batagaika crater is growing as the ground beneath it melts. The land is belching up the past and swallowing the present — creating a yawning hole even more dizzying than the huge open-pit mines that already scar the Siberian landscape. In Alaska houses in rural villages are sinking into the ground as the shoreline falls into the sea.

Locations: Russia, Batagay, Canada, China, Tibetan, Alaska

☆ Amazon’s new cloud boss inherits a business under pressure to keep pace in AI
▼ + stars: | 2024-05-23 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +12 min

"It's very early days in generative AI," said Jassy, who succeeded Jeff Bezos as CEO in 2021. Davidson, told CNBC that Amazon was "caught flat-footed" by the generative AI boom. During a Q&A session on Wednesday, Jassy was asked twice about the status of Amazon's generative AI efforts. He said the company is "seeing a lot of momentum" in generative AI within AWS to where it's now a multibillion-dollar business based on annualized revenue. Amazon has previously said it intends to use generative AI to make Alexa more conversational.

Persons: Noah Berger, Andy Jassy, OpenAI's ChatGPT, Adam Selipsky, Jassy, Jeff Bezos, Matt Garman, Gil Luria, Davidson, Luria, Bezos, Selipsky, Casey McGee, McGee, Anthropic, Dario Amodei, OpenAI, it's, Garman, Amazon, wasn't, Dilip Kumar, Kumar, Swami Sivasubramanian, Jamie Meyers, Meyers, Matt, Jordan Novet, Kate Rooney Organizations: Web Services, Getty, Amazon, Microsoft, Google, D.A, CNBC, Amazon Web, Alexa, AWS, Nvidia, ChatGPT, Accenture, Toyota, Nasdaq, Investments Locations: Las Vegas, Vegas, Bezos, Anthropic

☆ Russian strikes key Ukrainian region of Kharkiv, killing at least 7, as ground troops advance
▼ + stars: | 2024-05-23 | by ( Olga Voitovych | Sharon Braithwaite | ) edition.cnn.com time to read: +1 min

CNN —A wave of Russian strikes Thursday pummeled several locations in Kharkiv, including a printing house, killing seven people, as the Kremlin’s forces move closer in on the region. Russian forces have taken advantage of a weakened front line in Ukraine, and for the past two weeks have advanced towards Kharkiv, which was liberated from Russian control earlier in the war. The Ukrainian state railway network was attacked in the early morning, according to a statement from the company. Earlier this month, the US approved a $400 million package of air defense munitions and other weapons to Ukraine. But senior officials in Kyiv have warned that recent flush of aid will not be enough to fend off further Russian advances.

Persons: Volodymyr Zelensky, Moscow’s, ” Zelensky Organizations: CNN, Kharkiv Locations: Kharkiv, Ukraine, Ukrainian, Lyubotyn, Kyiv

☆ Auto insurance rates are jumping the most since the 1970s, but there could be relief soon
▼ + stars: | 2024-05-23 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Rows of new Tesla cars are seen in a holding area near a customer collection point on April 15, 2024 in London, England. Soaring auto insurance costs have been a principle driver behind inflation over the past year, but there could be relief on the way, according to Bank of America. "The turbocharged increases in motor vehicle insurance premiums are a response to underwriting losses in the industry. Insurers saw losses," BofA economist Stephen Juneau said in a note. Also, repair and maintenance services costs were flat in April though still up 7.6% from a year ago.

Persons: Stephen Juneau Organizations: Soaring, Bank of America, Federal Reserve, of Labor Statistics Locations: London, England, Juneau

☆ Billie Eilish and Taylor Swift Race for No. 1
▼ + stars: | 2024-05-23 | by ( Joe Coscarelli | ) www.nytimes.com time to read: +1 min

A cold war between pop music titans — or at least their mobilizing fan bases and record labels — turned into a digital arms race this week as both Taylor Swift and Billie Eilish gunned for the No. 1 spot on next week’s Billboard album chart. But Eilish’s well-reviewed new album, “Hit Me Hard and Soft,” is challenging for No. 1 in its debut, as its 10 songs prove popular on streaming services like Spotify. (Even before those comments, Eilish’s brother and main collaborator, Finneas, had once been heard on a hot mic joking about being “sued by Taylor Swift” after performing with an artist who had criticized her work.)

Persons: —, Taylor Swift, Billie Eilish, Swift, Eilish, Eilish’s, Finneas, “ Organizations: Poets Department, Spotify

☆ Pinduoduo: Americans are flocking to Temu and making its Chinese owner very rich
▼ + stars: | 2024-05-23 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai-based company reported Wednesday that net profit soared 246% to 28 billion yuan ($3.9 billion) in the first quarter of 2024, more than double the average analyst estimate of 12.62 billion yuan ($1.7 billion), according to LSEG data. Revenue jumped 131% to 86.81 billion yuan ($12 billion) in the period, also comfortably beating expectations. He is still the company’s biggest shareholder, with a stake of 25% stake, and ranks as China’s second richest man with a fortune of nearly $52 billion, according to the Bloomberg Billionaires Index. Temu, PDD’s international app, was launched in 2022, and as of last November it had acquired nearly 17% of the US online discount store market, according to Earnest Analytics. Last month, South Korean regulators investigated Temu on suspicion of false advertising and unfair ppractices, according to the Yonhap news agency.

Persons: Nomura, PDD, Colin Huang, Pinduoduo, Alibaba’s Taobao, Morgan Stanley, ”, Lei Chen, Chen Organizations: Hong Kong CNN — PDD Holdings, Revenue, Nasdaq, Bloomberg, Data Locations: Hong Kong, Shanghai, “, PDD’s, Alibaba, Hangzhou, Beijing, China, European

☆ What Nvidia's 10-for-1 stock split means for investors—it's mostly psychological
▼ + stars: | 2024-05-23 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Nvidia released its fiscal first-quarter earnings report on Wednesday, along with news of a planned 10-for-1 stock split. Shares in the chipmaking giant will begin trading on a split-adjusted basis when the market opens on June 10, according to a release. The split announcement, along with better-than-expected financial results, were just the latest in a long line of good news for Nvidia investors. Shares sprung up by 7% at the opening bell on Thursday, pushing the share price over $1,000. Plus, a stock split announcement tends to coincide with strong recent financial performance, and could signal that the company believes more is on the way.

Persons: Sam Stovall, Stovall Organizations: Nvidia

☆ Op-ed: How activist investors are deactivating with proxy battle losses
▼ + stars: | 2024-05-23 | by ( Jeffrey Sonnenfeld | Steven Tian | ) www.cnbc.com time to read: +7 min

Whether today's activist investors contribute any genuine economic value is open for debate. As this year's proxy season draws to a close, defeat after defeat for activist investors in proxy fights this year – most prominently at Disney and Norfolk Southern – raises the question: Are activist investors increasingly getting de-activated, losing their credibility and power? These self-styled "activist investors" are distinct from the original activists who helped catalyze needed governance reforms two decades back. Many of today's activist investors are a far cry from the original, heroic crusaders for shareholder value who pioneered the activism space decades ago. However, given the failing financial performance of many of today's activist investors, their losing streak in proxy fights and increasing public rejection of their bullying tactics, the credibility and value of activist investors writ large is increasingly imperiled.

Persons: Nelson Peltz's, Ed Garden, Ralph Whitworth, John Biggs of TIAA, John Bogle of, Ira Millstein, Weil, Nell Minow, Bob Monks, Harvard's Stephen Davis, Carl Icahn's, Aubrey McClendon, –, Bill Cohan, Jamie Dimon, Glass Lewis, resoundingly, Mason Morfit's ValueAct, Jeffrey Sonnenfeld, Lester, Steven Tian Organizations: CNBC, Salesforce, Dow Jones, Disney, Norfolk Southern, Relational Investors, John Bogle of Vanguard, Services, Chesapeake, Norfolk, JetBlue, Elanco, of Institutional Investors, United Shareholders Association, Responsibility Research, ISS, Lester Crown, Management, Yale University, Yale's, Institute Locations: Norfolk Southern, greenmailers, America

☆ Elon Musk predicts smarter-than-humans AI in 2 years. The CEO of China's Baidu says it's 10 years away
▼ + stars: | 2024-05-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Chesnot | Getty ImagesPARIS — Robin Li, CEO of one of China's biggest tech firms Baidu , said artificial intelligence that is smarter than humans is more than 10 years away, even as industry staple Elon Musk predicts it will emerge very soon. Artificial general intelligence, or AGI, broadly relates to AI that is as smart or smarter than humans. Li, whose company Baidu is one of China's leading AI players, signals this isn't realistic. I think [it] is more than 10 years away," Li said during a talk on Wednesday at the VivaTech conference in Paris. "[My] fear is that is that AI technology is not improving fast enough.

Persons: Robin Li, Porte de Versailles, Musk, AGI, Sam Altman, Li, it's, Everyone's Organizations: Baidu, Viva Technology, Parc, Getty, PARIS, Elon Locations: Paris, France, Europe

☆ Buthidaung: Fires rage as Rohingya caught up on the front lines of Myanmar’s civil war
▼ + stars: | 2024-05-23 | by ( Helen Regan | Avery Schmitz | ) edition.cnn.com time to read: +11 min

This satellite image shows Buthidaung, Myanmar, on January 17, 2024. © 2024 Maxar Technologies This satellite image shows Buthidaung, Myanmar, on May 18, 2024. This satellite image shows a damaged bridge in Buthidaung, Myanmar, on May 18, 2024. Warnings of further atrocitiesAn immediate concern is a humanitarian crisis in Rakhine state, with newly displaced residents unable to access food or clean water. The Myanmar military has blocked all access,” said Nay San Lwin.

Persons: Farooq, ”, Young, Volker Türk, Kyaw, –, Buthidaung –, “, John Quinley, Khaing, Lwin, Rohingya, Pan, Matthew Miller Organizations: CNN, Arakan Army, AA, Resource Management, Free Rohingya Coalition, International Court of Justice, Council, Myanmar, UN Human Rights Council, National Unity Government, Free Rohingya Coalition –, Maxar Technologies, “, ” CNN, Bangladesh, Labs, Medecins, Rakhine . State Department, Unity Government Locations: Myanmar’s, Myanmar, Rakhine, Arakan, Bangladesh, Buthidaung, Lwin, Indonesia, San Lwin, Rakhine State

☆ Elon Musk says AI will take all our jobs
▼ + stars: | 2024-05-23 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +2 min

CNN —Elon Musk says artificial intelligence will take all our jobs and that’s not necessarily a bad thing. “Probably none of us will have a job,” Musk said about AI at a tech conference on Thursday. While speaking remotely via webcam at VivaTech 2024 in Paris, Musk described a future where jobs would be “optional.”“If you want to do a job that’s kinda like a hobby, you can do a job,” Musk said. Concerns also continue to mount over how various industries and jobs will change as AI proliferates in the market. The report also said the majority of jobs previously identified as vulnerable to AI were not economically beneficial for employers to automate at that time.

Persons: CNN — Elon, ” Musk, Musk, ”, Ian Banks, “ Organizations: CNN, MIT’s Computer, Artificial Intelligence Locations: Paris

☆ Gildan's board abruptly resigns ahead of annual meeting, handing control to activist
▼ + stars: | 2024-05-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The activist firm later claimed Gildan's board was showing a "complete disregard for sound corporate governance." The last time an entire board resigned during an activist battle was in 2012, when Canadian Pacific's board yielded to Bill Ackman hours before the railroad's annual meeting. "We are deeply grateful for the outpouring of support that Browning West's slate and plan have received from our fellow shareholders, Gildan employees, and leading proxy advisory firms," Browning West's Usman Nabi and Peter Lee said in a statement. Browning West, based in Los Angeles, accused Gildan's board of leaking an allegedly non-existent sale process to the media and hiring private investigators to look into one of the firm's nominees. Other major shareholders, including Anson Funds and Janus Henderson, backed Browning West's push.

Persons: Gildan Activewear, Browning West's, Glenn Chamandy, Browning, Vince Tyra, Bill Ackman, Browning West's Usman Nabi, Peter Lee, Gildan's, Gildan, Chamandy, Tyra, Michael Kneeland, Janus Henderson, Glass Lewis, Ancora Organizations: Houchens Industries, Amazon, Target, United Rentals, Anson Funds, Norfolk Southern Locations: Montreal, Gildan, Los Angeles

This is the first part in a series exploring Baltimore’s overdose crisis. People in Baltimore have been dying of overdoses at a rate never before seen in a major American city. In the past six years, nearly 6,000 lives have been lost. The city set ambitious goals, distributed Narcan widely, experimented with ways to steer people into treatment and ratcheted up campaigns to alert the public. Many of those efforts to fight overdoses stalled, an examination by The New York Times and The Baltimore Banner has found.

Organizations: New York Times, Baltimore Locations: Baltimore, American, Appalachia, York

☆ Here are Thursday's biggest analyst calls: Nvidia, Tesla, Ford, Super Micro, Wendy's, Hasbro, Take-Two, Wynn & more
▼ + stars: | 2024-05-23 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Bank of America reiterates Nvidia as buy Bank of America raised its price target on the stock to $1,320 per share from $1,100 following earnings. Deutsche Bank initiates Freshpet a buy Deutsche said it sees "multiple structural tailwinds" for shares of the pet food and health company. Deutsche Bank initiates BellRing Brands as buy Deutsche said it sees a long runway for growth for the food company. " Deutsche Bank initiates Legend Biotech as buy Deutsche said it's bullish on the biotech company's multiple myeloma drug Carvykti. Bank of America reiterates Super Micro Computer as buy Bank of America said Nvidia's earnings report on Wednesday bode well for companies like Super Micro.

Persons: Bernstein, Ford, Morgan Stanley downgrades NetEase, Morgan Stanley, Evercore, BRBR, Wedbush, Jefferies, GDRX, Oppenheimer, Armour, Kevin, Dell, Chubb, Stephens, FHN, Tesla, Argus, it's bullish, bode Organizations: " Bank of America, Nvidia, Bank of America, Deutsche Bank, Deutsche, BellRing Brands, JPMorgan, Hasbro, RBC, Norfolk Southern, NSC, GE Vernova, GE, UBS, Eastman Chemical, Eastman, SAP, underperform Bank of America, Berkshire Hathaway's, of America, Rockstar Games, NextEra Energy Partners, Argus, Wynn, Biotech, Computer Locations: U.S, China, Berkshire, Macau, Las Vegas, 2H24

☆ The number of young working men without college degrees has tanked in the last 30 years. It could be because their wages have barely budged.
▼ + stars: | 2024-05-23 | by ( Ayelet Sheffey | Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Young men without college degrees have been dropping out of the workforce for decades. On Thursday, the Pew Research Center released a report delving into whether a college degree is worth it. The report compares economic outcomes for young adults who've completed a college degree with those who have not. "Accompanying that wages were also bid up for non-college educated young men at that time." Fry added, "the rising rates of young men with criminal records" could be a reason given they could have a hard time finding work.

Persons: who've, it's, —, Richard Fry, Fry, Pew, Gen, millennials Organizations: Service, Pew Research Center, Business, Labor, Bureau of Labor Statistics, Pew, Deloitte

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