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☆ It's all unraveling at OpenAI (again)
▼ + stars: | 2024-06-04 | by ( Madeline Berg | ) www.businessinsider.com time to read: +10 min

In a statement to Business Insider, an OpenAI spokesperson reiterated the company's commitment to safety, highlighting an "anonymous integrity hotline" for employees to voice their concerns and the company's safety and security committee. Safety second (or third)A common theme of the complaints is that, at OpenAI, safety isn't first — growth and profits are. (In a responding op-ed, current OpenAI board members Bret Taylor and Larry Summers defended Altman and the company's safety standards.) "I have been disagreeing with OpenAI leadership about the company's core priorities for quite some time, until we finally reached a breaking point." (Altman and OpenAI said he recused himself from these deals.)

Persons: —, Sam Altman, Daniel Kokotajlo, OpenAI, Altman, Helen Toner, Tasha McCauley, Toner, McCauley, Bret Taylor, Larry Summers, Kokotajlo, Jan Leike, Ilya Sutskever, Leike, Stuart Russell, NDAs, Scarlett Johansson, lawyered, Johansson, " Johansson, I've, Sam Altman — Organizations: Service, New York Times, Business, Times, Twitter, Microsoft, The New York Times, BI, Street, OpenAI, OpenAI's, Apple Locations: OpenAI, Russian, Reddit

☆ CEOs are making almost 200 times what workers are
▼ + stars: | 2024-06-04 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The median CEO in the S&P 500 was paid 196 times as much as the median employee in 2023, according to an analysis by Equilar and The Associated Press. The widening divide is driven by the fact that CEO pay — which is closely tied to share prices — is rising notably faster than that of employees. Median total compensation for S&P 500 CEOs (including stock awards) soared to $16.3 million in 2023 — a huge year-over-year increase of 12.6%, compared to just 0.9% in 2022. The median S&P 500 employee earned $81,467 last year, up 5.2% from 2022, the report said. Given the rising stock market, the median stock award increased by 10.7% to $9.4 million, the report found.

Persons: Moody’s, Eleanor Bloxham, Bloxham, “, Hock Tan, William Lansing, Tim Cook, Barbara Rentler, — Organizations: New, New York CNN, Associated Press, Workers, Value Alliance, CNN, Federal Reserve, Nasdaq, Broadcom, Apple, Ross Stores, Ross Locations: New York, United States

☆ The scary secret behind the boom in data centers
▼ + stars: | 2024-06-04 | by ( Adam Rogers | ) www.businessinsider.com time to read: +10 min

Last year all the data centers in the world had room for 10.1 zettabytes of information — roughly 456 billion Wikipedias. And with the rise of artificial intelligence, which requires vast quantities of data and power, the global capacity of data centers is expected to double by 2027. Data centers are more than just vast digital warehouses. The more data centers those companies have, the more of those services they can offer, and the more storage and number-crunching capacity they can provide. Over time, economists warn, AI startups will inevitably lose out to the tech giants that control the data centers.

Persons: they're, Cecilia Rikap, Matthew Wansley, Jonas Jacobi, Jacobi, It's, Rikap, Bengt, Åke, There's, Lina Khan, Today's, Adam Rogers Organizations: Google, Microsoft, Amazon Web Services, Big Tech, Corporate, Regulators, Yeshiva University, Amazon, Venture, Aalborg University, Tech, Google Cloud, Federal Trade Commission, Business Locations: OpenAI, Hotel California, Denmark, Europe, lockstep

☆ Current and former OpenAI employees warn of AI's 'serious risks' and lack of oversight
▼ + stars: | 2024-06-04 | by ( Hayden Field | ) www.cnbc.com time to read: +3 min

A group of current and former OpenAI employees published an open letter Tuesday describing concerns about the artificial intelligence industry's rapid advancement despite a lack of oversight and an absence of whistleblower protections for those who wish to speak up. "AI companies have strong financial incentives to avoid effective oversight, and we do not believe bespoke structures of corporate governance are sufficient to change this," the employees wrote. The letter also details the current and former employees' concerns about insufficient whistleblower protections for the AI industry, saying that without effective government oversight, employees are in a relatively unique position to hold companies accountable. "Ordinary whistleblower protections are insufficient because they focus on illegal activity, whereas many of the risks we are concerned about are not yet regulated." Four anonymous OpenAI employees and seven former ones, including Daniel Kokotajlo, Jacob Hilton, William Saunders, Carroll Wainwright and Daniel Ziegler, signed the letter.

Persons: OpenAI, they've, Daniel Kokotajlo, Jacob Hilton, William Saunders, Carroll Wainwright, Daniel Ziegler, Ramana Kumar, Neel Nanda, Geoffrey Hinton, Yoshua Bengio, Stuart Russell Organizations: Google, Microsoft, Meta, CNBC, Security Locations: Anthropic

India's Prime Minister Narendra Modi flashes victory sign at the Bharatiya Janata Party (BJP) headquarters to celebrate the party's win in country's general election, in New Delhi on June 4, 2024. Completed vote counts by the Election Commission of India showed that Modi's BJP won just 240 seats. India's Parliament has 543 seats, and the party or coalition that wins at least 272 forms the government. Modi's decade-long ruleUnder Modi, India, home to 1.4 billion people, has witnessed robust economic growth. While India has seen robust economic growth under Modi, observers and critics have warned about the country's "democratic decline."

Persons: Narendra Modi, Money Sharma, Modi, Aiyar, CNBC's, Shilan Shah, Shah, Kranthi, Sensex, Samir Kapadia, that's, Malcolm Dorson Organizations: India's, Bharatiya Janata Party, BJP, Afp, Getty, Indian, Modi's BJP, National Democratic Alliance, Developmental Inclusive Alliance, Indian National Congress, Policy Research, Centre, Monitoring, Capital Economics, BSE, WealthMills Securities, Adani, Adani Enterprises, State Bank of India, ICICI Bank, Monetary Fund, India Index, Vogel, Dem, Global, Vogel Group, IMF Locations: New Delhi, India, INDIA, China, Sweden

☆ Who will win India’s general election and become the new prime minister? Votes get counted in world’s largest election
▼ + stars: | 2024-06-03 | by ( Rhea Mogul | ) edition.cnn.com time to read: +6 min

Some 642 million people cast their vote in the world’s largest election, as swathes of the country was blanketed in searing heat, making people sick and killing dozens. India's Prime Minister Narendra Modi shows his ink-marked finger after casting his vote outside a polling station in Ahmedabad, India, on May 7, 2024. The leader of the party that wins a majority will become prime minister and form a ruling government. His BJP centered its manifesto on job creation and anti-poverty programs, with a focus on women, the poor and farmers. He’s promised to turn India into a developed nation by 2047 and transform the country into a global manufacturing hub.

Persons: Narendra Modi, India’s, Adnan Abidi, Modi, He’s, God, –, Rahul Gandhi, Gandhi, Raj K Raj, Arvind Kejriwal, ” Organizations: CNN, Bharatiya Janata Party, BJP, Indian National Congress, India's, Reuters, National Democratic Alliance, Congress, Hindustan Times, Aadmi Party Locations: India, –, Lok Sabha, Asia, United States, China, Russia, Ahmedabad, Kerala, Uttar Pradesh, Lok, New Delhi, Delhi

☆ Australia orders Chinese investors to sell down stake in rare earths miner
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: +3 min

Australian Treasurer Jim Chalmers has ordered several China-linked investors to dispose of shares in rare earths miner Northern Minerals on national interest grounds, a spokesperson said on Monday. Northern Minerals is developing the Browns Range heavy rare earths project in Western Australia, at a time when the sector has become increasingly strategic for its uses in green energy and defence. Yuxiao Fund is the Singapore-registered private investment vehicle of Chinese national Wu Yuxiao, Reuters has previously reported. "The decision, based on advice from the Foreign Investment Review Board, is designed to protect our national interest and ensure compliance with our foreign investment framework." Chinese Foreign Minister Wang Yi said on a visit in March that he hoped Australia would ensure its market environment did not discriminate against Chinese business.

Persons: Jim Chalmers, Chalmers, Yuxiao, Wu Yuxiao, Adam Handley, Wu Tao, Ximei Liu, Xi Wang, Nick Curtis, Curtis, Premier Li Qiang, Wang Yi Organizations: Minerals, Northern Minerals, Browns, Sunday, Reuters, Investment, Board, Jinan Yuxiao Group, Stone Resources, Foreign Investment, China, Northern, Premier Locations: China, Western Australia, Yuxiao, Singapore, Jinan, Northern, Australia, Canberra, Beijing

☆ Fashion firm Shein to file 50 billion pound London IPO prospectus, Sky reports
▼ + stars: | 2024-06-02 | by ( ) www.cnbc.com time to read: +1 min

Shein sign during its opening, at ABC Serrano, on 26 April, 2024 in Madrid, Spain. Online fashion firm Shein is preparing to file a prospectus with Britain's Financial Conduct Authority for approval ahead of a potential London float which could value it around 50 billion pounds ($63.70 billion), Sky News reported on Sunday. The confidential filing could take place as soon as the coming week, the report added, citing sources. The fast-fashion company stepped up preparations for its London listing after its attempt to float itself in New York faced regulatory hurdles and pushback from U.S. lawmakers. However, senior British lawmakers are also questioning Shein's suitability for a London listing and calling for greater scrutiny of the business.

Persons: ABC Serrano, Shein Organizations: ABC, Britain's Financial, Authority, Sky News, London Stock Exchange, Reuters Locations: Madrid, Spain, London, New York, U.S

☆ China, Xi Jinping's Plan for AI Will Wreak Havoc on the World Economy
▼ + stars: | 2024-06-02 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

According to the CCP's plan, by 2020, China was supposed to have "achieved iconic advances in AI models and methods, core devices, high-end equipment, and foundational software." Censorship requirements may slow China's AI development and limit the commercialization of domestic models, but they will not stop Beijing from benefiting from AI where it sees fit. We're not seeing a huge gap between the models Chinese companies have been able to roll out. The current price war is a race to the bottom, similar to what we've seen in the Chinese technology space before. A race to the bottom may simply beggar China's AI ecosystem.

Persons: Xi Jinping, China doesn't, there's, Beijing's, Reva Goujon, We're, It's, ChatGPT, Xie Huanchi, couldn't, you'll, —, Kenneth DeWoskin, it's, Matt Sheehan, they're, chatbot, Sheehan, Ernie Bot, There's, Alibaba, ByteDance's, Paul Triolo, Albright, we've, haven't, DeWoskin, Sam Altman, Elon Musk Organizations: Chinese Communist Party, CCP, Intelligence, Cyberspace Administration, Getty, Freedom, University of Michigan, Deloitte, CAC, Carnegie Endowment, International Peace, Baidu, Bloomberg, Companies, Brookings Institution, Beijing, The Commerce Department Locations: China, Beijing, China's, Hong Kong, Xinhua, , Washington, Brussels, Berlin, Taiwan, US, Xinjiang

☆ Activist Elliott wants Texas Instruments to bolster free cash flow. An amicable solution may emerge
▼ + stars: | 2024-06-01 | by ( Kenneth Squire | ) www.cnbc.com time to read: +11 min

Texas Instruments is one of the most iconic semiconductor companies in the world, with a history dating back nearly a century. Over the years, Texas Instruments has differentiated itself with a commitment to manufacturing as a core competitive advantage. In either case, Elliott thinks the company can achieve $9.01 of free cash flow per share. The company's capex plan has decimated free cash flow per share and is building to a 50% excess capacity. Elliott's plan restores the free cash flow per share growth and still builds to a 30% or 39% excess capacity.

Persons: Elliott, It's, Ken Squire Organizations: Texas, Texas Instruments, 13D Locations: COOs, China, Taiwan, U.S, capex, Richardson , Texas

☆ South Africa's ruling ANC loses majority in country's most sweeping political shift in 30 years
▼ + stars: | 2024-06-01 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

South Africa's governing African National Congress lost its parliamentary majority of 30 years, in the country's most sweeping political shift since the end of the apartheid. The six-months-old uMkhonto weSizwe party of the country's former president Jacob Zuma, established in December, clinched 14.6% of votes. The result marks a meteoric fall for ANC from the 57.5% wrested during the previous election of 2019 — at the time, the party's weakest feat since South Africa's first democratic vote in 1994. In 2022, the World Bank named South Africa "the most unequal country in the world." "Top-of-mind issues for voters are unemployment, loadshedding, corruption, and crime, which have all taken a toll on the country's growth performance for years," analysts at Deloitte said at the start of the month.

Persons: Jacob Zuma, Long Organizations: African National Congress, ANC, Democratic Alliance, Marxist Economic, Fighters, World Bank, Deloitte Locations: South Africa

☆ Another top proxy advisor has recommended shareholders vote against Elon Musk's $56 billion Tesla pay package
▼ + stars: | 2024-06-01 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +4 min

Read previewInfluential proxy advisor Institutional Shareholder Services (ISS) has recommended that Tesla shareholders vote against Elon Musk's proposed $56 billion pay package. AdvertisementIt comes after Glass Lewis, another leading proxy advisory firm, also urged Tesla investors to vote against the deal. Tesla was quick to respond to the report in a letter to shareholders titled "What Glass Lewis Got Wrong About Tesla." Related storiesOn the other hand, Glass Lewis urged shareholders to reject the proposed move, saying it offered them "uncertain benefits and additional risk. "ISS and Glass Lewis effectively control the stock market," he added.

Persons: —, Elon Musk's, Musk, Glass Lewis, Tesla, John Thys, Lewis Organizations: Service, Services, ISS, Tesla, Bloomberg, Business, Company, Getty, Harvard Law, Corporate, SpaceX, Boring Company Locations: Texas, Amsterdam, AFP, Tesla, Delaware

The next generation of the "Internet of Bodies," or IOB, could bring technological devices and the human body closer together than ever before. Academic and author Andrea M. Matwyshyn, who coined the term in 2016, describes it as "a network of human bodies whose integrity and functionality rely at least in part on the internet and related technologies, such as artificial intelligence." Smart glasses, which can function as cameras, headphones or monitors, are another example of early IOB devices. These devices completely merge with the body while maintaining a real-time connection to an external machine and the internet. "As bits and bodies meld and as human flesh becomes permanently entwined with hardware, software, and algorithms, IOB will test our norms and values as a society," she wrote.

Persons: Andrea M, Matwyshyn, Elon Musk's Organizations: Elon Musk's Neuralink, BCI Locations: Elon

☆ What is the internet of bodies?
▼ + stars: | 2024-05-31 | by ( Maria Gomez De Sicart | Arjun Kharpal | ) www.cnbc.com time to read: +4 min

You've heard the term "Internet of Things" – where inanimate objects can be connected to the internet and each other. But in 2016, academic and author Dr. Andrea M. Matwyshyn took it one step further, coining the term, "Internet of Bodies," or IoB. She describes it as "a network of human bodies whose integrity and functionality rely at least in part on the Internet and related technologies, such as artificial intelligence." These devices completely merge with the body while maintaining a real-time connection to an external machine and the internet. However, there are some existing laws that could be extended to safeguard IoB data.

Persons: You've, Dr, Andrea M, Matwyshyn, Elon Musk's, Neuralink, Dick Cheney, That's Organizations: Elon Musk's Neuralink, BCI, Former U.S, and Drug Administration, Data, Intelligence Locations: Elon, U.S

☆ Analysis: Trump conviction heralds a somber and volatile moment in American history
▼ + stars: | 2024-05-31 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

“Today’s verdict does not change the fact that the American people face a simple reality,” said campaign communications director Michael Tyler. Convicted felon or not, Trump will be the Republican nominee for president,” Tyler said. Supporters hold placards and flags following the announcement of the verdict in Trump's criminal trial. Or, the guilty verdict could play into Biden’s campaign theme that his predecessor is too corrupt and extreme to serve as president again. In another age, a guilty verdict would have immediately ended Trump’s campaign.

Persons: Donald Trump’s, ” Trump, foreperson, Trump, “, Joe Biden’s, ”, Michael Tyler, Donald Trump, ” Tyler, he’s, he’ll, he’d, jubilation, He’s, Biden, Andrew Kelly, ignominy, Timothy Naftali, ” Naftali, Stormy Daniels, —, Attorney Alvin Bragg, Prosecutors, Michael Cohen, Todd Blanche, CNN’s Kaitlan Collins, Eric Trump, Justin Lane, Elise Stefanik, Joe Biden, ” Stefanik, Mike Johnson, South Carolina Sen, Lindsey Graham, ” Graham, Larry Hogan, who’s, ” Hogan, Chris LaCivita, hasn’t Organizations: CNN, Trump Tower, Republican, Republican National Convention, Reuters, Trump, Manhattan, Attorney, Manhattan Criminal, New York, GOP, ”, Louisiana Republican, Senate, “ Locations: United States, New York, York, America, South Carolina

☆ South Africa's election portal resumes showing partial results after brief glitch
▼ + stars: | 2024-05-31 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: 1 min

Voters during the South Africa general elections on May 29, 2024 in Johannesburg, South Africa. Live updates of partial results from South Africa's parliamentary election reappeared on the electoral commission's website, following a glitch of at least two hours. The prints are closely watched amid early indications that the country's governing African National Congress, the liberation party of Nelson Mandela, could lose its parliamentary majority for the first time in the 30 years since it assumed governance. The electoral commission's portal was briefly blank at 06:08 a.m. London time, but once more displayed results by 08:23 a.m. in London, according to CNBC monitoring.

Persons: Nelson Mandela Organizations: South, African National Congress, CNBC Locations: Africa, Johannesburg, South Africa, South Africa's, London

☆ Corporations looking at gen AI as a productivity tool are making a mistake
▼ + stars: | 2024-05-31 | by ( Bob Violino | ) www.cnbc.com time to read: +5 min

Part of the slow spending approach is coming from the fact that senior executives are looking at gen AI the wrong way, said Sreekanth Menon, global leader, AI and machine learning at Genpact. The research showed that about half of the executives are framing gen AI solely as a productivity tool. "The infancy of gen AI, combined with a warped conception of its potential, has led to reluctant budgetary spending." The research from Genpact and HFS showed that business leaders are dedicating up to 10% of their IT budgets to gen AI projects. "To successfully move AI from a pilot stage to production, organizations need to pause and ensure their gen AI plan is aligned with specific business objectives, not just productivity," he said.

Persons: Andriy Onufriyenko, Sreekanth Menon, Menon, Paul Pallath, Pallath Organizations: HFS Research

☆ Fintech targeted by climate skeptics banks $37 million from likes of UBS, Commerzbank
▼ + stars: | 2024-05-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

From left to right: Johan Pihl, Doconomy's chief creative officer and co-founder, and Mathias Wikstrom, chief executive officer and co-founder. DoconomySwedish climate-focused financial technology startup Doconomy told CNBC on Thursday that it's raised 34 million euros ($36.9 million) from leading European banks, including UBS and Commerzbank . Credit ratings agency S&P Global came on board as a new investor, while existing shareholders Motive Ventures, PostFinance and Tenity also participated. watch nowDoconomy plans to use the fresh cash to drive expansion into North America and roll out new products, CEO and co-founder Mathias Wikstrom told CNBC in an interview. Mathias Wikstrom CEO, Doconomy

Persons: Johan Pihl, Mathias Wikstrom, it's, Tenity, Wikstrom, Jordan Peterson, It's, Doconomy Organizations: CNBC, UBS, Commerzbank, UBS Next, P Global, Motive Ventures, PostFinance, Boston Consulting Group, Mastercard, United Nations, Dreams Technology, Citi Ventures, Ikea Locations: Sweden, North America

☆ Elon Musk has been getting Trumpier. A direct line to Trump may be next
▼ + stars: | 2024-05-30 | by ( Clare Duffy | Brian Fung | ) edition.cnn.com time to read: +9 min

CNN —Elon Musk has sought to accumulate political capital commensurate with his extravagant wealth. Musk has discussed advising Trump should he win the 2024 election, the Journal reported, citing unnamed sources. Musk called Trump directly via cellphone to explore a role that could potentially give Musk significant influence over US policies. Reporting that Musk and Trump’s relationship has improved comes after Musk’s politics have become more aligned with Trump’s. For Musk to have a direct, private line to a future President Trump “would seem to be a blatant conflict of interest,” said Darrell West, a senior fellow in the governance studies program at the Brookings Institution.

Persons: CNN — Elon Musk, Musk, Donald Trump, Trump, Brian Hughes, –, Andrew Harnik, ”, Darrell West, ” West, Herika Martinez, —, Donald Trump’s, Biden, Ron DeSantis, Robert Kennedy , Jr, Paul Pelosi, Hillary Clinton, White supremacists, Imran Ahmed, X, CCDH, Donie O’Sullivan Organizations: CNN, Republican, Wall Street, Trump, SpaceX, Tesla, Brookings Institution, Securities and Exchange Commission, Federal Trade Commission, Traffic Safety Administration, Justice Department, Migrants, US Border Patrol, AFP, Getty, Twitter, US, Republican Florida, Politico Locations: Paris, El Paso , Texas, Ciudad Juarez, Chihuahua State, Mexico

☆ Fast-fashion behemoth Shein is preparing for an IPO. Here's an inside look at the challenges it could face.
▼ + stars: | 2024-05-30 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +11 min

Its peak $100 billion valuation once made it the world's third largest privately-held company, behind TikTok owner Bytedance and Elon Musk's SpaceX. Estimates have pegged Shein's IPO valuation at around $90 billion, Bloomberg reported last year. AdvertisementTo gauge what happens to some Shein items once they're returned, BI reporters in the UK put two AirTag trackers on Shein garments and sent them back. Shein is more directly involved in production and focuses on clothes, but Temu's popularity "could affect the valuation," Swartz said. In a November statement following the news of Shein's IPO, chairman Mike Gallagher urged investors and banks underwriting the move to "carefully examine Shein's regulatory and compliance programs."

Persons: —, Bytedance, Sky Xu, Yangtian Xu, Chris, Shein, confidentially, David Swartz, Swartz, Lululemon, JADE GAO, Stephanie Benedetto, Queen, Benedetto, they're, Shein's, Morningstar's Swartz, Temu, Mike Gallagher Organizations: Service, Elon, SpaceX, Business, Reuters, Authentic Brands, Wall Street, CNBC, Bloomberg, Morningstar, Zurich Insurance Group, Guardian, BI, Coventry Airport, SEC, Street, Financial Times, London Stock Exchange, Chinese Communist Party, Nike, Adidas Locations: China, —, Singapore, Sequoia China, London , Hong Kong, York, London, Canary Wharf, Coventry, Walsall, Northern Ireland, England, Kent, Washington, Xinjiang, Dublin, Shein

☆ CNBC Daily Open: Dow drops, Nvidia couldn't save Nasdaq
▼ + stars: | 2024-05-30 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter.

Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Robert Isom, Vasu Raja, Raja, Korea's Kospi, Hang Seng, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, American Airlines, Treasury, Nikkei, China's CSI, Dow Locations: New York City, Disney, Asia, Pacific, Japan, South Korea, China

☆ CNBC Daily Open: Dow drops, Nvidia can't save Nasdaq
▼ + stars: | 2024-05-30 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter. ConocoPhillips CEO Ryan Lance said the deal would immediately grow ConocoPhillips' earnings, cash flow and shareholder returns after the deal closes in the fourth quarter.

Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Ryan Lance, Robert Isom, Vasu Raja, Raja, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, ConocoPhillips, Oil, American Airlines, Dow Locations: New York City, Disney, Texas , New Mexico, North Dakota

Activist investor Nelson Peltz has sold his entire stake in Disney , a person familiar with the matter tells CNBC. Peltz sold all of his Disney stock at roughly $120 dollars a share, the person said, making about $1 billion on the position. The exit comes weeks after Peltz's Trian Partners lost a proxy battle at Disney in early April as shareholders reelected the company's full slate of board nominees. Peltz had long taken issue with Disney governance. "We are proud of the impact we have had in refocusing this Company on value creation and good governance," Trian said in a statement following the April shareholder vote.

Persons: Nelson Peltz, Peltz, Peltz's Trian, Jay Rasulo, Bob Iger, Trian, Disney didn't Organizations: Disney, CNBC, Peltz's Trian Partners Locations: refocusing

☆ War in Gaza could last another seven months, Israel warns
▼ + stars: | 2024-05-29 | by ( Mike Schwartz | Christian Edwards | ) edition.cnn.com time to read: +4 min

CNN —The war in Gaza will likely continue through at least the end of the year, an Israeli official warned Wednesday, seeming to dismiss the idea that fighting would end after the military offensive against Hamas in Rafah. Israel’s national security adviser, Tzachi Hanegbi, said the year 2024 has been “defined as a year of combat” by Israel’s war cabinet. The Israeli government had previously signaled that entering Rafah would be the final stage of its war against Hamas, which attacked Israel on October 7, killing about 1,200 people and taking some 250 people hostage. In response, Israel launched a devastating offensive in Gaza which has killed more than 36,000 people, according to Palestinian officials. This resilience is what has allowed this nation to survive for 75 years, and even for 3,000 years before that.

Persons: Tzachi Hanegbi, “, ” Hanegbi, –, Benjamin Netanyahu’s, Netanyahu, ’, Hanegbi, ”, Tal, Joe Biden Organizations: CNN, Hamas, Islamic, Sunday, Reuters, International Court of Justice Locations: Gaza, Rafah, Israel, Reuters Israel, United States, “

☆ These dividend stocks top Thornburg's list — and they are trading at a discount
▼ + stars: | 2024-05-29 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Investors searching for income can find some bargains in dividend stocks, according to Ben Kirby, co-head of investments at Thornburg Investment Management. Now investors have an added benefit in that dividend stocks are selling at a big discount, he said. When looking for the right dividend stock, Kirby wants companies offering solid balance sheets and free-cash-flow, as well as competitive advantages and sustainable profit margins. Here are some of the stocks Kirby owns in his funds and that he particularly likes right now. If the reductions continue, coupled with the stock's dividend yield, "that alone will drive a pretty competitive return," Kirby said.

Persons: Ben Kirby, Kirby, Jane Fraser, we're, Fraser Organizations: Thornburg Investment Management, Kirby, Depot, Citigroup, JPMorgan Chase, CNBC, Citi, Time Warner

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