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☆ Here's why car payments are so high right now
▼ + stars: | 2024-06-17 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +1 min

In the first quarter, 23% of customers with trade-ins had negative equity of more than $6,167 on average, according to Edmunds. It is not uncommon for car owners to have a bit of negative equity on a vehicle when they trade it in. About one-third of trade-ins carried negative equity prior to the pandemic. It is the amount of negative equity that is concerning, says Edmunds Senior Director of Insights Ivan Drury. The rate for a trade-in with negative equity was $887, at a rate of 8.1%, for nearly 76 months.

Persons: Edmunds, Ivan Drury ., Drury, You've, David Paul Morris Organizations: Ivan Drury . Trading, Ford, Bloomberg, Getty Locations: Edmunds, Colma , California

☆ DI Capital's stock bets are paying off this year. Here's how Dan Sundheim's peers like Tiger Global and Coatue are doing in 2024.
▼ + stars: | 2024-06-14 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe public markets have been kind to Dan Sundheim this year. The most even-keeled of the big-name Tiger Cubs has been Viking Global, which will lose its chief investment officer, Ning Jin, at the end of August. Many of these firms struggled in 2022 when public and private tech companies slumped thanks to a global rise in interest rates. AdvertisementRepresentatives for Tiger Global, Coatue, and Viking Global either declined to comment or did not respond to requests for comment.

Persons: —, Dan Sundheim, Philip Morris, Chase, Philippe Laffont's Coatue, Ning Jin, Julian Robertson's, Management — Organizations: Service, D1, Business, Viking, Philippe Laffont's Coatue Management, Tiger Cubs, Management, Tiger Global, Viking Global Locations: Marlboro, New York

☆ Here are 9 stocks that can benefit from Fed interest rate cuts
▼ + stars: | 2024-06-13 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Housing We see Stanley Black & Decker as a major beneficiary of Fed rate cuts due to its link to the housing market. On the one hand, lower rates mean a bank like Wells Fargo makes less money on the money it lends. Biotech Danaher should also see some benefit as lower rates lead to improved funding dynamics for biotech companies. Like in housing, monthly payments become far more manageable at lower rates, and therefore affordability and demand, stand to increase. Salesforce , which has also highlighted more measured deal activity, might not benefit as much from lower rates.

Persons: Jerome Powell, Stanley Black, Decker, Stanley, That's, Wells, Morgan Stanley, SVB, Ford, We're, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Nasdaq, CNBC, Fed, Biotech, Silicon Valley Bank, Ford, Palo, Networks, Microsoft, Jim Cramer's Charitable, Bloomberg, Getty Locations: Wells, Wells Fargo, Silicon Valley, Colma , California

CNN —Former special prosecutor Nathan Wade says he believes Donald Trump will “absolutely” be put on trial in Georgia in the 2020 election subversion case – even if he wins a second term and he’s in the White House at the time. The question of whether a sitting US president can be forced to stand trial for state-level criminal charges has never been litigated. Wade said in the interview Wednesday that he expects prosecutors and defense attorneys will have to confront that unprecedented scenario if Trump wins the 2024 election. Nathan Wade was asked if he thinks Trump can still be on trial as president. Trial court Judge Scott McAfee had previously ruled that Willis could remain on the case if Wade stepped away, prompting his resignation.

Persons: Nathan Wade, Donald Trump, Wade, Fani Willis, CNN’s, Trump, “, ”, ” Wade, Willis, Nathan Wade’s, Kaitlan Collins Willis, Scott McAfee’s, Fani, improvidently, Steve Sadow, Scott McAfee, McAfee Organizations: CNN, Trump, Peach State, Georgia, Appeals, Wednesday, Atlanta Judicial Circuit Locations: Georgia, Fulton County, Peach, State of Georgia, Atlanta

☆ These chefs and restaurants are the 2024 James Beard Award winners
▼ + stars: | 2024-06-11 | by ( Marnie Hunter | ) edition.cnn.com time to read: +10 min

CNN —The Oscars of the food world — the James Beard Awards — were handed out Monday night to many chefs and restaurants reflecting cultures and regions that have long been overlooked when honoring culinary achievement in the United States. Outstanding Chef winner Michael Rafidi dedicated his award to Palestinian people all over the world in his acceptance speech. The 2024 winners bring heritage from all over the globe — the Philippines, Mexico, Japan, Peru, Vietnam, Senegal — to tables across the United States. This year’s awards also bring recognition to restaurants in many smaller towns and states that have not historically been recognized with James Beard Awards. Chef Masako Morishita received the James Beard Award for Emerging Chef.

Persons: James Beard, —, Serigne Mbaye, ” Mbaye, Michael Rafidi, ”, Paul Smith, Lula Drake Wine, Chef Masako Morishita, Beard, Deb Lindsey, Masako Morishita, Atsuko Fujimoto, Morishita, Adams Morgan, Fujimoto, Baker, Ruth Reichl, Reichl, “, foodie, James Beard’s, ” Beard, Hamissi Mamba, Nadia Nijimbere, MI, Yenvy Pham, Phở, WA Chris Viaud, NH Hollis Wells Silverman, Erika Whitaker, Kelly Whitaker, Sarah Minnick, Dean Neff, Renee Touponce, David Uygur, Christine Dong, Fariyal Abdullahi, Janet Becerra, SC Ryan Fernandez, Mel, Baker Susan Bae, Jesus Brazon, Manuel Brazon, Crystal Kass, Valentine, AZ Anna Posey, Hospitality Crawford, NC Gemma, Lula Cafe, Vin, California Geoff Davis, CA Rogelio Garcia, Auro, Lord Maynard Llera, Kuya, Los Angeles , CA Tara Monsod, Billy ” Ngo, Vinnie Cimino, Cordelia, Jose Salazar, Sarkar, Hajime Sato, Sozai, MI Jenner Tomaska, Tony Conte, Jesse Ito, Matt Kern, Harley Peet, Kevin Tien, Ann Ahmed, Rob Connoley, Dan Jacobs, Dan Van Rite, Christina Nguyen, Hai, Tim Nicholson, Brandon Cunningham, Ali Sabbah, Matt Vawter, Penelope Wong, Yuan Wonton, Nick Zocco, NY Atsushi Kono, Chris Mauricio, Charlie Mitchell, Clover, NY Jeremy Salamon, Conor Dennehy, Talulla, Maria Meza, David Standridge, Jake Stevens, Cara Tobin, Honey, Avery Adams, Matia, WA Kristi Brown, WA Josh Dorcak, Gregory Gourdet, Melissa Miranda, Jamie Davis, The, Washington , NC Rod Lassiter, Parnass Savang, James London, Chubby Fish, SC Robbie Robinson, Valerie Chang, FL Hunter Evans, Jackson, MS Gabriel Hernandez, Carlos Portela, Rene Andrade, Jeff Chanchaleune, Ma Der, Steve, Steve Riley, NM Eduardo Rodriguez, Zacatlán, Texas Emmanuel Chavez, Houston , TX Christopher Cullum, Cullum’s Attaboy, San Antonio , TX Tracy Malechek, Ezekiel, Birdie’s, Misti Norris, Petra, Ana Liz Pulido, Ana Liz Taqueria Organizations: CNN, Dakar NOLA, Lyric Opera, Michelin, Beverages Program, Chefs, The Washington Post, Washington Commanders, The New York Times, Gourmet Magazine, James, James Beard Foundation, Hav, Seattle , WA Nikko Cagalanan, SC, NY, Dakar, FL Kisser, Nashville , TN Oro, Caracas Bakery, AZ, Hospitality, IL, NY Woodford Food & Beverage, Beverages, SC The Morris, D.C, BEST, Social Haus, UT, New, New York State, Pacific, FL, Houston , TX Locations: United States, New Orleans, West Africa, Chicago, Portland , Oregon, Pacific, Albi, Washington, Ramallah, Philippines, Mexico, Japan, Peru, Vietnam, Senegal, West Virginia, Charleston , West Virginia, Columbia , South Carolina, Mission , Texas, Mystic , Connecticut, Easton , Maryland, Portland , Maine, Tokyo, Perry’s, Adams, DC, Bakery, Detroit, Seattle, WA, Greenleaf, Ansanm, Milford, Wolfeboro, NH, The Wells, Boulder, Portland, Wilmington ,, Albi , Washington, The, Lucia, Dallas , TX, Santa Fe, Marfa ,, San Antonio ,, Springs, , New York, Pancita, Seattle , WA, Kultura, Charleston, Southern Junction, Buffalo, Waitsburg, Lockhart, TX, Carmel, Dorchester, Dakar NOLA , New Orleans, LA Hayward, McMinnville, Kaya, Orlando, Nashville , TN, Nixta , Minneapolis, Shan, Bozeman, Albuquerque, Long Beach ,, Hudson, Caracas, Doral, Miami, Phoenix, Elske, IL, Son, Raleigh, NC, Dallas ,, New York, NY, Columbia, San Francisco ,, Anaheim , Anaheim, , Washington, Waxlight, Montpelier, VT, Baltimore, , New Orleans, LA, Brownsville ,, California, Burdell, Oakland, Calistoga, Los Angeles ,, San Diego ,, Kru, Sacramento, Lakes, MI, Cleveland ,, Mita’s, Cincinnati, Indienne, Clawson, Esmé, NJ, PA, Philadelphia, Fenwick, Bas Rouge, Easton, KS, MN, MO, WI, Khâluna, Minneapolis, St, Louis, EsterEv, Milwaukee, Hai Hai , Minneapolis, Omaha, UT, WY, Greenough, Salt Lake City, Rootstalk, Breckenridge, Denver, Urban, Sofreh, Brooklyn, Kono , New York, Harana, Accord, Clover Hill, RI, Cambridge, Dolores, Providence ,, Leeward, Burlington, Island, MÄS, Ashland, kann, Musang, KY, TN, The Hackney, Washington , NC, Talat, Atlanta, West Columbia, Maty’s, Elvie’s, Verde Mesa, San Juan, Saffron , New Orleans, AZ, NM, Bacanora, Oklahoma City, Henderson, Mesa, Tatemó, Houston ,, Austin ,, Mission

☆ Four Tops Singer Sues Hospital Over Being Put in Restraints
▼ + stars: | 2024-06-11 | by ( Julia Jacobs | More About Julia Jacobs | ) www.nytimes.com time to read: +1 min

A singer who joined the storied Motown group the Four Tops in 2018 sued a Michigan hospital on Monday, accusing its staff of placing him in restraints and ordering a psychological evaluation because they did not believe he was part of the band. The singer, Alexander Morris, who is Black, filed a lawsuit accusing Ascension Macomb-Oakland Hospital of racial discrimination and two employees of negligence for an incident in April 2023, when he was taken there by ambulance with chest pain and difficulty breathing. When Mr. Morris, 53, told hospital staff that he was a member of the Four Tops — which helped define the Motown Sound in the 1960s with hits such as “I Can’t Help Myself (Sugar Pie, Honey Bunch)” and “Reach Out I’ll Be There” — the staff “wrongfully assumed he was mentally ill” and a security guard was instructed to put him in restraints, the lawsuit alleges. When Mr. Morris offered to show his identification card, the lawsuit said, the security guard, who is white, told him to “sit his Black ass down.”

Persons: Alexander Morris, Ascension, Morris, Honey, “, ” Organizations: Motown, Ascension Macomb, Oakland Hospital, Motown Sound Locations: Michigan

☆ My group of 12 paid $35,000 for an all-inclusive week in a huge villa. Our multigenerational trip was an excellent value.
▼ + stars: | 2024-06-11 | by ( David Morris | ) www.businessinsider.com time to read: +1 min

My group of 12 stayed at a villa in the Four Seasons Tamarindo for $35,000 for a week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Four Seasons Tamarindo sits on a 3,000-acre reserve on Mexico's Pacific coast. It opened in November 2022 and has multiple rooms in the main hotel, plus full properties and villas to rent. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Business Locations: Mexico, Hawaii, Costa Rica

☆ Hunter Biden convicted on all 3 charges at federal gun trial
▼ + stars: | 2024-06-11 | by ( Marshall Cohen | Holmes Lybrand | ) edition.cnn.com time to read: +7 min

CNN —A federal jury has convicted Hunter Biden on all three federal felony gun charges he faced, concluding that he violated laws meant to prevent drug addicts from owning firearms. Leaving the courthouse after the verdict, Hunter Biden shuffled his family members into an elevator as he held hands with his wife. The weeklong gun trial featured intensely personal and gut-wrenching testimony about Hunter Biden’s well-known struggles with alcoholism and crack cocaine addiction. Hunter Biden’s defense team argued, unsuccessfully, that he didn’t view himself as a user or addict when he bought and possessed the gun. Defense attorney Abbe Lowell had implored the jury to acquit Hunter Biden on those grounds.

Persons: Hunter Biden, Joe Biden’s, David Weiss, Melissa, ” Hunter Biden, God, Biden, “, ”, “ Jill, Hunter, Jill, Jill Biden, Kevin Morris, Valerie Biden, Biden’s, Donald Trump, Hunter Biden’s, Trump, Joe Biden, Weiss, Weiss ’, Maryellen Noreika, ” Prosecutors, Hallie Biden, Beau Biden –, Abbe Lowell, acquit Hunter Biden, CNN’s Hannah Rabinowitz, Paula Reid, Kit Maher Organizations: CNN, Department, Trump, ” Locations: Delaware, “, New York, China

☆ Check out the very corporate goodbye email PwC told staffers to send if they're taking a buyout
▼ + stars: | 2024-06-10 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

PwC offered UK buyout packages and directed staff on how to communicate their exits. The buyout comes amid slowing client work, with PwC and other firms cutting jobs and delaying hires' starts. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAfter accounting giant PwC offered UK buyout packages in recent weeks, staff were directed on exactly how they should communicate their exits, the Financial Times reported. The FT saw a note sent to employees that told them they could not talk about the circumstances of their departure.

Persons: PwC, — Organizations: Service, Financial Times, Business

☆ Zyn shortages continue. But the popular nicotine pouches will be back on more shelves later this year, an executive says.
▼ + stars: | 2024-06-10 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Zyn nicotine pouches are expected to return to more US shelves this year, said an executive. Zyn saw 80% growth in Q1 2024, causing supply chain shortages in several states. Its parent company is planning a new US production location in 2025 to meet growing demand. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCans of popular nicotine brand Zyn will be back on more shelves before the end of the year.

Persons: Zyn, —, Philip Morris Organizations: Service, Philip Morris International, Swedish, Business

☆ The woman who says she's the real-life version of Martha on 'Baby Reindeer' just sued Netflix for $170 million
▼ + stars: | 2024-06-07 | by ( Meghan Morris | ) www.businessinsider.com time to read: +3 min

Read previewFiona Harvey, the woman who says she's the real version of the semi-fictionalized stalker in the Netflix hit "Baby Reindeer," is suing the streaming giant. Harvey, a 58-year-old Scot, filed a lawsuit on Thursday in California, seeking more than $170 million and a jury trial. She's accusing Netflix of defamation and intentional affliction of emotional distress, among other points. She hasn't sued the show's creator and star, Richard Gadd, who plays a fictional version of himself named Donny Dunn. AdvertisementThe real Martha ScottAs the show picked up viewers, armchair sleuths raced to find the "real" stalker, named Martha Scott in the show, and the man who Gadd said abused him.

Persons: —, Fiona Harvey, Harvey, Scot, hasn't, Richard Gadd, Donny Dunn, Gadd, Richard Gadd's, Martha Scott, sleuths, GQ, What's, " Gadd, Harvey's, she's, Piers Morgan Organizations: Service, Netflix, Business Locations: California, Scottish, London

☆ Get ready to make less money off your investments, says a private equity executive
▼ + stars: | 2024-06-06 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Apollo's Scott Kleinman warned of a "dry spell" for investors as deals from a friendlier era unwind. Managers must adjust financial projections from deals done in the zero-interest rate era. AdvertisementA leading private equity executive just warned that investors are in for a "pretty dry spell for a few years." "I'm here to tell you everything is not going to be OK," Scott Kleinman, the co-president of Apollo Global Management, said at a session during Berlin's SuperReturn International conference on Wednesday. Managers have to adjust their financial projections for deals struck in the looser world of zero interest rates, when financing was cheap and consumers spent more.

Persons: Apollo's Scott Kleinman, —, Scott Kleinman, Berlin's Organizations: Investors, Service, Apollo Global Management, Business

☆ This 'quasi monopoly' chip stock will drive AI trend for the next decade, says fund manager
▼ + stars: | 2024-06-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

European chip stock ASML "is almost in a quasi-monopoly position" to drive developments in artificial intelligence over the next decade, according to fund manager Marcus Morris-Eyton. Its customers include TSMC , which makes the AI chips designed by Nvidia , AMD and Intel , as well as Samsung and SK Hynix . Shares fell by 7% on the day as the company provided what analysts labeled "soft" guidance for the current quarter. Earlier this week, the company opened a test laboratory for its next-generation lithography equipment with Belgium chip research firm Imec. "Ultimately, if you need AI, if you need [electric vehicles], if you need data centers, you need more chips," Morris-Eyton added.

Persons: Marcus Morris, that's, ASML, It's, Francois, Xavier Bouvignies, Tammy Qiu, Didier Scemama, Marie Ganneval, Eyton, Morris Organizations: Nvidia, AMD, Intel, Samsung, SK Hynix, U.S, Infineon, BE Semiconductor, Wall Street, UBS, of America, AllianceBernstein's, ASML, CNBC Locations: United States, TSMC, Belgium, Veldhoven, Netherlands, ASML

☆ Jacqueline Winspear Read a History of Cocaine as Research
▼ + stars: | 2024-06-06 | by ( ) www.nytimes.com time to read: +1 min

“War” by Sebastian Junger, “End Times” by Peter Turchin and “The Unwinding,” the fabulous book by illustrator/writer Jackie Morris. No one should be surprised by a writer’s library. We all read well beyond the literary forms for which we are known. However, a friend was scanning my shelves and asked, “Why do you have that book on cocaine?” Dominic Streatfeild’s “Cocaine: An Unauthorized Biography” is a terrific book — I read it for background research. Sometimes my mother would comment, “I think that book will mean more to you when you’re older, love.”

Persons: Sebastian Junger, Peter Turchin, Jackie Morris, ” Dominic Streatfeild’s, “, ” Organizations: “

☆ Craft cocktails, mountain bikes and art: Walmart's hometown is booming, and getting more expensive
▼ + stars: | 2024-06-06 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +13 min

— When Gil Curren's family moved into a run-down farmhouse in Walmart's hometown of Bentonville, Arkansas, in 1971, the now-retail giant wasn't yet a decade old. Craft cocktails, hipster coffee shops and chef-driven restaurants have popped up around the city. Realtor Kristen Boozman, who works for Sotheby's, helps clients search for homes in the Bentonville area, including many buyers who are relocating from another city. Home values have shot up in the Bentonville area. A Walmart spokeswoman said the Walton Family Foundation funds and advocates for affordable housing projects in the Bentonville area.

Persons: Gil Curren's, it's, Sue, Gil Curren, Melissa Repko, Hunt, Tyson, Shawn Baldwin, Sam Walton, Walton, Walton's, Steuart, Tom Walton, Sam Walton's, Alice Walton, Bridges, She's, Crystal Bridges, Kristen Boozman, There's, Donna Morris, Morris, Tracy Robinson, she's, CNBC Tracy Robinson, Robinson, Stanley, Matthew Cooper, Tom, Cooper, he's, district's, It's, Jeff Webster, Bentonville Shawn Baldwin Organizations: Cyclists, Kansas City, CNBC, Walmart, Craft, Fortune, Tyson Foods, PepsiCo, Hershey, Mattel, . Census, Cushman &, Sage Partners, of Commerce, Northwest Arkansas Council, D.C, Ropeswing Hospitality, Bentonville Schools, Excellerate Foundation, Walton Family Foundation, Walton Family, Bentonville Locations: BENTONVILLE, Ark, Walmart's, Bentonville , Arkansas, Bentonville, Kansas, Austin , Texas, New York, U.S, Silicon, It's, Arkansas, Cushman & Wakefield, American, Crystal, Austin, Boise , Idaho, Dallas, Fort Worth, Atlanta, Toronto, New York City, Miami, Washington, New York City , Washington, Bentonville's

☆ Live Updates: Hunter Biden’s Former Partners Describe the Toll of His Drug Abuse
▼ + stars: | 2024-06-05 | by ( Eileen Sullivan | Glenn Thrush | ) www.nytimes.com time to read: +3 min

forward — rose in a Delaware courtroom to declare that the Justice Department’s sweeping immunity deal with Hunter Biden was not nearly as sweeping as the defense believed. His transfer coincided with efforts by congressional Republicans to portray Mr. Weiss — a Trump appointee held over by President Biden’s aides — as offering “a sweetheart deal” to the Bidens. In early 2023, he published a memoir covering the police trial, describing himself as “the prosecutor who took down Baltimore’s most crooked cops.”Mr. But he was passed over because it was believed he might clash with prosecutors in the U.S. attorney’s office in Washington, they said. Ms. Monaco eventually chose another prosecutor from Maryland, Thomas P. Windom, to run the team.

Persons: — bespectacled, Department’s, Hunter Biden, Leo J, Wise, “, . Wise, Biden, Biden’s, David C, Weiss, Mr . Wise, —, ”, Catherine Pugh, ” Mr, Philip Morris, Kathryn Ruemmler, Barack Obama’s, Lisa O, Donald J, Monaco, Thomas P, Windom Organizations: Trump, Baltimore U.S, Harvard Law, Navy Reserve, Justice Department, Enron, Capitol, Monaco Locations: Delaware, Baltimore, Los Angeles, U.S, Wilmington, Washington, Maryland

☆ 1,000 workers at one car factory in China were told to either quit or sit around on minimum wage until the market picks up again: Nikkei
▼ + stars: | 2024-06-05 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Li Auto workers are facing layoffs or minimum wage due to weak electric vehicle sales. 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 . AdvertisementAs China grapples with manufacturing overproduction, some workers at one of China's auto plants face a difficult choice about their jobs. Newlywed Lisa told Nikkei on Tuesday that in her brand-new factory for Li Auto, more than 1,000 employees like her were given the choice of either quitting or receiving minimum wage until business improves.

Persons: —, Newlywed Lisa, Lisa Organizations: Li Auto, EV, Service, Nikkei, Business Locations: China

☆ Jensen Huang signed a woman's chest. Yes, you read that right.
▼ + stars: | 2024-06-05 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Nvidia CEO Jensen Huang signed autographs, including a woman's top, at a Taiwanese tech event. 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 . In a crowded booth at a Taiwanese tech conference on Tuesday, the Nvidia CEO wore the same glasses and Tom Ford jacket he sported for Sunday night's keynote address. He signed Macbooks, chips, and even a woman's top, just above her cleavage.

Persons: Jensen Huang, —, Tom Ford Organizations: Nvidia, Service, rockstar, Business Locations: Taiwan

☆ Elon Musk ordered Nvidia to ship thousands of AI chips reserved for Tesla to X and xAI
▼ + stars: | 2024-06-04 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +12 min

Correspondence from Nvidia staffers also indicates that Musk diverted a sizable shipment of AI processors that had been reserved for Tesla to his social media company X, formerly known as Twitter. "Elon prioritizing X H100 GPU cluster deployment at X versus Tesla by redirecting 12k of shipped H100 GPUs originally slated for Tesla to X instead," an Nvidia memo from December said. In a post on X in November, Musk wrote, "X Corp investors will own 25% of xAI." At Tesla, Musk has promised to build a $500 million "Dojo" supercomputer in Buffalo, New York, and a "super dense, water-cooled supercomputer cluster" at the company's factory in Austin, Texas. WATCH: Musk ordered Nvidia to ship thousands of AI chips to X

Persons: Elon Musk, David Swanson, Reuters Elon Musk, he's, Tesla's, Musk, Tesla, Elon, Critics, OpenAI's ChatGPT, Axios Harris, Jensen Huang, Huang, David Paul Morris, xAI's Grok, xAI, he'd, He's, Leo Koguan, Gerber Kawasaki's Ross Gerber, Joel Fleming, Fleming, hasn't, Ethan Knight Organizations: SpaceX, Tesla, Reuters, Nvidia, Tesla's Texas, CNBC, X Corp, EV, Google, Meta, Microsoft, Blackwell, Nvidia Corp, Technology, Bloomberg, Getty, Twitter, Equity Litigation Locations: Beverly Hills , California, Tesla's, U.S, San Jose , California, Buffalo , New York, Austin , Texas, North Dakota, Delaware, Tesla, xAI, SolarCity, Texas, New York

☆ AMD announces new AI chips amid intensifying competition with Nvidia, Intel
▼ + stars: | 2024-06-03 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Advanced Micro Devices Inc. unveiled new so-called accelerator chips that it said will be able to run artificial intelligence software faster than rival products. Photographer: David Paul Morris/Bloomberg via Getty ImagesAMD on Monday announced new artificial intelligence chips as it seeks to establish itself as a leader amid competition with the likes of Nvidia and Intel . During a keynote address, Su unveiled the Ryzen AI 300 series for next-generation AI laptops. And in partnership with Microsoft , these chips will power laptops equipped with the tech giant's AI chatbot Copilot. This comes less than two months after AMD's April announcement of new processors that can run AI workloads – the Ryzen Pro 8040 for laptops and the Ryzen Pro 8000 for desktops.

Persons: Lisa Su, David Paul Morris, Su, chatbot, workloads Organizations: Devices Inc, AMD, Bloomberg, Getty, Monday, Nvidia, Intel, Qualcomm, Microsoft Locations: San Jose , California, Taipei

☆ Family Turns Out to Support Hunter Biden as Jury Is Selected in Gun Trial
▼ + stars: | 2024-06-03 | by ( Glenn Thrush | Eileen Sullivan | ) www.nytimes.com time to read: +1 min

Jill Biden, wearing a purple blazer and scribbling on a white legal pad, sat in the first row of a drab fourth-floor courtroom on Monday, in a show of support for her son, Hunter, on the first day of his trial on federal firearms charges. The first lady, who followed hours of mundane interviews with dozens of prospective jurors before the panel was selected on Monday afternoon, rose to her feet when the judge called a short break about halfway through. She walked slowly over to her son, offered a long hug, then stroked his cheek. The opening hours of jury selection in Mr. Biden’s trial on charges that he lied about his drug use in applying to buy a handgun in 2018 were, as expected, a high-stakes political spectacle — with a throng of reporters crowding the courthouse while TV crews did live shots, nearly nonstop, after sunrise. But the presence of Mr. Biden’s family and friends, including his wife, Melissa Cohen Biden, his half sister, Ashley Biden, and his close friend Kevin Morris, served as a reminder that the trial was also a profound personal crisis for a family that has had more than its share of travails — in the middle of the most unforgiving presidential campaign in recent memory.

Persons: Jill Biden, Hunter, Biden’s, Melissa Cohen Biden, Ashley Biden, Kevin Morris

☆ Nvidia CEO Jensen Huang says robots are the next wave of AI — and 2 kinds will dominate
▼ + stars: | 2024-06-03 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Nvidia CEO Jensen Huang highlighted robots — again — at a Taiwan tech conference Sunday. The Nvidia CEO paraded nine human-like robots on stage earlier this year. He highlighted them again in a Sunday speech at a Taiwan tech conference, saying that two kinds of robots in particular will be "very high volume." "The next wave of AI is physical AI. The factories will orchestrate robots and those robots will be building products that are robotic."

Persons: Jensen Huang, —, Huang Organizations: Nvidia, Service, Business Locations: Taiwan

☆ Bracing for Start of Trial in Gun Case, Hunter Biden Is Squeezed for Money
▼ + stars: | 2024-05-31 | by ( Glenn Thrush | Mattathias Schwartz | ) www.nytimes.com time to read: +1 min

Over the past turbulent decade, through myriad self-inflicted troubles, Hunter Biden has relied on the kindness of friends and family — wives and girlfriends, business partners, his father and, most recently, a Los Angeles lawyer who provided the president’s son a $7 million lifeline. With Mr. Biden’s trial on gun charges set to begin on Monday in Delaware, Mr. Morris has said he might need to sell some real estate holdings or other assets if others do not step up to fill the gap, according to people familiar with the situation. He hopes to pressure the president’s advisers into helping find new donors, people close to the situation said. Financial troubles are nothing new for President Biden’s son, and his current woes are unlikely to prevent him from mounting a sturdy defense. But it adds a layer of stress and uncertainty, and could limit his ability to hire expert witnesses or other specialists in the gun case or in his trial on tax charges in California in September, they said.

Persons: Hunter Biden, Kevin Morris, —, Biden’s, Morris Locations: Los Angeles, Mr, Delaware, California

☆ Nvidia's Jensen Huang receives a rockstar reception in Taiwan amid a record high stock market
▼ + stars: | 2024-05-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewNvidia cofounder and CEO Jensen Huang is in Taiwan this week, where he's getting rockstar reception and boosting the stock market. The drills started on Thursday, but Taiwan's stock market was little changed over the period. "In this case, the AI equity theme, physical investment in AI, and the wider upturn in electronic component demand are driving robust Taiwanese growth and the strong stock market performance," wrote Green. He added that an outright invasion of Taiwan by China is "very unlikely" due to high military and economic risk. "If the macro backdrop is positive and China remains far from achieving 'fortress-like' economic conditions, future sell-offs may offer attractive buying opportunities," Green wrote.

Persons: —, Jensen Huang, Huang, Li Xi, Morris Chang, Lisa Su —, Pat Gelsinger, Cristiano Amon, Rene Haas, Rory Green, It's, Green Organizations: Service, China's People's Liberation Army, Business, Local, rockstar, Asus, AMD, Qualcomm, Semiconductor, PLA, Investors, Philadelphia Stock Exchange, Nvidia Locations: Taiwan, China, Beijing, TSMC, Taipei, Taiwan's, GlobalData.TS, Ukraine, Russia

☆ WeWork spent years going after big businesses. Now, its new owner wants to look at the little guys.
▼ + stars: | 2024-05-31 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Anant Yardi took a majority stake in WeWork through its bankruptcy process. Yardi plans to focus on small businesses and use hotel-like tech for real-time booking. 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 . Anant Yardi, who, alongside his wife, founded the widely-used commercial real estate software Yardi Systems, took a majority stake in WeWork through its bankruptcy process.

Persons: Anant Yardi, WeWork, — Organizations: Service, Yardi Systems, Business Locations: WeWork

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