Trump's AI Plan Seeks to Have US Set Global Standard, Aides Say
'We want the entire world to be running on an American artificial intelligence stack,' Kratsios said Thursday in an interview on Bloomberg Television. 'That is our cloud, our chips, our algorithms, all of that needs to be exported and packaged to the world, so that we become the ecosystem of choice globally.'
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Forbes
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- Forbes
As America Backslides On Clean Energy, States Will Fill The Leadership Void
The federal government has ceded its leadership on climate and clean energy, but America doesn't have to. And in statehouses across the country, it isn't. A slew of federal legislation and executive action, including President Trump's big tax bill, signed into law on the Fourth of July, is dismantling the policy and economic foundation that in recent years unleashed hundreds of billions of dollars in private investment into clean technology across the U.S. It's not just a loss for the climate – it's also a blow to U.S. competitiveness in a changing global economy. It means less new power at a time of growing electricity demand, fewer manufacturing jobs on U.S. soil, and weaker footing in key strategic industries that will command the 21st century. But as much as this backsliding in Washington is regrettable, it presents an opportunity in states across the country. Having seen federal clean energy policy drive unprecedented clean energy investment nationwide, state policymakers know full well what's at stake – for the climate, yes, but also for jobs, energy affordability, and innovation. If the administration won't deliver for the nation, governors and state lawmakers should seize the opportunity for their communities, businesses, and economies. Here's how. Grid modernization America's aging electric grid is in serious need of modernization to efficiently and affordably deliver power across the economy. It's especially urgent as energy demand spikes with the growth of artificial intelligence, advanced manufacturing, and vehicle electrification. Even states that are building new clean energy at a record pace – such as Texas, New Mexico, and Kansas – will face challenges in powering their economies without new capacity in the transmission lines that carry power over long distances. States can meet this challenge by both improving existing transmission infrastructure and making it easier to build new transmission lines. Some already have, with action in red, blue, and purple states alike – from South Carolina to Ohio to Colorado to Oregon. Policymakers should encourage utilities and other transmission line owners to modernize existing infrastructure, while also responsibly reform their permitting processes to make it easier to build new transmission lines so we can adequately meet our growing electricity needs without sending utility rates skyrocketing. Affordable clean cars The federal government hasn't merely targeted federal policies designed to support electric vehicle adoption. It has also taken aim at state policies, with Congress acting to revoke federal approval for vehicle standards adopted by California and several others under the Clean Air Act – even though these standards had wide support from businesses because they provided a clear, predictable timeline to increase clean vehicle sales and adoption. Despite the federal overreach, states still have a significant opportunity to support electric vehicle growth in the U.S. In June, 11 governors announced the launch of the Affordable Clean Cars coalition, which will collaborate across state lines on policies and investments that make it easier to own and operate electric vehicles. With their work just beginning, more states ought to join the coalition to help businesses and consumers access the cost-saving vehicles they want while bolstering a technology that will be critical to U.S. competitiveness in the coming years. California reauthorization California lawmakers face an urgent and crucial task in the coming weeks. For more than a decade, the Golden State has operated one of the nation's most important climate policies – its cap-and-trade program. It's exactly the kind of market-based policy approach that economists have long cited as the most efficient and affordable way to reduce carbon pollution, by putting a price on the vast risks of climate change, encouraging the private sector to act accordingly to reduce pollution while using the funds to invest in solutions that better serve the economy. And in California, the fourth largest economy in the world, it has worked. But with the program due to expire in 2030, uncertainty about its long-term future is making it less effective and reducing revenue by billions of dollars that could be used to invest in communities, including by taking action to protect against climate-driven threats and rising energy bills. Lawmakers must reauthorize the cap-and-trade program through 2045 before the current legislative session ends in September. Providing a clear, predictable, and market-based policy foundation will position California to continue leading the nation in climate and clean energy policy at a time when that leadership is so strongly needed.
CNBC
a few seconds ago
- CNBC
The S&P 500 fades despite tech rally — plus, the crosscurrents driving Lilly's volatile day
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market moves : The S & P 500 turned negative Thursday afternoon after shares of major drugmakers came under pressure from President Donald Trump over prescription prices. Trump posted on social media letters that were sent to 17 pharmaceutical companies, including Club names Eli Lilly and Bristol Myers Squibb , asking them to cut U.S. drug prices. The letters mention the executive order the president signed in May that aims to reduce drug prices in the U.S. by comparing them to what's paid in other developed nations. This pricing push is separate from the sector-specific tariffs that Trump has threatened the pharmaceutical industry with. The stock market would look a lot worse if it weren't for the big post-earnings moves in Club names Meta Platforms , up 12%, and Microsoft , up 4%. Microsoft became the second stock to join the $4 trillion club, following fellow portfolio member Nvidia , which did so earlier this summer. But as of this writing, Microsoft was off its session highs and appeared unlikely to close above that market cap threshold. Tariff deadline : The S & P 500 had been rallying for much of the session but was losing steam even before the drug price news. Investors might be dealing with a little bit of a hangover from Wednesday when Federal Reserve Chairman Powell hesitated to pencil in an interest rate cut in September due to caution about whether tariffs will be inflationary. We will also watch out for more trade deals ahead of Friday's Trump administration-imposed "reciprocal" tariff deadline. Treasury Secretary Scott Bessent told CNBC on Thursday morning the U.S. has the "making of a deal" with China. In the afternoon, Trump froze Mexico's tariffs at 25% for 90 days as talks continued. The European Union made a trade deal with the U.S. on Sunday. Other countries reaching deals with Trump included Japan last Thursday and the United Kingdom back on May 8. Diabetes trial : In other Lilly news, the company announced the topline results of its highly anticipated SURPASS-CVOT Phase 3 trial on Thursday. This was a head-to-head trial comparing Mounjaro (tirzepatide) versus Trulicity (dulaglutide). Both drugs are in the GLP-1 class. The goal of the study was to prove that Mounjaro is an acceptable alternative in treating patients with Type 2 diabetes with cardiovascular risk. The results confirmed just that. While some of the more bullish investors were hoping for a more significant superiority, we still view the outcome as a positive step forward. It means Mounjaro's label will potentially expand to include cardiovascular risk reduction, an update that could drive broader insurance coverage. That said, this trial update is not the most important factor on our radar when it comes to Lilly. That event will be next week's earnings — and more specifically, what management says about sales expectations for Mounjaro and sister drug Zepbound in the second half of the year, especially in light of Novo Nordisk's surprise guidance cut earlier this week. While Novo's stumble makes it clear that Eli Lilly is gaining share in the lucrative GPL-1 market, we sold some shares on Tuesday to hedge against the possibility that GLP-1 market growth did not expand as fast as predicted, impacting the company's guidance. Shares of Lilly opened Thursday lower before mounting a comeback, only to rollover into the red after Trump went public with his drug price threats. As of 2:45 p.m. ET, shares of Lilly were down about 2%. At its highs of the day, the stock was up about 0.8%. Up next : Apple and Amazon report after Thursday's close. In addition to those two "Magnificent Seven" stocks, Reddit , Coinbase , Roku , Cloudflare ,and MicroStrategy report earnings. Before Friday's opening bell, we will get earnings from Club name Linde , Exxon Mobil , Chevron , Colgate-Palmolive , Regeneron and Dominion Energy . On the data side, the July nonfarm Payroll report will be out Friday morning. According to FactSet, the economy is expected to have added 115,000 jobs for the month. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
CNBC
a few seconds ago
- CNBC
SEC debuts 'Project Crypto' to bring U.S. financial markets 'on chain'
The Securities and Exchange Commission on Thursday debuted "Project Crypto," an initiative to modernize securities rules and regulations to allow for crypto-based trading. "To achieve President Trump's vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one," SEC chair Paul Atkins said in remarks to an "American Leadership in the Digital Finance Revolution" conference Thursday afternoon , referring to blockchain technology that enables cryptocurrencies, but has other applications as well. "I have directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets ... Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them." The announcement comes amid a groundswell of investor interest in tokenization, or the process of issuing digital representations on a blockchain network of publicly-traded securities, real world assets or any other form of value. Holders of tokenized assets don't have outright ownership of the assets themselves. BlackRock CEO Larry Fink has said he sees the "tokenization of every financial asset" as an important step in "the technological revolution in the financial markets." Crypto trading platforms Robinhood, Gemini and Kraken have all opened tokenized equity offerings to users outside the U.S., and Coinbase has said it's pushing for SEC for approval to offer a similar service. Atkins, the SEC chair, highlighted "super apps" (such as one Coinbase introduced two weeks ago) as a priority of his chairmanship, noting the need to allow the apps to thrive with an "efficient licensing structure," rather than subject to multiple regulatory authorities. So-called super apps like WeChat and Alipay – which bundle several different services and functionalities into a single mobile app – have long been viewed as the holy grail of financial technology by the industry. They're central to everyday life in China but haven't been successfully replicated in the West. Meta Platforms and X have made attempts to realize that vision, integrating payments, messaging and social content, among other functions. Atkins also said the Trump administration will work to prevent "innovative" companies from being driven offshore by burdensome regulations, and said the SEC "will encourage our nation's builders rather than constrain them with red tape and one-size-fits-all rules." The SEC proposal comes one day after the President's Working Group on Digital Asset Markets released a long-awaited report with recommendations for the SEC and other federal agencies to build a framework to boost U.S. dominance in digital asset markets. Atkins said he has directed the SEC's Crypto Task Force, led by Commissioner Hester Peirce, to work with other parts of the SEC to implement the working group recommendations. The Thursday conference was sponsored by the America First Policy Institute, a think tank begun in 2021 to promote President Trump's policy agenda. The institute was founded by Brooke Rollins, the current Secretary of Agriculture, and Larry Kudlow, Trump's former director of the National Economic Council.
