Sovereign AI rises as governments become power brokers
CNBC's Deirdre Bosa joins 'The Exchange' to discuss Sovereign AI ramping up under the Trump administration.
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CNBC
30 minutes ago
- CNBC
Best Buy cuts full-year sales and profit guidance as tariffs raise cost of electronics
Best Buy on Thursday missed quarterly revenue expectations and cut its full-year sales and profit guidance as higher tariffs increase the costs of many consumer electronics that it sells. For its fiscal 2026, the retailer said it now expects $41.1 billion to $41.9 billion of revenue, down from its previous range of $41.4 billion to $42.2 billion. It said it expects adjusted earnings per share to range from $6.15 to $6.30, which compares to prior guidance of $6.20 to $6.60. In a news release, CFO Matt Bilunas said the company's outlook anticipates that tariffs will stay at the current levels and there will be "no material change in consumer behavior from the trends we have seen in recent quarters." "As you can imagine, and based on our history, we will continue to scenario-plan and adjust with agility as the situation evolves," he said. Here's how the consumer electronics company did compared with what Wall Street was expecting for the company's fiscal first quarter, based on a survey of analysts by LSEG: Best Buy's net income in the three-month period that ended May 3 declined about 18% to $202 million, or 95 cents per share, from $246 million, or $1.13 per share, in the year-ago period. First-quarter revenue dropped from $8.85 billion in the year-ago period. Best Buy is a closely watched name when it comes to the impact of tariffs since it sells iPhones, TVs, laptops, kitchen appliances and many other consumer electronics that tend to be made in China or other parts of Asia. CEO Corie Barry said in March that China and Mexico are the company's top two sources of merchandise, with about 55% and 20% of its products coming from those countries, respectively. The U.S. currently has a 30% tariff on imports from China, while goods compliant with the United States-Mexico-Canada Agreement are exempt from the Trump administration's 25% duty on Mexico. It is unclear now how those rates will change after a federal trade court struck down many of Trump's tariffs on Wednesday. As of Wednesday's close, shares of Best Buy are down nearly 17% so far this year. That trails behind the roughly flat performance of the S&P 500 year to date. Shares of Best Buy closed at $71.52 on Wednesday, bringing the company's market value to $15.14 billion.
Yahoo
34 minutes ago
- Yahoo
‘Calm and measured dialogue' required after Trump tariffs blocked, says Tanaiste
Ireland's deputy premier has called for calm dialogue on trade after a US court blocked Donald Trump from imposing sweeping tariffs. The ruling from the New York-based Court of International Trade came after several lawsuits arguing the US president has exceeded his authority, left American trade policy dependent on his whims and unleashed economic chaos. The Trump administration is expected to appeal. Tariffs must typically be approved by the US Congress, but Mr Trump says he has the power to act because the country's trade deficits amount to a national emergency. Simon Harris, who is Ireland's deputy premier and foreign affairs minister, said 'calm and measured dialogue' represents the 'best way forward' to resolving trade differences between the EU and the US. 'We note the ruling of the US Court of International Trade in relation to tariffs and also the fact that this ruling is being appealed,' the Tanaiste said. 'I want to stress the position once again today that what is required now is for both sides, the EU and the US, to engage in calm and measured dialogue, and to do so in good faith. 'The continuing uncertainty over tariffs is the source of serious concern for businesses, here in Ireland but also across the EU and the US. 'Businesses that are concerned about their cost base, their workers, and their plans to invest. 'We will continue to monitor the implications of the court decision in the US while keeping our main focus on the negotiations at hand.' It comes after Mr Trump said he will pause his threatened 50% tariffs on the EU until July 9, following a 'very nice call' with European Commission president Ursula von der Leyen. In April, Mr Trump announced a 20% tariff on EU goods being sold into the US. He later reduced that to 10% until July 9 to allow for time for talks with Brussels on a potential agreement. On Friday, the president claimed the talks were 'going nowhere' and said he was recommending the 50% tariff rate comes into effect on June 1. He rowed back on the decision on Monday, claiming Ms von der Leyen called him asking for an extension to the date. Irish premier Micheal Martin said earlier this week that tariffs are 'not good for our economy'. He added: 'It's absolutely important that we can get a realistic and reasonable deal between Europe and the United States to help consumers, to help citizens across the world.'
The Hill
36 minutes ago
- The Hill
Student visa pause ‘extraordinarily disturbing': Arne Duncan
After ordering U.S. embassies and consulates to stop scheduling student visa interviews for international students, the Trump administration is also weighing putting a 15 percent cap on the enrollment of international students. A U.S. official said the halt is temporary. The State Department is also weighing the expansion of 'social media screening and vetting' for applicants. Speaking to reporters Wednesday, President Trump said the expansive screening would determine if foreign students were 'troublemakers' and wants to ensure that any admitted students are those who 'love our country.' In an exclusive interview with NewsNation, former Education Secretary Arne Duncan, who served under former President Obama, said the administration's move was the opposite of its 'Make America Great Again' slogan. 'We attract the best and brightest students from around the world, and we only help ourselves,' Duncan said. 'These are future innovators, job creators, entrepreneurs.' He added, 'These are researchers who can help us find the next cure for cancer, and to lose their talent and expertise is extraordinarily disturbing.' The former Education chief also noted that it puts the country in a 'very bad position,' and even though it is a temporary decision, it could leave a 'chilling effect' on the U.S. that could last for a long time. He said it could deter international students and even U.S.-born students from applying to certain colleges.
