San Francisco Fed Pres. Mary Daly: Without tariffs, Fed would be considering rate normalization
San Francisco Fed President Mary Daly joins 'Closing Bell Overtime' and CNBC's Steve Liesman to talk the state of the U.S. economy, falling inflation, what is ahead for the central bank and more.
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Business Insider
21 minutes ago
- Business Insider
Meta's CTO says OpenAI's Sam Altman countered Meta's massive AI signing bonuses
OpenAI CEO Sam Altman said Meta was trying to poach AI talent with $100M signing bonuses. Meta CTO Andrew Bosworth told CNBC that Altman didn't mention how OpenAI was countering offers. Bosworth said the market rate he's seeing for AI talent has been "unprecedented." OpenAI's Sam Altman recently called Meta's attempts to poach top AI talent from his company with $100 million signing bonuses "crazy." Andrew Bosworth, Meta's chief technology officer, says OpenAI has been countering those crazy offers. Bosworth said in an interview with CNBC's "Closing Bell: Overtime" on Friday that Altman "neglected to mention that he's countering those offers." The OpenAI CEO recently disclosed how Meta was offering massive signing bonuses to his employees during an interview on his brother's podcast, "Uncapped with Jack Altman." The executive said "none of our best people" had taken Meta's offers, but he didn't say whether OpenAI countered the signing bonuses to retain those top employees. OpenAI and Meta did not respond to requests for comment. The Meta CTO said these large signing bonuses are a sign of the market setting a rate for top AI talent. "The market is setting a rate here for a level of talent which is really incredible and kind of unprecedented in my 20-year career as a technology executive," Bosworth said. "But that is a great credit to these individuals who, five or six years ago, put their head down and decided to spend their time on a then-unproven technology which they pioneered and have established themselves as a relatively small pool of people who can command incredible market premium for the talent they've raised." Meta, on June 12, announced that it had bought a 49% stake in Scale AI, a data company, for $14.8 billion as the social media company continues its artificial intelligence development. Business Insider's chief media and tech correspondent Peter Kafka noted that the move appears to be an expensive acquihire of Scale AI's CEO, Alexandr Wang, and some of the data company's top executives. Bosworth told CNBC that the large offers for AI talent will encourage others to build their expertise and, as a result, the numbers will look different in a couple of years. "But today, it's a relatively small number and I think they've earned it," he said.
CNBC
2 hours ago
- CNBC
Supreme Court rejects fast track of Trump tariff challenge by toy companies
Key Points President Donald Trump's tariffs, a key part of his trade agenda, have drawn legal challenges from businesses and individuals questioning his authority to implement the high levies. The Supreme Court ruling gives the Trump administration more time to file its response to the challenge from two toy companies. The two toy companies argued that the International Emergency Economic Powers Act did not give Trump the authority to implement his tariffs. The Supreme Court on Friday rejected a request from two toy companies to expedite their challenge to President Donald Trump's tariffs. The ruling from the nation's high court means that the Trump administration now has the standard 30-day window to file its response to the challenge. Two small family-owned companies, Learning Resources and hand2mind, argued that Trump lacked authority under the International Emergency Economic Powers Act to impose his April 2 tariffs. The companies earlier this week asked the Supreme Court to expedite consideration of their challenge and bypass a federal appeals court. "In light of the tariffs' massive impact on virtually every business and consumer across the nation, and the unremitting whiplash caused by the unfettered tariffing power the president claims, challenges to the IEEPA tariffs cannot await the normal appellate process," the companies argued in their request. Rick Woldenberg, the chairman and CEO of Learning Resource and hand2mind, told CNBC that the Friday Supreme Court decision "was a disappointment but honestly just another twist in the road." "You want to win every motion but sometimes you don't," he said, adding that, "ultimately this showdown will be at the Supreme Court." Trump declared a national economic emergency under the IEEPA to justify implementing his tariffs without first getting congressional approval, a strategy that has drawn legal challenges from businesses and individuals questioning his authority The U.S. Court of International Trade last month temporarily blocked Trump's tariffs, saying that the IEEPA, which became law in 1977, does not authorize a president to implement universal duties on imports. But a federal appeals court earlier this month allowed Trump's tariffs to remain in effect until it hears arguments on that case at the end of next month. — CNBC's Lori Ann Wallace contributed reporting.
Yahoo
2 hours ago
- Yahoo
Did you buy a coveted Costco gold bar last year? Here's how much it's worth today amid soaring market prices
You may have struck gold — quite literally. Costco customers who purchased a gold bar last year are now finding the item soaring in value thanks to increased demand. Since the retail company began selling these bars in 2023, they've been a draw for customers, as investors historically tend to turn to gold during times of geopolitical instability, inflation and concern over the US dollar. According to CNBC, gold traded around $3,390 per ounce as of Tuesday morning, about 45% higher than it was at this time last year and near a recent record high. In June 2024, the listed purchase price for a one-ounce gold bar at Costco was $2,399.99. The spot price as of June 17, 2025, was $3,390, which is an unrealized gain of $990 and a 41.3% percentage increase. If you bought the bar of gold last year, you might be considering selling it for a profit — but it's not that simple. The spot price is a benchmark for price negotiation, but sellers typically receive about 5-10% less than that, depending on where and how they sell their gold, Jon Ulin, a certified financial planner based in Boca Raton, Florida, told CNBC. 'I would avoid private buyers or marketplaces like eBay or Facebook Marketplace,' Ulin shared. 'You're dealing with a high-value item and there's a risk of encountering less-than-reputable individuals.' Meanwhile, brick-and-mortar bullion dealers offer in-person evaluations and immediate payment — and may pay 1-5% below the spot price, which is often more than pawn shops offer, according to a 2024 Wall Street Journal report. Regardless, it's important to vet potential buyers on platforms such as Yelp, Google or the Better Business Bureau to help avoid lowball offers or scams. Any profits made from selling gold can also be taxed at a higher rate than other investments since the IRS typically classifies physical gold as a collectible, according to CNBC. A 'collectible' classification means that federal long-term capital gains can be taxed at a rate up to 28%, and if it's sold within one year, profit is taxed as ordinary income, which could lead to an even higher rate depending on the seller's tax bracket. In May, Costco restricted purchases on the coveted gold bars, limiting customers to up to two bars with only one transaction per membership every 24 hours. Around the same time, a finance influencer who purchased one of the retailer's gold bars sold the nugget nearly a year later for a $600 in profit. Humphrey Yang had reportedly purchased the one-ounce bar for $2,359 from Costco in April 2024 and sold it in March 2025 at the bullion dealer Witter Coin in San Francisco for $2,955.42. Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
