Engadget Podcast: Apple bows to the Trump regime (again)
Nintendo announces blockbuster Switch 2 sales numbers, price hikes for original Switch models – 12:39
Trump demands Intel's new CEO to step down over conflicts of interest – 16:51
ChatGPT conversations no longer searchable in Google (why were they there in the first place?) – 18:55
Hulu to shut down app in 2026 and be absorbed into Disney+ – 22:15
Listener Q&A: HDMI or Optical for sound bar connection, moving off of Windows 10, and good alternatives to the Lenovo Yoga 7 – 26:59
Pop culture picks – 53:29.
Host: Devindra Hardawar and Sam Rutherford
Producer: Ben Ellman
Music: Dale North and Terrence O'Brien
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CNBC
23 minutes ago
- CNBC
Zelenskyy rejects Trump's proposal that Ukraine could swap territories with Russia
Ukraine's President Volodymyr Zelenskyy defiantly declared Saturday that his countrymen "will not give their land to occupiers," after President Donald Trump suggested that a peace deal would include some "swapping" of territories with Russia. "The answer to Ukraine's territorial question is already in the constitution of Ukraine," Zelenskyy said in a message on Telegram early Saturday. "No one will and no one can deviate from it. Ukrainians will not give their land to the occupier." His comments came after Trump announced on Truth Social that a long-awaited meeting with Russian President Vladimir Putin had been scheduled for next Friday in Alaska. Further details and logistics of the meeting are still unclear and remain very fluid, including whether Zelenskyy will be involved. Trump did not mention the Ukrainian President in the post announcing the meeting with Putin. Later Friday, at the White House, Trump suggested that there have been talks about Russia and Ukraine potentially "swapping" territory as part of a ceasefire deal. "There'll be some swapping of territories to the betterment of both and ... we'll be talking about that either later or tomorrow, or whatever." A White House official also said Friday that the Russians have provided a list of demands for a potential ceasefire for the war in Ukraine, and the U.S. is trying to get buy-in from Ukrainians and European allies. But in his message Saturday, Zelenskyy said any decision taken without Ukraine were "decisions against peace," adding, "They will not achieve anything." The White House had not commented on Zelenskyy's message by early Saturday. Russia's demands have previously included Ukraine ceding all the land that Putin claims to have annexed and accepting permanent neutrality, with a ban on Ukraine ever joining NATO. Putin claims four Ukrainian regions — Luhansk, Donetsk, Zaporizhzhia and Kherson — as well as the Black Sea peninsula of Crimea, which he annexed in 2014. Russian forces do not fully control all the territory in each region. It remains unclear whether Trump's reference to "swapping" territories means formal cession of land or a withdrawal from areas currently under each side's control. Zelenskyy and Ukrainian officials have long said they would not concede any territory that Russia illegally annexed. Ukraine has also insisted that any agreement must include "security guarantees" from its allies so that Moscow is not able to launch future aggression. The meeting in Alaska will be Trump and Putin's first encounter since the invasion of Ukraine, the deadliest conflict in Europe since World War II, and comes after the relationship between the two leaders has wavered. In Trump's first term, the president called Putin a strong and smart leader and said he "got along great" with him. But after promising to solve the conflict within 24 hours during his presidential campaign, Trump has since extended that deadline and has expressed his frustration at the Russian president's seeming unwillingness to end the war. Trump had threatened to impose new sanctions and tariffs from Friday against Moscow and countries that buy its exports unless Putin agreed to end the conflict. It was unclear by Saturday morning whether those sanctions would take effect or be delayed or canceled. Trump's ultimatums have not prompted the Kremlin to move one inch on its war in Ukraine so far, other than to give the president a meeting. Although Trump's agreement to a meeting suggested a chance for progress, it was far from certain anything substantial would be achieved, Peter Watkins, an associate fellow at Chatham House, a London-based think tank, told NBC News Saturday. "The underlying issues have not changed," he said. "For Russia, this isn't just about territory, it's about controlling Ukraine as a whole." He also noted that Trump would likely want to leave the summit with something to show for it, but the outcome might be only "another step" in a protracted process rather than a decisive deal. Promises of talks between Trump and Putin have done little to quiet the violence on the ground since their announcement. The last time Alaska hosted a high-stakes diplomatic gathering was in March 2021, when senior officials from the administration of Democratic former President Joe Biden met with top Chinese officials in Anchorage. On the ground, the Kremlin's larger army is slowly advancing deeper into Ukraine at great cost in troops while it relentlessly bombards Ukrainian cities. Overnight, Russian drone strikes hit a minibus in a suburb of Kherson, killing two and leaving six injured, the region's prosecutor's office said Saturday. Ukraine's Air Force Command said Saturday that Russia launched 47 drone strikes overnight in multiple Ukrainian regions, with 31 of them making landfall.
CNBC
23 minutes ago
- CNBC
These are the most overbought stocks in the market, including Apple and Alphabet
Stocks including Apple and Alphabet may be among some of Wall Street's most overbought stocks — and could be soon due for a pullback, according to one widely used technical metric. The three major averages all climbed higher this week, with the tech-heavy Nasdaq Composite 's 3.9% gain leading the way. The S & P 500 rose 2.4%, and the Dow Jones Industrial Average gained 1.4% in the same period. Investors seemed to shake off trade war worries , despite President Donald Trump's "reciprocal" tariffs coming into effect on Thursday. CNBC Pro used its stock screener tool to identify the most overbought and oversold stocks on Wall Street as measured by their 14-day relative strength index, or RSI. Stocks with a 14-day RSI above 70 are considered overbought, meaning that a pullback could be on the horizon. Conversely, a reading below 30 indicates that a stock is oversold and may be soon due for a potential rebound. The table below shows stocks with an RSI above 70 that have also risen at least 5% week to date, as of Friday morning. With an RSI of 72, one standout name on the list was Apple. The iPhone maker led this week's rally higher, gaining 13.3% on the week — its biggest weekly gain in more than five years — after announcing it will increase its U.S. investment by $100 billion . This comes after Apple already made a $500 billion commitment in February, taking its total combined investment to $600 billion. Apple's pledge to increase its domestic production has seemingly made it exempt from Trump's plans to impose a 100% tariff on imports of semiconductors and chips . On Wednesday, the president said that companies that are "building in the United States" would be spared from the new duties. "We're going to be putting a very large tariff on chips and semiconductors," Trump said in the Oval Office on Wednesday afternoon. "But the good news for companies like Apple is if you're building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge." This announcement was made after Apple's third-quarter earnings and revenue, released July 31, once again topped Wall Street's expectations . Overall revenue grew 10%, marking the company's largest quarterly revenue growth since December 2021. Alphabet, up 6.5% this week and with an RSI of 75, was another name on the most overbought list. In late July, the company reported a second-quarter earnings and revenue beat , with its overall revenue rising 14% year over year. Alphabet also said it would increase its 2025 capital investments by $10 billion due to "strong and growing demand for our Cloud products and services." On the other hand, this week's most oversold names include Airbnb. The table below shows stocks with an RSI below that have also slipped at least 5% week to date, as of Friday morning. Coming in with an RSI of 29, Airbnb fell 5.3% this week. While the company's second-quarter results came in above expectations , Airbnb is forecasting a weaker second half of the year. In its third quarter, Airbnb guided for revenue to come in the range of between $4.02 billion to $4.10 billion, or a midpoint of $4.06 billion. Analysts surveyed by LSEG were expecting $4.05 billion for the current quarter. Similarly, investors are bearish around The Trade Desk . The ad-tech company cratered 37% this week and now has an RSI of 25. Shares of The Trade Desk plunged 39% on Friday , notching its worst day ever. While the company posted a second-quarter earnings and revenue beat Thursday afternoon, investors grew concerned about rising competition from Amazon in the online ad market and the departure of CFO Laura Schenkein. During an earnings call, CEO Jeff Green also hinted at inflationary pressures stemming from Trump's tariffs. On Friday, a slew of analysts from shops such as Citi, Wedbush Securities, Bank of America and MoffettNathanson downgraded the stock. "We downgrade TTD to Neutral from Buy as growth is coming in below our expectations and we have less visibility in the near-term growth algorithm," wrote Citi analyst Ygal Arounian. "We still don't believe Amazon is the main factor here, but results will inevitably raise more investor questions around the competitive environment and will remain an overhang."
Atlantic
23 minutes ago
- Atlantic
Trump Is a Degrowther
In the past few weeks, Americans learned that Robert F. Kennedy Jr. canceled half a billion dollars of government investment in the development of mRNA vaccines, Las Vegas saw a 7 percent drop in visitors, residential electricity prices shot up by an average of 6.5 percent, the number of housing permits issued hit their lowest point in half a decade, employers quit adding workers, the manufacturing sector shrank, and inflation rose. These bleak figures depict an American economy slowing and its labor market weakening. A recession isn't guaranteed, but it's becoming much more likely and the stagflation that forecasters described as inevitable when President Donald Trump began prosecuting his global trade war is now a lot closer. Americans, now and in the future, will be paying more and buying less. Trump's second-term economic ideology is not only one of protectionism, mercantilism, atavism, and cronyism. It is also one of degrowth. Trump, who entered the White House promising to slash prices on household goods and supercharge the American economy, would never use that term himself. Degrowth—the notion that wealthy countries can and should reduce their consumption and production—is associated with environmental activists and leftist and green parties in Europe. Still, at its heart, degrowth argues that people should not only tolerate but desire a smaller economy. That's second-term Trumponomics, and everyone stands to be worse off for it. Without admitting it, the White House is pursuing a multipronged strategy to raise prices, suppress consumption, freeze production, and lower productivity in the United States. The trade war is the most obvious example, as well as the one having the most immediate consequences. Since January, Trump has raised and lowered and raised tariffs on goods imported from American allies around the world. Such barriers will eliminate the country's bilateral trade deficits and boost domestic manufacturing, the White House has promised, while warning that consumers and employers might have to endure a chaotic period of adjustment. But Trump has slapped tariffs on commodities and parts that factories use to make things in America, such as engine components and timber. He has slapped tariffs on products that are not or cannot be produced here, such as bananas and gallium. And he has slapped tariffs on items that would be too expensive for American consumers to purchase if they were made in this country, given the cost of American wages and the network of factories in operation, such as costume jewelry and sneakers. The Yale Budget Lab estimates that the country's effective tariff rate now stands at 18.3 percent, the highest since 1934. Prices are beginning to rise as importers pass the cost of Trump's import taxes on to retailers and families. Industrial production is falling, as uncertainty plagues the sector. In response, Trump has argued with reality. 'We're only in a TRANSITION STAGE, just getting started!!! Consumers have been waiting for years to see pricing come down,' he wrote on Truth Social. 'NO INFLATION,' he added, pointing to egg and gas prices. But those are just two of 80,000 prices the government tracks each month to calculate the overall inflation rate. The cost of eggs has declined as the bird-flu pandemic has waned; the price at the pump has gone down due to weaker global growth and increased OPEC production. Across the economy, costs have remained witheringly high, despite the Federal Reserve combatting them with high interest rates. If the Fed cut borrowing costs, inflation would climb. Trump's campaign against reality extends beyond the price of consumer goods. Unhappy with the pace of employment growth, the president canned the head of the Bureau of Labor Statistics. 'Important numbers like this must be fair and accurate,' he wrote on Truth Social. 'They can't be manipulated for political purposes.' (Touché.) Unhappy with Fed policy, he has threatened to put Jerome Powell, his own appointee, 'out to pasture.' At the same time as he has prosecuted his bizarre unilateral war on imports, Trump has reduced government subsidies for a range of necessities. He has taken $1 trillion away from Medicaid, while vowing not to reduce the program's budget. He has cut food-stamp benefits, meaning low-income families will buy fewer groceries. He has eliminated support for the loans and grants that poor kids rely on to get a higher education. And he has slashed financing for renewable-energy production. Each of these policies will raise costs and reduce supply. Trump's One Big Beautiful Bill Act, for instance, is expected to eliminate 1.6 million green-energy jobs and reduce electricity-generation capacity by 330 gigawatts by 2035. (That's roughly equivalent to the country's current solar-production capacity.) Americans a decade from now will pay higher prices for electricity and will use less of it, thanks to Trump. Right now, the United States is suffering from shortages—yes, shortages—of immigrants and visitors. Tourist meccas around the country are reeling as visitors from Europe and Asia opt to take their euros and yen elsewhere. Farms and nursing facilities are suffering from a lack of workers. Global investors are opting to park their money abroad, raising domestic borrowing costs and weakening the dollar. In the long term, Trump's attack on colleges and scientific-research institutions might end up being the most damaging of his degrowth policies. The American system of higher education—for all of its many, many faults—is an engine of global modernity. The country's land-grant schools help feed the world. Its public colleges vault poor kids up the income ladder. Its name-brand universities are laboratories of scientific innovation. But for the crime of supporting Black and brown kids, admitting foreign students, and hiring liberal thinkers, these institutions are under assault. The mathematician Terence Tao, described by some of his contemporaries as a latter-day Albert Einstein, might not be able to continue his research at UCLA, because of Trump's budget cuts. What good could possibly come of that? The same good that will come from slashing financing for mRNA-vaccine research, meant to prevent cancer and end pandemics. 'I've tried to be objective & non-alarmist in response to current HHS actions—but quite frankly this move is going to cost lives,' argued Jerome Adams, a physician who served as surgeon general during the first Trump administration. As a counterweight, the White House has cut taxes and slashed regulations, for some industries at least. The wealthy stand to do just fine in the Trump economy—happy, I suppose, to have a smaller pie if they get a bigger piece of it. Yet Trumpian degrowth will hurt them, too, in time. Rich people purchase homes and sneakers and bananas, and send their kids to college. Rich people use energy. Rich people hire workers to provide them with home-health support and staff their businesses. And rich people use vaccines and require cancer treatments. Unlike typical degrowthers—with their focus on long-term human flourishing and the conservation of the planetary ecosystem—Trump is engaged in financial nihilism. The president has, at least once, admitted that his policies will lead to Americans having less instead of more: 'Maybe the children will have two dolls instead of 30 dolls, you know? And maybe the two dolls will cost a couple of bucks more than they would normally.' If only that was the worst of it.
