Controversial Constitution Pipeline Project Is About to Be Revived
Pipeline company Williams WMB 0.85%increase; green up pointing triangle is set to try again to build the Constitution and Northeast Supply Enhancement pipelines, which would shuttle natural gas from Appalachian gas fields throughout the Northeast.
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Bitcoin Nears Record as Treasury Investors Boost Crypto Market
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6 minutes ago
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Nvidia, AMD to pay US 15% of China AI chip sales in unusual move
(Bloomberg) — Nvidia Corp. (NVDA) and Advanced Micro Devices Inc. (AMD) agreed to pay 15% of their revenues from Chinese AI chip sales to the US government in a deal to secure export licenses, an unusual arrangement that may unnerve both US companies and Beijing. Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis Three Deaths Reported as NYC Legionnaires' Outbreak Spreads A New Stage for the Theater That Gave America Shakespeare in the Park Chicago Schools' Bond Penalty Widens as $734 Million Gap Looms Nvidia plans to share 15% of the revenue from sales of its H20 AI accelerator in China, according to a person familiar with the matter. AMD will deliver the same share from MI308 revenues, the person added, asking for anonymity to discuss internal deliberations. The arrangement reflects US President Donald Trump's consistent effort to engineer a financial payout for America in return for concessions on trade. His administration has shown a willingness to relax trade conditions like tariffs in return for giant investment in the US — as with Apple Inc.'s (AAPL) pledge to spend $600 billion on domestic manufacturing. But such a narrow, select export tax has little precedent in modern corporate history. Beijing, which has grown increasingly hostile to the idea of Chinese firms deploying the H20, is unlikely to warm to the idea of a chip tax. Yuyuantantian, a social media account affiliated with state-run China Central Television that regularly signals Beijing's thinking about trade, on Sunday slammed the chip's supposed security vulnerabilities and inefficiency. 'This seeming quid pro quo is unprecedented from an export control perspective. The arrangement risks invalidating the national security rationale for U.S. export controls,' said Jacob Feldgoise, a researcher at the DC-based Center for Security and Emerging Technology. It 'will likely undermine the US' position when negotiating with allies to implement complementary controls,' he added. 'Allies may not believe U.S. policymakers if they are willing to trade away those same national security concerns for economic concessions — either from U.S. companies or foreign governments.' An Nvidia spokesperson said the company follows US export rules, adding that while it hasn't shipped H20 chips to China for months, it hopes the rules will allow US companies to compete in China. AMD didn't immediately respond to a request for comment. The Financial Times earlier reported the development. It followed a separate report from the same outlet that the Commerce Department had begun issuing H20 licenses last week, days after Nvidia Chief Executive Officer Jensen Huang met with Trump. Huang has lobbied long and hard for the lifting of restrictions, arguing that walling China off will only slow the spread of American technology and encourage local rivals such as Huawei Technologies Co. 'It's a strategic bargaining chip' that tightens Washington's grip on a critical tech sphere during trade negotiations with China, said Hebe Chen, an analyst with Vantage Markets in Melbourne. 'Over time, this hurdle for chips entering China will likely deter Nvidia and AMD from deeper expansion in the world's largest chip-importing market, while giving local Chinese producers a clear edge to capture market share and accelerate domestic semiconductor innovation.' If Washington goes ahead with the tax, it should funnel some capital to the US — but not an enormous amount in relative terms. Both Nvidia and AMD have said it'll take time to ramp back up production of their China-specific products — even if order levels return to previous levels, which is uncertain. Nvidia raked in $4.6 billion of revenue from the H20 in the fiscal quarter ended April 27 — days after new restrictions on shipping the AI accelerator to China were imposed. It also said it had been unable to ship $2.5 billion of H20 China revenue in that period because of the new rules. That implies it would have got more than $7 billion in H20 sales to China during the period. If it can return to that level, the US government will stand to get about a billion dollars a quarter from its deal. AMD could generate $3 billion to $5 billion of 2025 revenue if restrictions were lifted, Morgan Stanley estimates. Chinese alternatives such as Huawei's Ascend chips now account for 20% to 30% of domestic demand, it reckoned. 'The US government clearly needs the money given its deficits and eagerness to collect tariffs,' said Vey-Sern Ling, managing director at Union Bancaire Privee in Singapore. 'But the complication is China's accusations about H20 chips containing backdoors, which could be a negotiation tactic to highlight that the country is not 'hard up' for US chips.' —With assistance from Debby Wu, Winnie Hsu, Jessica Sui, Wendy Benjaminson, Kevin Whitelaw, Shadab Nazmi and Yasufumi Saito. The Game Starts at 8. The Robbery Starts at 8:01 The Pizza Oven Startup With a Plan to Own Every Piece of the Pie Digital Nomads Are Transforming Medellín's Housing It's Only a Matter of Time Until Americans Pay for Trump's Tariffs Russia's Secret War and the Plot to Kill a German CEO ©2025 Bloomberg L.P. Sign up for the Yahoo Finance Morning Brief By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Sign in to access your portfolio
Yahoo
36 minutes ago
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Stock market today: Dow, S&P 500, Nasdaq futures rise with Wall Street looking for more records
Stock futures rose on Monday, kicking off the week in search of more records as Wall Street looked to continue its furious bull run. Dow Jones Industrial Average futures (YM=F) and futures tied to the S&P 500 (ES=F) edged up 0.2%, while those on the tech-heavy Nasdaq (NQ=F) rose 0.1%. Wall Street is coming off a week that saw the Nasdaq Composite (^IXIC) notch two consecutive records at its end. The S&P 500 (^GSPC), meanwhile, just missed a record close on Friday. Tech stocks overperformed as Apple (AAPL) posted its best week since 2020 on the heels of its White House spotlight with President Trump. Nvidia (NVDA) also closed Friday at a fresh record amid signals from Trump that Big Tech companies could avoid looming chip tariffs. Read more: The latest on Trump's tariffs Trump claimed that his tariffs are having a "huge positive impact on the stock market," though Wall Street is still navigating the twists and turns in his trade policy. His sweeping duties on dozens of trade partners went into effect last week. Now, investors are turning their attention to his previewed sectoral duties on semiconductor and pharmaceutical imports, as well as a looming Tuesday deadline to extend a tariff pause with China. Wall Street will get another glimpse this week into how those tariffs are affecting price pressures in the US. The Consumer Price Index is set for release on Tuesday, followed by the Producer Price Index on Thursday and retail sales data on Friday. Inflation reaccelerated in June, and economists have warned that the tariffs will likely continue to seep into price data in the coming months. Read more: Live coverage of earnings season The inflation data will be closely watched by the Fed, which is in focus after Trump nominated ally Stephen Miran to a seat on the central bank's board. Investors are pricing in around a 90% chance the Fed cuts rates in September, and a plurality have priced in the equivalent of three cuts by the end of the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
