Tencent Music to Buy Ximalaya to Drive Online Media Ambitions
Tencent Music Entertainment Group has agreed to buy Chinese podcasting startup Ximalaya Inc. for $1.3 billion in cash plus an issuance of stock, a deal that propels its ambition to become China's answer to Spotify.
The company, a unit of WeChat-operator Tencent Holdings Ltd., will issue shares to its founders and other backers to help fund the acquisition, it said in a statement. Bloomberg News first reported on a potential deal in April, valuing the transaction north of $2 billion.
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Bloomberg
21 minutes ago
- Bloomberg
Arm CEO Sides With Nvidia Against US Export Limits on China
Arm Holdings Plc Chief Executive Officer Rene Haas said Thursday that US export controls on China threaten to slow overall technological advances and are ultimately bad for consumers and companies, aligning himself with Nvidia Corp. Chief Executive Officer Jensen Huang and others looking to ease tensions between Washington and Beijing. 'If you narrow access to to technology and you force other ecosystems to grow up, it's not good,' Haas said Thursday in an interview with Bloomberg at the Founders Forum Global conference in Oxford. 'It makes the pie smaller, if you will. And frankly, it's not very good for consumers.' He also noted that Arm's footprint in China is 'quite significant.'
Yahoo
29 minutes ago
- Yahoo
Stock market today: S&P 500, Nasdaq slip as Boeing's slump weighs on Dow amid renewed tariff threats
US stocks pulled back on Thursday as more data showed milder inflation pressures, even as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, as component Boeing (BA) slumped in the wake of a deadly plane crash in India. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. Stocks are staying downbeat after the S&P 500 (^GSPC) snapped this week's run of wins. Investors are adding growing tensions in the Middle East to worries over Trump's trade policy, such as the fragility of the US-China detente. Fresh price data showed a so-far mild impact from Trump's tariff policies, as wholesale inflation increased less than economists expected. The report came after the consumer counterpart showed an easing in price pressures in the wake of Trump's "reciprocal" tariff hikes in April. Further hints that tariffs are sparing inflation could put the Federal Reserve in a tight spot ahead of its policy meeting next week. Bets on interest-rate cuts this year have mounted, but analysts expect officials to maintain their wait-and-see approach to economic data and policy decisions, with September seen as the most likely spot to resume rate cuts. While investor focus is shifting back to the Fed, Wall Street is still closely following the latest twists and turns in Trump's tariff policy in the hunt for clarity. Read more: The latest on Trump's tariffs US trading partners will get letters within a week or two to set their unilateral tariff rates, Trump reiterated on Wednesday, renewing the threat of no-deal hikes. But Treasury Secretary Scott Bessent told Congress it's "highly likely" that countries in trade negotiations with the US will see an extension of the 90-day tariff pause, currently set to expire July 9. Oracle (ORCL) shares jumped 10% early Thursday after the company's fiscal fourth quarter results topped Wall Street's expectations. Oracle's adjusted revenue of $15.9 billion was ahead of the projected $15.6 billion, while its earnings per share of $1.70 surpassed the expected $1.64. The company raised its annual revenue forecast, as it expects strong demand for its AI-related cloud services. "What is clear is that more customers will use the Oracle database to leverage AI," CEO Safra Ada Catz told analysts in a call after the market close Wednesday. "It's been a long wait for people who own the stock because ... they [Oracle] missed the last two quarters, both on the top and the bottom line, despite the fact that they were booking an enormous amount of business," Citizens head of technology equity research Pat Walravens told Yahoo Finance's Julie Hyman on Market Domination Overtime. Analysts at UBS, Cantor Fitzgerald, Deutsche Bank, KeyBanc, and Melius Research raised their price targets on the stock to as high as $240 on Thursday. US stocks pulled back on Thursday as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners, while Boeing (BA) shares sank in the wake of a deadly crash in India. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, with component Boeing slumping after the crash of an Air India flight involving a Dreamliner jet. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. US trading partners will get letters soon within a week or two that will set their unilateral tariff rates, Trump reiterated on Wednesday. Weekly claims for unemployment benefits remained at their highest level in eight months during the first full week of June while the number of Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 248,000 initial jobless claims were filed in the week ending June 7, flat from the week prior and above economists' expectations for 242,000. Meanwhile, 1.956 million continuing claims were filed, up from 1.902 million the week prior and the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here. Oracle (ORCL) shares jumped 10% early Thursday after the company's fiscal fourth quarter results topped Wall Street's expectations. Oracle's adjusted revenue of $15.9 billion was ahead of the projected $15.6 billion, while its earnings per share of $1.70 surpassed the expected $1.64. The company raised its annual revenue forecast, as it expects strong demand for its AI-related cloud services. "What is clear is that more customers will use the Oracle database to leverage AI," CEO Safra Ada Catz told analysts in a call after the market close Wednesday. "It's been a long wait for people who own the stock because ... they [Oracle] missed the last two quarters, both on the top and the bottom line, despite the fact that they were booking an enormous amount of business," Citizens head of technology equity research Pat Walravens told Yahoo Finance's Julie Hyman on Market Domination Overtime. Analysts at UBS, Cantor Fitzgerald, Deutsche Bank, KeyBanc, and Melius Research raised their price targets on the stock to as high as $240 on Thursday. US stocks pulled back on Thursday as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners, while Boeing (BA) shares sank in the wake of a deadly crash in India. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, with component Boeing slumping after the crash of an Air India flight involving a Dreamliner jet. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. US trading partners will get letters soon within a week or two that will set their unilateral tariff rates, Trump reiterated on Wednesday. Weekly claims for unemployment benefits remained at their highest level in eight months during the first full week of June while the number of Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 248,000 initial jobless claims were filed in the week ending June 7, flat from the week prior and above economists' expectations for 242,000. Meanwhile, 1.956 million continuing claims were filed, up from 1.902 million the week prior and the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here.
Fox News
37 minutes ago
- Fox News
House bipartisan bill directs NSA to create 'AI security playbook' amid Chinese tech race
FIRST ON FOX – Rep. Darin LaHood, R-Ind., is introducing a new bill Thursday imploring the National Security Administration (NSA) to develop an "AI security playbook" to stay ahead of threats from China and other foreign adversaries. The bill, dubbed the "Advanced AI Security Readiness Act," directs the NSA's Artificial Intelligence Security Center to develop an "AI Security Playbook to address vulnerabilities, threat detection, cyber and physical security strategies, and contingency plans for highly sensitive AI systems." It is co-sponsored by House Select Committee on China Chairman Rep. John Moolenaar, R-Mich., Ranking Member Rep. Raja Krishnamoorthi, D-Ill., and Rep. Josh Gottheimer, D-N.J. LaHood, who sits on the House Intelligence Committee and the House Select Committee on China, told Fox News Digital that the legislative proposal, if passed, would be the first time Congress codifies a "multi-prong approach to ensure that the U.S. remains ahead in the advanced technology race against the CCP." He said the bill will improve export control mechanisms – including for chips and high capacity chip manufacturing – protect covered AI technologies with a focus on cybersecurity, and limit outbound investment to firms directly tied to the Chinese Community Party or China's People's Liberation Army. "We start with the premise that China has a plan to replace the United States. And I don't say that to scare people or my constituents, but they have a plan to replace the United States, and they're working on it every single day. And that entails stealing data and infiltrating our systems," LaHood told Fox News Digital. "AI is the next frontier on that. We lead the world in technology. We lead the world when it comes to AI. But what this bill will do will again make sure that things are done the right way and the correct way, and that we're protecting our assets and promoting the current technology that we have in our country." LaHood pointed to evidence uncovered by the committee that he said shows the CCP's DeepSeek used illegal distillation techniques to steal insights from U.S. AI models to accelerate their own technology development. He also pointed to how China allegedly smuggled AI chips through Singapore intermediaries to circumvent U.S. export controls on the technology. "As we look at, 'How do we win the strategic competition?' I think most experts would say we're ahead in AI right now against China, but not by much. It is a short lead," LaHood told Fox News Digital. He said he is confident the bill will put the U.S. "in the best position to protect our assets here and make sure that we're not shipping things that shouldn't go to AI that allow them to win the AI race in China." "Whoever wins this race in the future, it's going to be critical to future warfare capabilities, to, obviously, cybersecurity," LaHood continued. "And then, whoever wins the AI competition is going to yield really unwavering economic influence in the future. And so we're aggressive in this bill in terms of targeting those areas where we need to protect our AI and our companies here in the United States, both on the commercial side and on the government side, to put us in the best position possible." The legislative proposal calls on the NSA to develop a playbook that identifies vulnerabilities in AI data centers and developers producing sensitive AI technologies with an emphasis on unique "threat vectors" that do not typically arise, or are less severe, in the context of conventional information technology systems." The bill says the NSA must develop "core insights" in how advanced AI systems are being trained to identify potential interferences and must develop strategies to "detect, prevent and respond to cyber threats by threat actors targeting covered AI technologies." The bill calls on the NSA to "identify levels of security, if any, that would require substantial involvement" by the U.S. government "in the development or oversight of highly advanced AI systems." It cites a "hypothetical initiative to build covered AI technology systems in a highly secure government environment" with certain protocols in place, such as personnel vetting and security clearance processes, to mitigate "insider threats." Though not directly related, the legislation is being introduced a week after FBI Director Kash Patel sounded the alarm on how the CCP continues to deploy operatives and researchers to "infiltrate" U.S. institutions. Patel laid out the risk in announcing that two Chinese nationals were charged with smuggling a potential bioweapon into the U.S. LaHood said that case further highlights "the level of penetration and sophistication that the CCP will engage in," but he added that his bill focuses on putting a "protective layer" on U.S. AI tech and "restricting outbound investment to China." He pointed to how the CCP also has bought up farmland around strategic U.S. national security locations, particularly in Montana, North Dakota and South Dakota. "If everything was an even playing field, and we were all abiding by the same rules and standards and ethical guidelines, I have no doubt the U.S. would win [the AI race], but China has a tendency and a history of playing by a different set of rules and standards," LaHood said. "They cheat, they steal, they take our intellectual property. Not just my opinion, that's been factually laid out, you know, in many different instances. And that's the reason why we need to have a bill like this." The bill comes as the Trump administration has been pushing to bolster artificial intelligence infrastructure in the United States, and major tech companies, including Amazon, Nvidia, Meta, OpenAI, Oracle and others, have made major investments in constructing AI-focused data centers and enhancing U.S. cloud computing. Last week, Amazon announced a $20 billion investment in constructing AI data centers in rural Pennsylvania. It followed a similar $10 billion investment in North Carolina. In late May, the NSA's Artificial Intelligence Security Center released "joint guidance" on the "risks and best practices in AI data security." The recommendations include implementing methods to secure the data used in AI-based systems, "such as employing digital signatures to authenticate trusted revisions, tracking data provenance, and leveraging trusted infrastructure." The center said its guidance is "critically relevant for organizations – especially system owners and administrators within the Department of Defense, National Security Systems, and the Defense Industrial Base – that already use AI systems in their day-to-day operations and those that are seeking to integrate AI into their infrastructure."
