Tracking Trump: Iran gets the ‘ultimate ultimatum'; Fed maintains interest rates; Hegseth defends Confederate base names; and more
The Supreme Court upheld a ban on gender transition treatments for minors.
A report found Social Security will run out of money in under 10 years.
The Federal Reserve said it will not drop interest rates.
The defense secretary defended Confederate names for bases.
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Business Insider
2 minutes ago
- Business Insider
Mark Cuban says the US has got to keep investing in research if it wants to have a chance of beating China at AI
"Shark Tank" star Mark Cuban says the US can beat China at AI if it continues "investing in research of all kinds as a country." "The IP we create domestically is what the frontier models can buy or invest in to define their differentiation and advance forward," Cuban wrote on X in response to a post by David Sacks, the White House's AI and crypto czar, on the state of the AI race. When asked about his X post, Cuban told Business Insider that American research is "important, not just because of the outcome of the research itself, but its value to American frontier AI models" like ChatGPT and Gemini. Cuban said that any unique intellectual property produced can be "licensed to the models, for a fee, to be included in their training." This would not only offset research costs but also make the models more valuable, he added. "The quality and depth of the research we do in this country can help us stay ahead of China and other countries in the AI race," Cuban told Business Insider. "We need our Ph.D.s, our scientists, our experts, to stay here and contribute to society, and their IP to make American AI models the global leaders," he added. Since taking office in January, President Donald Trump's administration has been culling research grants for universities and research institutions like the National Institutes of Health (NIH). Please help BI improve our Business, Tech, and Innovation coverage by sharing a bit about your role — it will help us tailor content that matters most to people like you. What is your job title? (1 of 2) Entry level position Project manager Management Senior management Executive management Student Self-employed Retired Other Continue By providing this information, you agree that Business Insider may use this data to improve your site experience and for targeted advertising. By continuing you agree that you accept the Terms of Service and Privacy Policy . Researchers and scientists told Business Insider's Ayelet Sheffey in April that the cuts could stifle innovation and result in brain drain. "It absolutely endangers the United States' position as the global leader in medical research. And for that, we will pay," Peter Lurie, a recipient of an NIH grant terminated in March, told Sheffey. Staying ahead in the AI race has been a primary focus for the Trump administration, which unveiled its " AI Action Plan" last month. The 28-page plan calls for a light-touch approach to AI regulation compared to Trump's predecessor, President Joe Biden. In January, Chinese AI startup DeepSeek shocked the world with its high-performing but relatively cheap AI models. Trump said he viewed DeepSeek's accomplishment "as a positive, as an asset" for America. "The release of DeepSeek, AI from a Chinese company, should be a wake-up call for our industries that we need to be laser-focused on competing to win," Trump told GOP lawmakers in January.
CBS News
2 minutes ago
- CBS News
Sacramento city leaders to consider sending letter of opposition over Natomas development plans
A Sacramento housing clash is pitting the city council against the board of supervisors over a massive Natomas development. A city hall formal letter of opposition could stop supervisors from approving the plans. "So it's unusual for the city of Sacramento to oppose a county of Sacramento project," Sacramento Councilmember Karina Talamantes said. Talamantes supports the unusual move to send the letter to the county to stop a massive housing development called the Upper Westside Plan. "Housing is not the issue for me, for me it's the communication, or lack thereof, communication to the residents in Natomas," Talamantes said. Talamantes said the county is breaking a Natomas joint vision agreement with the city that called on the county to preserve the space and leave the city to develop it. The Upper Westside Plan between El Centro Road and the Sacramento River would include more than 9,000 housing units, three elementary schools and a high school, and be home to 25,000 new residents. Josh Harmatz lives along the Garden Highway and is concerned that all the new homes and businesses will triple the traffic on this narrow two-lane levee road. "There's just no room and there's no shoulder for this amount of traffic," Harmatz said. Project supporters say the development will create much-needed housing for the Sacramento region. Now, the city of Sacramento, awarded a pro-housing designation from the state, is preparing a formal opposition to this housing plan. "That will be to be determined," Talamantes said when asked what impact the letter of opposition would have. "But the city and county working together is the best thing that can happen for the residents of Sacramento." The city council will vote on sending that letter of opposition this week. The board of supervisors is set to vote on that development on Aug. 20.
Bloomberg
2 minutes ago
- Bloomberg
Emerging Assets Gain as Traders Watch for Fed Cues From US Data
Stocks and currencies in developing markets are moving higher, bolstered by a weaker dollar as traders focus on data in the US which could further cement bets on interest-rate cuts by the Federal Reserve. The Indonesian rupiah is leading gains in Asian currencies, while the Romanian leu and Czech koruna outperform in broader emerging markets on upcoming talks between US and Russia. An MSCI gauge of emerging-market currencies edged up against the dollar, while an MSCI index of EM stocks rose 0.2%. Traders are also watching for confirmation of a US-China trade truce extension, with the preliminary deal set to expire on Tuesday.
