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Nvidia CEO downplays role in lifting US ban on chip sales to China
CEO of Nvidia Jensen Huang spoke to journalists during a press conference at the Mandarin Oriental Qianmen after attending the third China International Supply Chain Expo, in Beijing, on Wednesday.
Andy Wong/Associated Press
The head of Nvidia downplayed his role in getting the US government to lift a ban on selling an advanced computer chip in China and said it will take time to ramp up production once orders for the AI-processor come in. CEO Jensen Huang, speaking Wednesday in the Chinese capital Beijing, was upbeat about the prospects for the H20 chip, which was designed to meet US restrictions on technology exports to China but nonetheless blocked in April. He met President Trump before his trip and his company announced this week it had received assurances that sales to China would be approved. 'I don't think I changed his mind,' Huang told a cluster of journalists, many of whom asked for his autograph or to take selfies with him. He described his role as informing governments in the United States and elsewhere of the nature and unintended consequences of their policies. The decision to lift the ban on the H20 chip was entirely in the hands of the American and Chinese governments and whatever trade talks they had, he said. 'We can only influence them, inform them, do our best to provide them with facts,' Huang said. 'And then beyond that is out of our control.' — ASSOCIATED PRESS
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ECONOMY
Fed Beige Book shows slight improvement
People walk in a shopping district along 5th Avenue in Manhattan on July 14.
Spencer Platt/Getty
US economic activity 'increased slightly' between late May and early July, the Federal Reserve said in its Beige Book survey of regional business contacts. 'That represented an improvement over the previous report, in which half of districts reported at least slight declines in activity,' according to the report published Wednesday. 'Uncertainty remained elevated, contributing to ongoing caution by businesses.' All 12 regions of the country reported price increases, with businesses experiencing 'modest to pronounced input cost pressures related to tariffs,' the Beige Book said. 'Many firms passed on at least a portion of cost increases to consumers through price hikes or surcharges, although some held off raising prices because of customers' growing price sensitivity, resulting in compressed profit margins,' according to the report. The Boston Fed compiled the latest edition of the Beige Book using information gathered on or before July 7. The report includes commentary and anecdotes from business leaders and other contacts in each of the Fed's 12 regional districts. Fed officials next meet July 29-30. — BLOOMBERG NEWS
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PHARMACEUTICALS
J&J shrugs off Trump tariff threat and boosts outlook
The Johnson & Johnson campus in New Brunswick, N.J.
Mark Kauzlarich/Bloomberg
Johnson & Johnson beat Wall Street's quarterly sales expectations and raised its full-year outlook, a show of confidence as the pharmaceutical industry faces the dual threats of tariffs and a crackdown on drug pricing. J&J's strong second quarter comes as President Trump floats the idea of levies on the sector. On Tuesday night, he said tariffs on drugs could 'probably' come at the end of the month, starting low and working their way up. A week earlier, Trump told reporters he would impose tariffs as high as 200 percent on drug companies if they don't shift more of their manufacturing to the US over the next year to 18 months. A slow ramp-up to tariffs would actually be good news, J&J chief financial officer Joe Wolk said in an interview. The delay shows 'there's an understanding you can't put up a biopharmaceutical manufacturing facility overnight,' Wolk said. 'As long as those conversations continue to occur, I think we're in a pretty good position.' Shares rose 6.2 percent in Wednesday trading. J&J is often an industry bellwether as the first heath care company to report earnings each quarter. Its performance is being closely watched as drugmakers operate under the specter of potential tariffs and a new policy that seeks to make US drug prices among the lowest in the world. — BLOOMBERG NEWS
HEALTH
Kennedy fires 2 top aides in department shake-up
US Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. a roundtable discussion on soil health at the US Capitol on July 15.
Michael M. Santiago/Getty
Health Secretary Robert F. Kennedy Jr. fired two of his top aides this week, shaking up his leadership team at the Department of Health and Human Services amid an aggressive effort to reshape public health policy. The firings were of Heather Flick Melanson, his chief of staff, and Hannah Anderson, his deputy chief of staff for policy, according to two people familiar with the matter. They spoke on the condition of anonymity because they were not authorized to speak publicly about the personnel changes. The reason for the ousters, which were first reported by CNN, was not immediately clear. Both Flick Melanson and Anderson were seen as steady and effective government veterans. During a recent Senate hearing, Kennedy indicated that they were the people in his office to call to get things done. When one lawmaker raised a concern about regulations governing the amount of sugar in orange juice, Kennedy advised: 'Why don't you call Heather Flick or Hannah Anderson this week? And we will act on that as quickly as we can.' But Kennedy has also demonstrated that he is willing to muscle his agenda forward. He has pushed ahead with a plan to fire about 20,000 staff members from the health department and pare down 28 divisions to 15 — all amid court challenges. — NEW YORK TIMES
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Stock market today: Dow, S&P 500, Nasdaq futures edge up as Trump-EU trade deal kicks off huge week in markets
US stock futures ticked up on Monday after the US and European Union struck a trade pact to lead off a packed week of Big Tech earnings, a Federal Reserve meeting, inflation data, the July jobs report, and President Trump's Aug. 1 deadline to lock in key trade deals. Dow Jones Industrial Average futures (YM=F) were up about 0.1%, while S&P 500 futures (ES=F) gained 0.2%, but both were coming off earlier premarket highs. Nasdaq 100 futures (NQ=F) put on roughly 0.4%, after the three major indexes closed Friday with gains. The US and EU have agreed on a framework deal to set Trump's tariffs on Europe's goods at a baseline 15%, compared with the 30% threatened. Trump called the pact 'the biggest of them all,' while von der Leyen said that "15% is not to be underestimated, but it is the best we could get." The news eased fears of a harmful trade war and boosted market sentiment, putting stocks on track to resume a rally that saw the S&P 500 (^GSPC) notch its fifth all-time high in a row on Friday. Read more: The latest on Trump's tariffs At the same time, hopes are rising for a US-China deal. Officials are meeting for talks in Stockholm on Monday to tackle roadblocks and to extend the existing tariff truce by three months, media reports said. Beijing currently faces an Aug, 12 due date for higher US levies, while other countries race to beat Friday's deadline. Meanwhile, Trump has frozen US tech export curbs to help the talks and efforts to set up an in-person meeting with President Xi, per the Financial Times. Investor eyes are now turning to a jam-packed week on Wall Street. Heavyweight earnings highlight the most intense stretch of the season, with more than 150 S&P 500 companies set to report. Meta Platforms (META) and Microsoft (MSFT) lead off Wednesday, followed by Amazon (AMZN) and Apple (AAPL) on Thursday. Read more: Full earnings coverage in our live blog Beyond earnings, the Fed begins its two-day policy meeting on Tuesday, with an interest-rate decision expected Wednesday afternoon. While the central bank is expected to keep rates at 4.25%-4.50%, the watch is on for signs that policymakers are warming to a rate cut in September. It all comes alongside legal battles to open up the Fed's meetings to investor eyes, as well as Trump's general pressure on the central bank and Chair Jerome Powell. On the data front, inflation and labor will be in the spotlight. The July reading of the personal consumption expenditures (PCE) index, the Fed's preferred inflation gauge, is forecast to show a modest monthly and annual uptick on its release on Thursday. Also on deck: a flurry of jobs data. Tuesday's JOLTS update and Wednesday's ADP private payrolls print will set the stage for the crucial July jobs report on Friday. Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Fed meeting, jobs report, Big Tech earnings — and Trump's deadline: What to watch this week The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. The impact of President Trump's policies on the economy is about to get a lot clearer. Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters: Read more here. Trending tickers: Nike, Samsung Electronics and US liquefied natural gas stocks Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Here are some top stocks trending on Yahoo Finance in premarket trading: Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64. Samsung Electronics ( stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip. Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%. Samsung to make AI chips for Tesla under $16.5 billion deal Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Samsung Electronics ( SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip. The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas. Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September. 'The strategic importance of this is hard to overstate,' Musk wrote. "The $16.5B number is just the bare minimum. Actual output is likely to be several times higher." Bloomberg reports: Read more here. Oil rises with EU-US trade deal locked in Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline. Bloomberg reports: Read more here. European stock futures rise on US-EU trade deal announcement Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal. Bloomberg reports: Read more here. 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
Yahoo
7 minutes ago
- Yahoo
Mike Rowe says US in a ‘modern-day Manhattan project' after scrapping shop class — is it time to ditch your desk job?
With billions of dollars pouring in to fuel America's contributions to the ongoing Artificial Intelligence race, Mike Rowe believes we are living through what he calls a 'modern-day Manhattan Project.' However, America's AI efforts face their own set of hurdles, including a lack of skilled tradespeople to build the energy and data center infrastructure needed to power AI. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how 'When we took shop class out of high school, we sent a pretty clear message to the workforce," Rowe, the host of Dirty Jobs, told Fox News. "We put our thumb on the scale, we made a real judgement call. Consequently, we have 7.6 million open jobs right now in those [skilled labor] fields.' And Rowe isn't the only one ringing this alarm bell. Nobel laureate Geoffrey Hinton — often called the 'Godfather of AI' — also recommended blue collar skills as a way to prepare for the age of automation. 'I'd say it's going to be a long time before [AI] is as good at physical manipulation as us, and so a good bet would be to be a plumber,' Hinton said on The Diary of a CEO podcast. As more experts urge Americans to rethink their career paths, could now be the moment to consider rolling up your sleeves and going to trade school? Here's what you need to know. The pros Perhaps the best reason to consider a career in the trades is the projected shortage of skilled labor workers in the near future. Nearly 1.9 million manufacturing jobs could go unfilled over the next decade, according to a study from the Manufacturing Institute and Deloitte. Meanwhile, America could be short about 550,000 plumbers by 2027, according to The Hill. Put simply, there's growing demand for blue collar workers while white collar staffers face dwindling demand and potential layoffs. As a consequence, skilled trade workers have more bargaining power to achieve better wages. Between 2020 and 2024, average wages across the skilled trades sectors grew 20%, according to McKinsey & Company. Experienced electricians, elevator installers, construction managers and HVAC technicians can earn $100,000 or more per year, according to the Philadelphia Technician Training Institute. And the fact that these trades do not require an advanced college degree also reduces the burden on young people willing to acquire these skills. Trade schools are relatively inexpensive, and organizations such as Rowe's mikeroweWORKS Foundation have helped thousands of young professionals achieve six-figure salaries without taking on massive student debt. However, before you ditch your cubicle for a construction site, it's worth considering some of the drawbacks of this bold career move. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it The Cons Being a blue collar worker could be lucrative, but only after you've gained sufficient skills and experience. For instance, the average apprenticeship for construction workers could be slightly longer than four years, according to the American Apprenticeship Initiative. Making matters worse, your earnings are likely to start relatively low during your apprenticeship, which means it could be several years before you crack the six-figure threshold. Another disadvantage with blue collar work is that it is highly physical and may be better suited for younger workers. Mining, construction and agricultural workers have relatively high rates of workplace injuries, according to the AFL-CIO. These risks are higher for older workers, which could push tradespeople to consider earlier retirement than their white collar peers. Finally, the current lack of automation in the trades might be temporary. Several tech giants and startups are working on humanoid robots and there are already prototypes of autonomous machines for construction, as well as shipbuilding and welding. Amazon already has roughly a million robots in its warehouses and the company's workforce could be more robotic than human in the near future, according to the Wall Street Journal. The bottom line There are plenty of advantages and disadvantages to switching your career to the trades. If you're young and enthusiastic about gaining hands-on experience, this could be the right move. But if you've already built soft skills over several years and don't find physical labor enjoyable, this might not be the best move for you. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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
Yahoo
7 minutes ago
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Creating realistic deepfakes is getting easier than ever. Fighting back may take even more AI
WASHINGTON (AP) — The phone rings. It's the secretary of state calling. Or is it? For Washington insiders, seeing and hearing is no longer believing, thanks to a spate of recent incidents involving deepfakes impersonating top officials in President Donald Trump's administration. Digital fakes are coming for corporate America, too, as criminal gangs and hackers associated with adversaries including North Korea use synthetic video and audio to impersonate CEOs and low-level job candidates to gain access to critical systems or business secrets. Thanks to advances in artificial intelligence, creating realistic deepfakes is easier than ever, causing security problems for governments, businesses and private individuals and making trust the most valuable currency of the digital age. Responding to the challenge will require laws, better digital literacy and technical solutions that fight AI with more AI. 'As humans, we are remarkably susceptible to deception,' said Vijay Balasubramaniyan, CEO and founder of the tech firm Pindrop Security. But he believes solutions to the challenge of deepfakes may be within reach: 'We are going to fight back.' AI deepfakes become a national security threat This summer, someone used AI to create a deepfake of Secretary of State Marco Rubio in an attempt to reach out to foreign ministers, a U.S. senator and a governor over text, voice mail and the Signal messaging app. In May someone impersonated Trump's chief of staff, Susie Wiles. Another phony Rubio had popped up in a deepfake earlier this year, saying he wanted to cut off Ukraine's access to Elon Musk's Starlink internet service. Ukraine's government later rebutted the false claim. The national security implications are huge: People who think they're chatting with Rubio or Wiles, for instance, might discuss sensitive information about diplomatic negotiations or military strategy. 'You're either trying to extract sensitive secrets or competitive information or you're going after access, to an email server or other sensitive network," Kinny Chan, CEO of the cybersecurity firm QiD, said of the possible motivations. Synthetic media can also aim to alter behavior. Last year, Democratic voters in New Hampshire received a robocall urging them not to vote in the state's upcoming primary. The voice on the call sounded suspiciously like then-President Joe Biden but was actually created using AI. Their ability to deceive makes AI deepfakes a potent weapon for foreign actors. Both Russia and China have used disinformation and propaganda directed at Americans as a way of undermining trust in democratic alliances and institutions. Steven Kramer, the political consultant who admitted sending the fake Biden robocalls, said he wanted to send a message of the dangers deepfakes pose to the American political system. Kramer was acquitted last month of charges of voter suppression and impersonating a candidate. 'I did what I did for $500,' Kramer said. 'Can you imagine what would happen if the Chinese government decided to do this?' Scammers target the financial industry with deepfakes The greater availability and sophistication of the programs mean deepfakes are increasingly used for corporate espionage and garden variety fraud. 'The financial industry is right in the crosshairs," said Jennifer Ewbank, a former deputy director of the CIA who worked on cybersecurity and digital threats. 'Even individuals who know each other have been convinced to transfer vast sums of money.' In the context of corporate espionage, they can be used to impersonate CEOs asking employees to hand over passwords or routing numbers. Deepfakes can also allow scammers to apply for jobs — and even do them — under an assumed or fake identity. For some this is a way to access sensitive networks, to steal secrets or to install ransomware. Others just want the work and may be working a few similar jobs at different companies at the same time. Authorities in the U.S. have said that thousands of North Koreans with information technology skills have been dispatched to live abroad, using stolen identities to obtain jobs at tech firms in the U.S. and elsewhere. The workers get access to company networks as well as a paycheck. In some cases, the workers install ransomware that can be later used to extort even more money. The schemes have generated billions of dollars for the North Korean government. Within three years, as many as 1 in 4 job applications is expected to be fake, according to research from Adaptive Security, a cybersecurity company. 'We've entered an era where anyone with a laptop and access to an open-source model can convincingly impersonate a real person,' said Brian Long, Adaptive's CEO. 'It's no longer about hacking systems — it's about hacking trust.' Experts deploy AI to fight back against AI Researchers, public policy experts and technology companies are now investigating the best ways of addressing the economic, political and social challenges posed by deepfakes. New regulations could require tech companies to do more to identify, label and potentially remove deepfakes on their platforms. Lawmakers could also impose greater penalties on those who use digital technology to deceive others — if they can be caught. Greater investments in digital literacy could also boost people's immunity to online deception by teaching them ways to spot fake media and avoid falling prey to scammers. The best tool for catching AI may be another AI program, one trained to sniff out the tiny flaws in deepfakes that would go unnoticed by a person. Systems like Pindrop's analyze millions of datapoints in any person's speech to quickly identify irregularities. The system can be used during job interviews or other video conferences to detect if the person is using voice cloning software, for instance. Similar programs may one day be commonplace, running in the background as people chat with colleagues and loved ones online. Someday, deepfakes may go the way of email spam, a technological challenge that once threatened to upend the usefulness of email, said Balasubramaniyan, Pindrop's CEO. 'You can take the defeatist view and say we're going to be subservient to disinformation," he said. 'But that's not going to happen.' David Klepper, The Associated Press 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