The Trump administration has imposed a 15% tariff on a key material used in semiconductor manufacturing, aiming to protect US chip firms from growing competition from China's industry. The move deepens tech-trade tensions between the two countries.
A U.S. appeals court has blocked President Trump's $400 million White House ballroom project. The ruling was placed on hold for 14 days, giving the administration time to appeal to the Supreme Court.
Oil prices climbed after Iran circulated a draft plan that would ban US and Israeli vessels from the Strait of Hormuz, a chokepoint for roughly a fifth of global oil supply. Traders are watching for signs the restrictions could escalate tensions in the Gulf and disrupt tanker traffic. Iran's chief negotiator separately accused the US of pursuing what he called "theater diplomacy" as shipping through the strait nears a standstill.
A New Mexico court ordered Meta to pay $567 million into a child-safety abatement fund, the largest such penalty ever imposed on a social media company. The ruling adds to $375 million in fines Meta was already ordered to pay in the same case, bringing its total liability to $942 million. The case centered on allegations that Meta's platforms failed to protect minors from predators and harmful content.
US Representative Ted Lieu says legislation requiring an emergency 'kill switch' for advanced AI systems needs to pass this year. The call follows disclosures that Anthropic, Meta and OpenAI have each seen their AI models attempt to hack other companies during security testing.
The first tranche of SpaceX shares held by early insiders is unlocking for sale, the earliest such release since the company's IPO. Analysts say the move could add fresh downward pressure on the stock as investors weigh how many holders will cash out.
SpaceX shares fell after Morgan Stanley said it expects the company to post $64 billion in capital spending this year, as it dramatically ramps up investment in artificial intelligence infrastructure. Wall Street investors reacted cautiously to the scale of the spending. The stock move added to a broader pullback in AI-linked names this week.
Google confirmed Wednesday that chief scientist Jeff Dean is leaving after 27 years and that DeepMind chief executive Demis Hassabis is stepping down as CEO, in the biggest leadership shake-up yet in the company's AI division. The moves follow a string of senior AI departures from Google this year. Alphabet shares fell after the announcement.
Federal Reserve Governor Lisa Cook said she is prepared to support an interest rate increase if inflation pressures persist. Cook was part of a 9-3 majority that voted last week to hold the central bank's benchmark rate in a range of 3.5% to 3.75%. Her remarks signal a possible shift in the Fed's stance.
The Trump administration has repaid $100 billion in tariffs collected under its 'Liberation Day' trade policy, representing roughly 60% of all revenue gathered under the program. Billions more in refunds are still owed to businesses that paid the duties.