Business

By Aditya Soni (Reuters) -The “Magnificent Seven” stocks were poised to gain more than $1 trillion in market value on Wednesday after U.S. President Donald Trump approved a 90-day tariff pause, easing pressure on tech giants that had tumbled in recent sessions. Shares of the companies, which include AI chip giant Nvidia, Apple, Tesla and Microsoft, were up between 7.8% and 13%, powering a market rally that pushed the Nasdaq up 8%. The group of … Read more…

(Reuters) – The Trump administration has reversed course on plans to restrict exports of Nvidia’s H20 artificial intelligence chips to China after CEO Jensen Huang attended a Mar-a-Lago dinner last week, NPR reported on Wednesday. The planned American export controls on the chips — the most advanced AI processor legally available in China under U.S. export controls — had been in the works for months, NPR reported, citing two sources, and were ready to be … Read more…

(Reuters) -A Tesla Supercharger station was damaged in Lacey, Washington, on Tuesday, according to local police and the Federal Bureau of Investigation. The impacted Tesla Supercharger station, which is located at 665 Sleater Kinney Road SE in Lacey, comprises 12 Superchargers, each capable of delivering up to 250 kW of power, according to the company’s website. Electrek, which first reported the development, said the “explosion” led to a temporary shutdown of the charging station. Reuters … Read more…

By Fabian Cambero SANTIAGO (Reuters) – Chile’s state copper commission Cochilco on Monday said that prices for the red metal have likely already peaked this year amid an escalating trade war, as U.S. President Donald Trump threatened to further increase tariffs on China. “Base metals, including copper, are likely to have peaked in 2025 as they will be negatively impacted by the trade dynamics between the U.S. and China,” Cochilco said in a statement. It … Read more…

By Tatiana Bautzer and Ross Kerber (Reuters) -BlackRock CEO Larry Fink said stock markets could extend their decline by 20% as the U.S. imposes steep tariffs, noting views among his peers that the economy is probably already in contraction. “Most CEOs I talk to would say we are probably in a recession right now,” Fink told the Economic Club of New York on Monday. The tariffs are poised to make many items more expensive in … Read more…

LONDON (Reuters) – HSBC Asset Management’s UK CEO Stuart White is leaving the company after more than 14 years at the banking giant, which had started a search for his replacement, a spokesperson told Reuters. “We can confirm that Stuart White is leaving HSBC Asset Management. We will conduct a search for his replacement,” a spokesperson said, adding that he was leaving to pursue other opportunities outside the group. White led HSBC Asset Management’s $200 … Read more…

By Allison Lampert and Tim Hepher (Reuters) – Howmet Aerospace, which supplies parts for planes built by Airbus and Boeing, may halt some shipments if they are impacted by tariffs announced by U.S. President Donald Trump, according to a letter seen by Reuters. Pittsburgh-based Howmet said in the letter to customers that it has declared a force majeure event, a legal practice that allows parties to a contract to avoid their obligations if hit by … Read more…

By Jeffrey Dastin REDMOND, Washington (Reuters) – As Microsoft CEOs past and present gathered here to celebrate the company’s 50th birthday, one leader said he is targeting a particular metric’s improvement to guide his strategy on artificial intelligence. Mustafa Suleyman, chief executive of Microsoft AI, said his consumer and research division is tracking the usual measures of adoption for the company’s AI assistant called Copilot. These include daily and weekly active users, distribution, and usage … Read more…

By Krystal Hu SandboxAQ, a startup drawing on quantum computing techniques to develop quantitative artificial intelligence models for enterprises, said it has raised $150 million from new investors including Google, Nvidia and BNP Paribas. The investment has increased SandboxAQ’s Series E round to $450 million, valuing the startup at $5.75 billion. With this, SandboxAQ’s total funding has reached $950 million, with T. Rowe Price Associates and Breyer Capital among backers. Participation of Google and Nvidia … Read more…

By Deborah Mary Sophia (Reuters) – U.S. President Donald Trump’s sweeping reciprocal tariffs could hamstring Big Tech’s billion-dollar efforts to build artificial intelligence infrastructure in the country, likely undermining a key goal of the administration, analysts said on Thursday.  Trump and technology executives have touted lofty plans by Oracle, SoftBank and others to invest heavily in artificial intelligence since his return to the White House earlier this year. On Wednesday, Trump slapped steep duties on … Read more…