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Oracle topped quarterly expectations, but free cash flow is negative, and the company plans to raise more capital for data center projects. View More

In this articleSNDRORCLFollow your favorite stocksCREATE FREE ACCOUNT Oracle CEO Clay Magouyrk speaks at a Q&A session after a tour of the OpenAI data center in Abilene, Texas, on Sept. 23, 2025.Shelby Tauber | Reuters Oracle reported better-than-expected earnings and revenue for the fiscal fourth quarter on Wednesday while also raising its profit forecast for the year. The stock dropped 7% in extended trading as the company plans to raise more money to finance its AI buildout. Here's how the company did in comparison with LSEG consensus:Earnings per share: $2.03 adjusted vs. $1.96 expected Revenue: $19.18 billion vs. $19.10 billion expectedRevenue increased 21% year over year in the quarter, which ended on May 31, according to a statement. Net income rose to $4.22 billion, or $1.45 per share, from $3.43 billion, or $1.19 per share, a year ago. Adjusted earnings exclude impact of stock-based compensation.The company maintained its previous revenue guidance of $90 billion for the 2027 fiscal year, while lifting its forecast of adjusted earnings per share to $8.05. Analysts were projecting $8.01 per share and $88.90 billion in revenue.Oracle said it foresees raising $40 billion through debt and equity financing, including a $20 billion share sale it announced earlier. That's after raising $43 billion in debt and $5 billion in equity in fiscal 2026, a move that concerned investors due to uncertainty about whether demand for artificial intelligence can justify that much new capital.For the fiscal year, Oracle reported $23.7 billion in negative free cash flow, with depreciation nearly doubling to $7.62 billion. Capital expenditures, at $55.66 billion, which were up 162%. The company called for $1.72 to $1.76 in adjusted earnings per share for the fiscal first quarter, with 27% to 29% revenue growth. Analysts polled by LSEG had been expecting $1.68 in adjusted earnings per share, along with $19.06 billion in revenue, implying about 28% growth.Revenue from cloud offerings increased 47% in the quarter to $9.91 billion. Analysts polled by StreetAccount had expected $9.97 billion. Software revenue, including licenses and support, totaled $6.82 billion, down 2% but above StreetAccount's $6.93 billion consensus.Cloud infrastructure revenue jumped 93% to $5.8 billion. The market-leading Amazon Web Services cloud generated $37.59 billion in the March quarter.Oracle's remaining performance obligation, including revenue that has not been recognized, reached $638 billion on May 31, up 363%. Analysts polled by StreetAccount had been looking for $595.67 billion. "Most of the RPO increase in both Q3 and Q4 were large scale AI contracts where the customer prepaid Oracle for the purchase of the GPUs, or the customer bought and supplied the GPUs to Oracle," the company said in the statement, using acronyms for remaining performance obligation and graphics processing units. The two mechanisms lower the sum Oracle will need for data center construction, the company said.Bank of America analysts, who recommend buying Oracle shares, said over 50% of the remaining performance obligation comes from OpenAI.The company is looking to bring online almost one gigawatt worth of computing power in the current quarter, roughly the total for fiscal 2026, Oracle CEO Clay Magouyrk said on a conference call with analysts.During the quarter, Oracle hired Schneider Electric executive Hilary Maxson to be its new chief financial officer. Related Digital and Blackstone said they secured funding for a $16 billion Oracle data center site in Michigan.Oracle's net cash outlay for capital expenditures in fiscal 2027 will be around $70 billion, excluding $20 billion to $25 billion in prepayments from customers and timing impact, Maxson said. The capital spending consensus among analysts surveyed by Visible Alpha was $71.77 billion.As of Wednesday's close, the stock was up 3% so far in 2026, while the S&P 500 had gained 6% in the same period. WATCH: Cramer’s Stop Trading: Oracle watch nowVIDEO1:5401:54Cramer’s Stop Trading: OracleSquawk on the Street Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Lower costs, tax incentives and access to a larger market have seen a raft of companies shift operations to Malaysia from Singapore. View More

In this articleHNNMYHNNMYFollow your favorite stocksCREATE FREE ACCOUNT A general view of the bumper to bumper traffic as vehicles are seen crossing into Singapore a day ahead before Malaysia closes its borders at the causeway bordering Malaysia's southern state of Johor Bahru and Singapore on March 17, 2020 in Singapore.Suhaimi Abdullah | Getty Images A raft of companies has been shifting operations to Malaysia from Singapore in recent months, illustrating a broader trend of global mobility that has firms seeking jurisdictions with lower costs, tax incentives and access to larger markets.Apparel giant H&M announced in May that it would relocate its Southeast Asian headquarters from Singapore to Kuala Lumpur, affecting 78 positions. Meanwhile Heineken said in March that it would move large-scale production for its Asia Pacific Breweries Singapore to regional breweries in Malaysia and Vietnam."These moves are significant and mark a clear acceleration," said Alwyn Lim, associate professor of sociology at Singapore Management University. "Since early 2026 we've seen a visible wave of such companies moving operations to Malaysia ... This is more pronounced than 2025 because of an alignment of policy signals and cost pressures," Lim told CNBC by email.Lim said the firms were "acting on substantial cost arbitrage on rents, wages, and operations."Companies moving some operations from Singapore to Malaysia is part of a larger global trend of firms reorienting their manufacturing and supply chain networks, Lim noted. "This is primarily a response to crisis events such as the COVID-19 pandemic as well as recent trade and geopolitical tensions," he said. "Corporations are splitting things up for lower costs, safety, and speed." Bread maker Gardenia cut 141 jobs in Singapore as it said it would shift its bakery production to Malaysia, according to a May 20 media release. "The move is part of Gardenia's ongoing efforts to enhance operational efficiency and maintain competitiveness amid an increasingly challenging global environment," it said.Yeo's, a local beverage company, said in March it would lay off 25 employees in Singapore, citing efforts to consolidate the manufacturing of cans to Malaysia. Singapore will continue to serve as its headquarters, it said in a statement.Efforts such as the Johor-Singapore Special Economic Zone, or JS-SEZ, aim to strengthen business between the city-state and Malaysia. That may even accelerate the trend because moving back and forth is expected to get easier — currently transit between the two countries can take hours during crowded periods.Firms are moving some of their operations rather than leaving Singapore entirely, as many continue to maintain regional headquarters, innovation centers and higher value functions in the city-state, said David Blasco, country director of Randstad Singapore. It remains "highly attractive" for research and development, strategic decision-making and senior talent, he added in an email to CNBC. "In contrast, Malaysia offers significantly lower overheads, attractive tax incentives, and the industrial land space companies need to scale," Blasco said. 'Regional diversification' Linda Teo, ManpowerGroup Singapore's country manager described the moves as "regional diversification rather than mass relocation." "Most companies are not choosing between Singapore and Malaysia, but are increasingly using both markets in complementary ways as part of more resilient and sustainable operating models," Teo told CNBC via email.H&M and Heineken reiterated that Singapore remains important. H&M will continue to have an office located in the city-state, a spokesperson told CNBC. "We will continue to maintain our retail presence reflecting our long‑term commitment," she said by email. Heineken said its move will "maintain and deepen Singapore's role as a base for regional commercial operations, logistics, innovation and GenAI-enabled capabilities," in an online statement. Meanwhile, the upcoming JS-SEZ will focus on how companies allocate their resources between Singapore and Malaysia. The zone, which spans over 3,500 square kilometers, is expected to facilitate investments across 11 sectors including business services, the digital economy and education, according to Enterprise Singapore. "As global competition for trade, investments and talent intensifies, the JS-SEZ marks a significant milestone in bilateral economic cooperation," it said on its website. In January 2025, the Malaysian Investment Development Authority detailed incentives such as tax rates as low as 5% for eligible sectors, as part of the JS-SEZ.While the JS-SEZ could mean companies in Singapore "capture upsides" from Malaysia's growth, it may mean more companies exit from Singapore to tap into Malaysia's significantly larger domestic market, according to Lim. "What is interesting to observe is whether there'll be complete exits (companies relocating completely) or 'twinning' (where companies retain higher-level functions in Singapore and relocate manufacturing and more basic operations to Malaysia)," Lim said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The U.S. agriculture secretary is downplaying the threat posed by the spreading screwworm now compared with her more dire remarks last year. View More

watch nowVIDEO10:2110:21USDA Secretary Brooke Rollins on screwworms: We'll be able to beat this backSquawk Box Agriculture Secretary Brooke Rollins told CNBC on Monday that the New World screwworm is a "little pest." In the past, she called the parasite "terrifying."The discrepancy in messaging before and after the flesh-eating pest was detected in the U.S. offers a window into how Rollins is managing the screwworm threat now that it has reached inside the border. And it shows how the administration is racing to alleviate fears that the parasite could further raise the price of beef amid rising inflation. Since screwworm was detected in Texas last week, Rollins has hit the airwaves to reassure the U.S. public that the U.S. Department of Agriculture is ahead of the infestation and that it does not pose a risk to the food system. She has also heaped blame on the Biden administration for the spread, arguing that lax immigration enforcement of the southern border helped the parasite move forward. "The food supply is not at risk. This is not a virus, it's not a disease, it's just a little pest, a larvae that lands in a calf's wound, for example, and it can be treated," she said on CNBC Monday. "Under the last administration with the massive movement under the open borders policy, the cartels, etc., border security, that's when it began to make its way back up toward America."Last September, however, Rollins was more forthcoming about the threat posed by the screwworm in an appearance on Fox News. She was discussing screwworm as it spread north toward the U.S. from Central America."At a time when our beef supply is at its lowest already in 75 years ... it is really terrifying, prices are very high for that reason, it could take us into even another phase of real compromise of getting good beef at a good price for Americans," she said. "We've got a plan, we're on it." U.S. Department of Agriculture Secretary Brooke Rollins testifies before a Senate Agriculture, Nutrition and Forestry Committee hearing titled “Oversight of the U.S. Department of Agriculture” on Capitol Hill in Washington, June 10, 2026.Elizabeth Frantz | Reuters And at a Senate hearing in May 2025, Rollins said screwworm was a "major threat" that would "devastate our cattle industry in this country."Rollins on Wednesday doubled down on blaming the Biden administration when she appeared at another Senate hearing, arguing that "we know this development is a serious threat, but it did not catch us off guard." Democrats, meanwhile, are jumping on Rollins and President Donald Trump for the screwworm outbreak. "Under Donald Trump and Brooke Rollins, farmers and ranchers are suffering, and consumers are grappling with record-high prices," Democratic National Committee spokeswoman Kendall Witmer said. "Trump's reckless and harmful cuts and his administration's incompetence have left the U.S.'s food supply vulnerable to outbreaks and risk escalating already high prices for beef."Screwworm was detected in the U.S. at a time when inflation is on the march. Inflation rose 4.2% year over year in May, the Bureau of Labor Statistics reported Wednesday, reaching the highest annual mark in three years. The parasite is the larvae of a fly that lays its eggs in open animal wounds. The larvae feed on flesh and can be highly damaging or fatal to cattle. When it's detected, animal movement and supply can be restricted in affected areas. Screwworm infestation is treatable if caught early enough, and is not a transmissible disease that can be transferred into meat.With the U.S. cattle herd already low, the pest threatens to increase beef costs more. The Dallas Fed, in a May report, said that if an outbreak on the magnitude of the 1972 infestation, which saw the most screwworm cases in the U.S., occurred, it could cause roughly $3 billion in damage. "By sickening or killing cattle, the screwworm could trigger shortages and higher beef prices. This implies that equilibrium prices could fall in the short run, only to then rise in the medium to long run," the report read. Read more CNBC politics coverageTrump family got about $500M from crypto venture — but investors saw steep lossesTrump repeats claims that Iran deal is only 'days' away, despite recent strikesUSDA Secretary Rollins calls Texas ag chief 'unserious' amid screwworm threatTrump nominates Todd Blanche for attorney general amid controversy over DOJ fund Six cases of screwworm have been detected in the U.S. as of Wednesday, in Texas and New Mexico. The USDA is racing to contain the spread, releasing swarms of sterile flies that will mate with female screwworm flies and produce infertile eggs. The agency is also implementing quarantine zones, increased trapping, surveillance and outreach. So far, it's too early to tell whether the screwworm will escalate into a full-blown infestation or the USDA will be able to beat it back. Experts say the correct protocols are in place for containment, but are urging people to report any cases they may see in animals. "We have hopefully a contained infestation, where we're checking all the animals in the area, providing treatment to those that need it and releasing the sterile flies in order to eliminate the small population we hope is in that in that area," said Phillip Kaufman, a professor and the head of the entomology department at Texas A&M University. "What we don't want is people not reporting; the fly will continue to reproduce and grow in numbers, and then it becomes a much larger infestation that becomes more challenging."And while Rollins' response has seen some blowback from Republicans, including the Texas Agriculture Commissioner Sid Miller, she retains the support of key Republicans. "I'm very appreciative of the work led by Secretary Rollins," House Agriculture Committee Chair Glenn "GT" Thompson, R-Pa. "We're going to get ahead of this thing, we're going to eradicate it, the sooner the better." Correction: This story has been revised to reflect that Phillip Kaufman is the head of the entomology department at Texas A&M University. A previous version misspelled his name. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Jane Fraser-led Citi fell 1%, less than the rest of the market and some other major banks, after Trump lauded its turnaround in a social media post. View More

In this article.SPXCFollow your favorite stocksCREATE FREE ACCOUNT A Citibank logo is displayed on a sign at one of their branches on Nov. 7, 2025 in Encinitas, CA.Kevin Carter | Getty Images Citigroup outperformed the broad market as well as some other major bank stocks Wednesday after President Donald Trump lauded the bank and its CEO Jane Fraser in a social media post.At 9:30 a.m. ET, Trump praised Citigroup on Truth Social, writing: "Wow! CITI was ranked Number 1 in topping M&A Advisory Market by Value in Q1. Congratulations to Jane F and ALL of her great people. They've worked really hard! BIG comeback for CITI!!! President DONALD J. TRUMP"The president's post went up just as the stock market was opening, and at one point Citigroup shares touched a high of $137.12, up almost 1.8%. By the end of the day, however, Citi fell 1%, still less than JPMorgan and Goldman Sachs and the S&P 500. It wasn't immediately clear which investment banking league rankings President Trump was referring to. So far in 2026, for example, Goldman Sachs, JPMorgan, Morgan Stanley and BofA Securities all rank ahead of Citigroup in the latest Global M&A Advisor Ranking on Dealogic, a leading financial analytical platform.While Goldman Sachs was the lead advisor on 196 deals worth a combined $992.3 billion this year, Citi was the lead on 97 deals worth $285.3 billion.In fact, according to Dealogic, Citigroup has fallen to number 5 among leading mergers and acquisitions advisors in 2026, down from number 4 in 2025. Leon Kalvaria, Citigroup's global chair for banking, appeared on Fox Business News early Wednesday, where he was asked about Citi's position as the leading advisor on power sector deals. Citi advised on four deals worth a combined $41.4 billion in the energy industry so far in 2026, according to Global Data Financial Deals Database. What is clear is that Citigroup stock has outperformed the S&P 500 this year, climbing 14.3% against an S&P 500 gain of 6.2%, according to FactSet data. By contrast, Wells Fargo is down 12.1%, JPMorgan is lower by 4.1% and Bank of America is off 1% in 2026. Goldman is 13.9% higher, also trailing Citi. Citigroup is in the midst of a multiyear turnaround under Fraser, involving streamlining business units, cutting jobs and focusing on high-margin markets and services. The stock has risen for three straight years after jumping more than 70% in 2025, almost 42% in 2024 and 19% in 2023. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

PlaqueBoyMax and Huda Mustafa have sparked dating rumors after appearing together in livestreams, music sessions, gym posts, and social media content. The speculation grew following Huda’s breakup with Louis Russell. However, neither creator has confirmed a relationship. For now, publicly available information points to a close friendship and successful creative partnership rather than a confirmed romance. View More

Analysts still assume that, despite the continued conflict, a deal will eventually be reached that ends the war and reopens the Strait of Hormuz. View More

President Donald Trump speaks during a Cabinet meeting in the Cabinet Room at the White House, in Washington, May 27, 2026.Evan Vucci | Reuters President Donald Trump this week said a sweeping peace deal with Iran could be signed very soon, echoing dozens of similar claims he has made over nearly three months.The latest example may not resonate with the average listener — after all, no deal has emerged following any of Trump's dozens of claims so far. But despite the lack of follow-through, markets continue to react to the president's repeated promises.Trump has signaled or stated outright more than 30 times that a deal is nearly at hand, according to a CNBC review of the president's social media posts and public remarks.Stocks and oil markets, which have squirmed amid a global energy supply shock caused by the war, continue to pay close attention to Trump's signals about a forthcoming deal, even when they don't pan out. Meanwhile, more than 100 days into the war, Washington and Tehran seem to be even further from a deal than they were in mid-April, when they began a fragile ceasefire that was heralded as a path to a final agreement within two weeks."The market has had the hope that this is going to end any moment, any moment, any moment," Peter Boockvar, chief investment officer at One Point BFG Wealth Partners, told CNBC. "I still think it's grabbing onto that hope."The White House did not immediately respond to CNBC's request for comment on this report.Trump said early Tuesday morning that the U.S. and Iran could reach a "very, very good deal" in "two or three days." Oil prices fell in the next trading session — though they reversed course Wednesday, after Trump vowed to attack Iran "very hard" absent a diplomatic breakthrough.Oil and markets have responded positively to Trump stoking optimism that the end of the war is right around the corner via an agreement that's palatable to both the U.S. and Iran.That's been the case even in recent weeks, as the testy U.S.-Iran truce has been repeatedly undermined by military flare-ups in the Persian Gulf and as peace talks have been further strained by Israel's attacks in Lebanon.Feeding the dynamic is an assumption from markets and analysts that, despite the continued conflict in the Middle East, a deal will eventually be reached that ends the war and reopens the Strait of Hormuz, a vital oil-shipping route."While geopolitical developments continue to draw large oil moves, there is some optimism that the US and Iran will reach a peace deal this month," Deutsche Bank researchers said in a June analyst note.While both sides are eager to show they can endure protracted war, Iran's economy has been battered and Trump's approval ratings have sunk amid the conflict, leading observers to believe that incentives favor a deal."Trump's need for an off-ramp means de-escalation bias may still prevail and provide a floor to equities," Barclays analysts wrote in a June 3 equity research note."Each time he's tweeted about it, oil has sold off and markets get optimistic," Boockvar said of Trump. But "we've been close and on the goal line for a few months now."To be sure, Trump's social media posts are not the only factor influencing oil and equities. The AI trade, which has propelled the stock market to record highs, is largely disconnected from the Iran conflict, for example. And oil prices, which rocketed higher after the war started but have since leveled off, are affected by an array of global forces, including a sharp decline in Chinese oil imports.But Trump's wartime updates receive close scrutiny — though even some of the president's allies appear to be growing impatient with his claims about where negotiations stand."I'm starting to feel like we're Charlie Brown and Iran is Lucy, and every time we go kick the ball it's been taken away," Rep. Carlos Gimenez, R-Fla., said in a Fox Business interview Tuesday. "You know, 'We're close to a deal, we're two days from a deal, we're three days from a deal,' and it's not happening." Trump's deal claims started in March As early as mid-March — less than three weeks after the U.S. and Israel first launched strikes against Iran — Trump began asserting that Tehran had begun talks in hopes of a diplomatic resolution."They want to make a deal. They're talking to our people," Trump said at the White House midday on March 16.West Texas Intermediate crude fell 5.28% that session, though the decline at the time was linked to perceived progress in unblocking the Strait of Hormuz.A week later, Trump, in an all-caps Truth Social post, declared he was suspending military strikes due to "very good and productive conversations" about a total end to hostilities. Stocks rallied and oil plunged more than 10% after that announcement.The situation reversed three days later when Trump muddled his message by warning Iran's negotiators to "get serious soon, before it is too late," before later insisting at a Cabinet meeting that Tehran is "begging to make a deal, not me." Read more CNBC politics coverageTrump family got about $500M from crypto venture — but investors saw steep lossesTrump repeats claims that Iran deal is only 'days' away, despite recent strikesUSDA Secretary Rollins calls Texas ag chief 'unserious' amid screwworm threatTrump nominates Todd Blanche for attorney general amid controversy over DOJ fund On March 29, Trump said negotiations are going "extremely well," claiming Iran had agreed to most of a 15-point proposal put forward by the U.S. But Tehran publicly rejected that offer, and oil prices rose in the next trading session.Trump claimed on March 31 that the war wouldn't last much longer, and he wrote on Truth Social a day later that Iran's president had asked the U.S. for a ceasefire. WTI crude prices fell on both days.But no ceasefire emerged that week, and Trump started ratcheting up his rhetoric against Iran, dampening traders' outlook. April's claim: Two weeks to finalize deal After threatening to bomb Iran "back to the stone ages" and warning that its "whole civilization will die" if no deal was reached, Trump on the evening of April 7 said the two sides reached a two-week ceasefire agreement.His announcement strongly suggested the temporary truce would give way to a permanent deal. "Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the Agreement to be finalized and consummated," Trump wrote.Stocks soared and oil prices plummeted more than 16% on the news. But two weeks came and went, and although Trump continued to insist that negotiators had resolved most of their disagreements, no deal emerged.Instead, each side accused the other of violating the terms of the ceasefire, and Trump on April 21 unilaterally extended the truce until Iran sends the U.S. a "unified proposal" to end the war. May: 'Final determination' Over the next month, Trump repeatedly doled out updates projecting progress on either a full deal or a short-term memorandum of understanding with Iran.The end of the war "shouldn't be too long," Trump said May 1. "I think we're going to be finished with that very quickly, and they won't have a nuclear weapon," he said of Iran on May 19.No deal of any kind came during that period, but both the U.S. and Iran reportedly launched strikes against each other.On May 29, Trump said he was heading to the White House Situation Room to make a "final determination" on a deal. But he ended that meeting without coming to a decision. Oil prices fell anyway. June: 'Two or three days' On June 1, Trump repeated that Iran "really wants to make a deal," while admonishing his critics to 'just sit back and relax" because "it will all work out well in the end – It always does!" Iranian state media, however, reported later that day that its negotiators would halt communications with the U.S. and that Tehran would move to completely block the Strait of Hormuz. Trump then told CNBC he did not care if the negotiations were finished. But he later claimed talks with Iran are continuing "at a rapid pace." WTI crude nevertheless rose nearly 6%.Over the weekend, Iran and Israel traded strikes for the first time since the ceasefire began.After leaving an NBA Finals game in New York City on Monday night, Trump told reporters the U.S. and Iran are in the final stages of a "very, very good deal" that could be reached in "two or three days."Earlier Monday evening, a U.S. Army helicopter went down while patrolling over the strait. Trump on Tuesday accused Iran of shooting it down, and the U.S. launched retaliatory strikes, prompting a military response from Iran.On Wednesday, Trump said at the White House that the U.S. would strike Iran again."We'll see what happens with the deal," he added. He didn't say a deal was close.— CNBC's Bria Cousins, Ashlee Trujillo, Irit Skulnik and John Melloy contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Unless Congress acts, a key provision of the Foreign Intelligence Surveillance Act will expire at the end of this week. View More

watch nowVIDEO1:2901:29President Trump seeks FISA 702 extensionSquawk on the Street U.S. House Speaker Mike Johnson, R-La., on Wednesday said he planned to advance a short-term extension of a crucial foreign surveillance program that will expire at the end of the week unless Congress intervenes.Johnson said the House would vote Thursday morning on an extension of the program under a procedure . that would require buy-in from some Democrats. According to Johnson, the extension would continue Section 702 of the Foreign Intelligence Surveillance Act — which allows the government to collect the communications of people outside the U.S., including when they are interacting with Americans — through July 2. "We're going to ask every member here to do the right thing by the American people. FISA, let me remind you ... is how we surveil terrorists who are trying to hurt Americans. It is a very important, vital national security tool," Johnson told reporters outside of the House chamber on Wednesday.The pivot to a short-term FISA extension came as President Donald Trump earlier the same day doubled down on his choice of Bill Pulte as acting director of national intelligence, despite bipartisan pushback on the pick. Democrats have vowed to oppose any FISA extension as long as Pulte is Trump's pick for DNI, making the odds of a short-term patch unlikely.The Senate would also have to approve the FISA extension before its June 12 expiration.House Minority Leader Hakeem Jeffries, D-N.Y., told reporters on Wednesday that he's a "hard no" on the short-term extension. He wouldn't say whether he would encourage fellow Democrats to vote against the measure."Many of the national security Democrats who have historically been supportive of continuing the surveillance authority as it currently exists have deep skepticism about moving forward with even a short-term extension as long as Bill Pulte is on track to be the acting director of national intelligence," Jeffries said.Earlier this month Trump tapped Pulte, who leads the Federal Housing Finance Agency and has used his perch to launch a series of probes into several of the president's political opponents over allegations of mortgage-related wrongdoing.The move drew swift criticism from both sides of the aisle and calls for Trump to ditch his choice of Pulte or quickly find a permanent replacement for the role."This is not my side's fault. Frankly it's not the Republican senators' fault," Sen. Mark Warner, D-Va., the top Democrat on the Senate Select Committee on Intelligence, told reporters Wednesday. "This administration, this president owns it if 702 goes dark, by throwing a live hand grenade into a controversial bill that was on a path to three years of reauthorization.""I can't think of a more incompetent, unqualified, dangerous person to make acting DNI," Sen. Chris Coons, D-Del., said on Capitol Hill about Pulte. Bill Pulte, Federal Housing Finance Agency director, speaks on CNBC, Jan. 8, 2026.CNBC But Trump was apparently unfazed, attacking Democrats in a post on TruthSocial and calling for a short-term extension of the program."Just like they did on Border Funding, the Radical Left Dumocrats are trying to take our National Security hostage because of unrelated issues. They should stop playing politics with the safety of our Great Country," Trump posted Wednesday.In the post, Trump said he is looking for a permanent DNI nominee, but in the meantime Pulte would take over on June 19. Trump said he'd asked Pulte "to execute the immediate and needed downsizing of the office, reverting staff to their home agencies."Senate leaders in both parties on Wednesday were floating the idea of another short-term extension. The proposal would extend the program through July 2, MS NOW reported, citing two sources familiar with the matter. Read more CNBC politics coverageTrump family got about $500M from crypto venture — but investors saw steep lossesTrump repeats claims that Iran deal is only 'days' away, despite recent strikesUSDA Secretary Rollins calls Texas ag chief 'unserious' amid screwworm threatTrump nominates Todd Blanche for attorney general amid controversy over DOJ fund The FISA program has critics on both sides of the aisle, who worry it could lead to the surveillance of U.S. citizens. Proponents, meanwhile, argue it's a crucial national security tool that is all the more important as the U.S. conflict in Iran continues and the FIFA Men's World Cup kicks off this week with games in the U.S., Canada and Mexico."FISA 702 is very important to our Military, and keeping the American People safe, especially during the World Cup and America250 Celebrations," Trump wrote in the Wednesday post. "If nothing is done, this important Law will expire this week. I am asking Congress to send me a short-term extension of FISA to provide time for the selection and confirmation of a permanent Head of the Agency. I would like to thank Director Pulte for his time and commitment."Trump has called for a clean extension of the program, while many in Congress want restrictions on the law's warrantless surveillance provisions.Rep. Tim Burchett, R-Tenn., said passage without added language on warrants would be "very tough.""If you don't have a search warrant ... I think it's gonna be problematic for a lot of people," Burchett said. "President Trump is the master of the deal, so we'll just see what he puts on the table and how he works it out, but right now I don't think it's got a got a very good shot."The Senate had been working toward a three-year extension of the program, but last week after the Pulte announcement, seven Republicans joined most Democrats to defeat a procedural motion that would have set up a vote on final passage of the FISA bill this week. Previous attempts this spring to pass multi-year extensions also fizzled, resulting in a 45-day extension that was signed into law in April.Warner said he was continuing to work with Senate intelligence Chair Tom Cotton, R-Ark., on a solution ahead of the Friday deadline. But he wasn't sure there would be the votes for a short-term patch.Republicans, too, have publicly questioned Trump's choice of Pulte."We don't need a weaponized DNI, we need professionals there," Senate Majority Leader John Thune, R-S.D., told reporters on Capitol Hill last week. Sen. Thom Tillis, R-N.C., who is retiring at the end of this Congress and has regularly taken aim at Trump administration officials, called Pulte an "incendiary attack dog," in an appearance on CNBC's "Squawk Box" last week.And Rep. Don Bacon, R-Neb., who is also retiring at the end of his term, called on Trump to rethink his pick in a post to X on Monday."FISA gives us over 50% of our most sensitive intelligence and has enabled the U.S. to stop multiple terrorist attacks," Bacon wrote. "Letting FISA lapse would reflect a nation paralyzed by hyper-partisanship and dysfunction. POTUS can help by canceling plans to put Bill Pulte as Acting DNI."—Emily Wilkins and Irit Skulnik contributed to this story. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Gates reportedly prepared for his testimony with the help of Jake Greenberg, who previously was the Oversight committee's chief investigations counsel. View More

watch nowVIDEO1:3001:30Bill Gates departs after closed-door House testimony on Epstein tiesClosing Bell Microsoft co-founder Bill Gates on Wednesday morning expressed deep regret about ever associating with the notorious sex offender Jeffrey Epstein as he began testifying behind closed doors to a House panel, according to an opening statement that the billionaire posted online.Gates, 70, denied witnessing any criminal conduct by Epstein and also denied victimizing anyone himself in his testimony to the House Oversight and Government Reform Committee. Gates' testimony comes a day after the committee questioned Epstein's former longtime executive assistant, Lesley Groff. A transcript of his testimony is expected to be released in the next several days.He walked out of the interview at around 3:50 p.m. ET without speaking to a group of reporters. watch nowVIDEO1:3601:36Bill Gates tells House panel ‘I should have never met’ with Jeffrey EpsteinSquawk on the Street Gates said he first met with Epstein in 2011 — three years after the predator pleaded guilty in Florida to soliciting an underage girl for prostitution — as part of an effort to raise money for his philanthropic Gates Foundation and its global health work.But that never resulted in any donations, according to Gates. And he said that Epstein later tried to use information about Gates' cheating on his then-wife, Melinda Gates, as leverage to win his way back into an association with Gates."I should never have met with Epstein in the first place," Gates said. "Based on what I know now, I understand that even if he had delivered the new donors he promised, it would not have justified associating with him.""I want to state very clearly: I never witnessed nor had any indication that Epstein was engaged in ongoing criminal conduct," said Gates, who has not been accused of wrongdoing in connection with Epstein. "I never went to his island, his ranch, or his Florida home. I have never victimized anyone," Gates said. "While he may have sought to foster a personal relationship, I was never interested in that and never reciprocated." watch nowVIDEO2:4002:40Bill Gates arrives on Capitol Hill for closed-door testimony on Epstein filesSquawk Box The billionaire noted that his association with Epstein had imperiled the work of the Gates Foundation, one of the world's largest philanthropic foundations, with a reported endowment of more than $70 billion."In the work I do, reputation is the basis for developing partnerships that save lives," Gates said. "Meeting with Epstein was a grave error in judgement and put this work at risk.""His behavior was antithetical to all my efforts to contribute to a world where everyone has a chance to live a healthy and productive life." Microsoft co-founder Bill Gates arrives for a closed-door interview with the House Oversight Committee on Capitol Hill in Washington, DC, on June 10, 2026.Kent Nishimura | Afp | Getty Images "I see now that he sought to build an image of legitimacy around himself, using connections to reputable and powerful people to deflect scrutiny and attempt to rehabilitate his reputation," Gates said."I was so focused on the possibility of raising funds for global health that I allowed that goal to override my better judgment. That is a sobering realization, and it has reinforced for me the importance of being more attentive to how access and reputation can be manipulated by people acting in bad faith."Gates is the latest in a series of high-profile people who have testified to the Oversight committee about their connections to Epstein.  Read more CNBC politics coverageTrump family got about $500M from crypto venture — but investors saw steep lossesTrump repeats claims that Iran deal is only 'days' away, despite recent strikesUSDA Secretary Rollins calls Texas ag chief 'unserious' amid screwworm threatTrump nominates Todd Blanche for attorney general amid controversy over DOJ fund Those connections have received heavy media attention since late 2025 after the release of millions of pages of documents about investigations into Epstein by the Department of Justice and Congress.Before the interview began, committee Chair Rep. James Comer, R-Ky., told reporters that based on Groff's testimony and that of some Epstein survivors, the panel planned to invite the attorney Alan Dershowitz to testify. Dershowitz previously represented Epstein.Comer also Rep. Robert Garcia, D-Calif., a member of the committee, told reporters, "We are very interested in understanding who was in Epstein's orbit."We're certainly going to be asking about some of the emails that were in the files as they relate to Mr. Gates' possible activities with Mr. Epstein," Garcia said.In his opening statement, Gates said, "I am here to answer your questions about my interactions with Jeffrey Epstein and to help contribute to the Committee's important work.""I support the release of all the Epstein files and sincerely hope that, through your efforts and those of others advocating on their behalf, the survivors of Epstein's crimes can get the justice that they deserve."Epstein cultivated an array of wealthy, powerful, and successful individuals during his shady career as a money manager. Among his longtime friends was President Donald Trump. The two men had a falling out in the early 2000s.Epstein has been accused of sexually assaulting scores of underage girls and young women. In 2008, he pleaded guilty in Florida state court to charges related to soliciting an underage girl for prostitution.Epstein served 13 months in jail in that case, although he spent much of his daytimes on work release. He committed suicide at age 66 in a New York jail in August 2019, weeks after he was arrested on federal child sex trafficking charges.Gates said he was introduced to Epstein "through people I trusted in my professional and philanthropic work.""Epstein claimed he could raise billions of dollars for global health from people for whom he provided tax and estate services," Gates said.He said he recalled "being aware that Epstein had faced prior legal issues, but I did not fully understand the extent of the crimes he committed.""I accepted the introduction without applying the scrutiny I should have," Gates said.He said he had three meetings with Epstein in 2011 and two meetings in 2012, "during which I talked about the goals of my work.""We began more extensive conversations in 2013 and 2014. The discussions focused on identifying potential giving structures, such as donor-advised funds, and how to enroll individuals he claimed were interested in making significant contributions," Gates said.He also said: "I made it clear to Epstein from the outset that he would never play a role in any of the work or receive any compensation."By 2014, "after Epstein brought together a group he described as potential donors, I realized that our prior discussions — which should have translated into meaningful philanthropic support — were a dead-end.""It was clear that no one in the group was interested enough to move forward," Gates said."At that point, I concluded Epstein would never deliver on his promises," Gates said. "I told him we would go no further and stopped communicating or meeting with him. No vehicle for charitable giving was ever created and no funds were raised."Gates said that after that, "I learned Epstein had become aware of sensitive information about my personal life, including the fact that I had been unfaithful in my marriage.""These affairs had nothing to do with my interactions with Epstein, but they were painful for my family," Gates said."As the public can now see, based on what has been released in the files, Epstein was working to use information about my infidelities — in addition to many lies that he layered on top — to pressure me to re-engage with him," Gates said."He was unsuccessful in this effort, but it shows some of the ways he tried to leverage his interactions with me to further his agenda.""If the time I spent with Epstein lent him any credibility, I am deeply sorry," Gates said."I have learned a significant lesson and am now far more careful about who I engage with even in a limited capacity."Rep. Raja Krishnamoorthi, D-Ill., a member of the committee, told reporters, "I'm looking forward to learning more about what Bill Gates saw with regard to Jeffrey Epstein and women.""I just find it very unusual that Bill Gates associated with Jeffrey Epstein, that Jeffrey Epstein had gotten his claws into Microsoft and known so many senior executives there, and so I think that will also be further grounds for questioning going forward," Krishnamoorthi said.The New York Times reported Tuesday that Gates was preparing for his testimony with the help of Jake Greenberg, who until December was the oversight committee's chief investigations counsel.CNBC has requested comment from Greenberg.In February, Gates apologized to staff at a Gates Foundation town hall for his association with Epstein, and admitted he had affairs with two Russian women, according to The Wall Street Journal, which noted that Epstein had become aware of the affairs."I did nothing illicit. I saw nothing illicit," Gates said during that mea culpa session, according to the Journal.But Gates also reportedly said at the event that "it was a huge mistake to spend time with Epstein" and bring foundation executives into meetings with Epstein. "I apologize to other people who are drawn into this because of the mistake that I made," Gates reportedly said.The Gates Foundation previously announced it had commissioned an external review of the philanthropy's past ties with Epstein. The foundation said it expected that its board and management would receive an update about the review this summer.Berkshire Hathaway Chairman Warren Buffett, a longtime friend of Gates, told CNBC's Becky Quick in late March that he had not spoken to the Microsoft co-founder "since the whole thing" with the Epstein files "was unveiled.""I don't want to be in a position where I know things ... to be called as a witness," Buffett said. "I think until it gets cleared up, it doesn't make sense to do a lot of talking."Buffett called Epstein a con man who exploited the weaknesses of other people. "Men are going to like sex ... and some of them are going to like not paying taxes, and he figured out their weaknesses," Buffett said.Buffett has donated more than $43 billion to the Gates Foundation since 2006.— Karen James Sloan contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The expected travel boom from the World Cup is looking like it will be a city-by-city, match-by-match test of pricing power. View More

watch nowVIDEO4:2404:24World Cup betting boom could outweigh early travel concernsMorning Call The 2026 World Cup is expected to bring a wave of global soccer fans to North America. But the travel boom is shaping up to look less like one uniform surge and more like a city-by-city, match-by-match test of pricing power."Demand is real and positive, but it's not evenly distributed across host cities," said Jay Wardle, president of travel data intelligence company Sojern. New flight-booking data from Sojern shows most U.S. and Canadian host cities are seeing year-over-year gains for the tournament window, led by Houston and Dallas. But Seattle and all three Mexican host cities are trailing last year's pace.The tournament kicks off Thursday in Mexico City and runs through mid-July, ending with the final at New York New Jersey Stadium — better known as MetLife Stadium — in East Rutherford, New Jersey. It is the biggest World Cup ever, with 48 teams, 104 matches and games across the United States, Canada and Mexico.For hotels, restaurants, airlines, ride-sharing companies and host cities, the pitch has been straightforward: more teams, more games, more fans and more spending.FIFA has projected the event could contribute up to $17.2 billion to U.S. GDP. But Deutsche Bank said even if it brings 1.2 million international fans to North America, the overall economic impact will likely be limited in a U.S. economy of this size — amounting to a short-term GDP lift of roughly 0.05% if FIFA's estimate is reached. Hotels and Airbnb Businesses along Roosevelt Avenue prepare for the World Cup by displaying flags, soccer jerseys, and banners on June 09, 2026, in the Queens borough of New York City. Spencer Platt | Getty Images The financial bonanza is likely to be split unevenly among cities, hotels, restaurants and other tourism-dependent businesses. Airbnb said it is expecting its best event ever, surpassing the  2024 Paris Olympics. The company expects to benefit from families and groups looking for larger accommodations or lower per-person costs.It could also benefit from how long travelers are staying. Sojern's data shows more than three-quarters of World Cup travelers plan to spend six to 12 nights at their destination. "We're pretty enthusiastic about the impact of FIFA as we look at booking patterns coming into the summer," Marriott CEO Tony Capuano told CNBC. "We're seeing really strong demand patterns in both FIFA and non-FIFA cities in the U.S."Capuano said Marriott expects the World Cup to lift U.S. revenue per available room by about 40 basis points. (function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})(); Marriott, the world's largest hotel chain, said it's particularly well-positioned because of its brand recognition and rewards ecosystem. "Because of the breadth of our global footprint, we have deep experience, whether it's FIFA, whether it's the Olympics, Super Bowl," Capuano said. "The booking patterns we're seeing are tracking pretty closely with our expectations."Capuano said some release of FIFA room blocks had been anticipated and that current bookings are "right on track" with Marriott's forecast. The bigger variable, he said, will be the later rounds, when travel demand could shift depending on which national teams advance.Jim Allen, chairman of Hard Rock International and CEO of Seminole Gaming, said South Florida is already seeing World Cup-related momentum. Allen said more than half of tickets for games in the Miami area are being purchased by locals, while the rest are coming from tourists. watch nowVIDEO11:0711:07Hard Rock sees big boost from World CupCNBC Sport He said Miami's deep ties to Central and South America are helping drive demand, along with the region's existing tourism infrastructure and soccer culture.For Hard Rock, Allen said the World Cup is already producing high-end international traffic. He said the company is seeing guests from multiple continents, including some staying at Hard Rock properties for the first time. He also said casino play tied to the event is exceeding normal levels and rivaling the kind of activity Hard Rock sees around major events such as the Super Bowl and Formula One. 'Still finalizing plans' Businesses along Roosevelt Avenue prepare for the World Cup by displaying flags, soccer jerseys, and banners on June 09, 2026, in the Queens borough of New York City. Spencer Platt | Getty Images Sojern's flight booking data shows nearly an 8% increase in Miami, with New York showing nearly the same boost. Dallas-Fort Worth is seeing a roughly 10% jump and nearly 13% increase in Houston. But not all cities are seeing the same lift. For instance, Seattle's flight bookings are nearly 21% lower than this time last year. The expanded World Cup format means more inventory and more tickets to sell across more matches. Marquee games, host-nation matches and the final are still expected to command premium demand. But lower-profile group-stage matches in large NFL stadiums have been harder to fill, especially with ticket prices remaining high, on par with Super Bowl-level scarcity. That creates a pricing challenge. Host cities and hotel owners prepared for a once-in-a-generation event. But fans are making practical decisions: which match is worth the trip, how far they are willing to travel, whether to stay in a hotel or short-term rental, and whether prices still make sense. Rosanna Maietta, president and CEO of the American Hotel & Lodging Association, said hotel demand in host cities has "evolved differently than many initially anticipated," driven in part by lower-than-expected international visitation.A survey by the industry group in April showed 80% of respondents reported reservations weren't meeting expectations. Some were furious that FIFA had canceled large room blocks it had previously booked. But she said AHLA members are now seeing demand pick up, consistent with shorter booking windows for major events."Unlike typical leisure travel, many visitors are still finalizing plans and securing tickets," Maietta said. "The industry expects some acceleration of late bookings in the lead-up to individual games and we believe stadium attendance will be strong."Sojern said 35% of hotel bookings in World Cup host cities historically occur in the final seven days before travel.FIFA President Gianni Infantino downplayed any concerns about disappointing results in travel. He told CNBC's Sara Eisen on Tuesday, "We should make the analysis after the end of the World Cup. We have never seen so many ticket requests. " watch nowVIDEO7:4307:43FIFA pres. on ticket prices: The World Cup being in America is a 'once-in-a-lifetime opportunity'Squawk on the Street Deutsche Bank said hotel real estate investment trusts with greater exposure to full-service hotels could benefit from World Cup demand as team delegations, sponsors and business groups use not just rooms, but meeting spaces and food-and-beverage outlets. The firm has generally baked a 50- to 75-basis-point revenue per available room lift into its hotel REIT models tied to the tournament. It also expects luxury hotels to benefit more than economy properties.Restaurants may be better positioned to benefit broadly. Deutsche Bank said foodservice companies should get a lift from both tourism and watch parties, especially restaurants near stadiums and host cities, delivery-heavy concepts such as pizza and wings, and sports bars showing games during North American time zones.Derek Evans, CEO of the Marcus Samuelsson Group, told CNBC that in the restaurant business, it's too early to count his chickens. "You haven't seen fandom really kick in yet," he said. "When your country's team starts winning that's when travel budgets go out the window."Rideshare companies such as Uber and Lyft could also see increased demand around matches.The key question for host cities is whether even the biggest sporting event in the world has a price ceiling.Disclosure: CNBC parent Versant carries NBC Sports-produced Olympic coverage on its networks, including USA Network and CNBC. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The central bank has capped bank exposure to completed, cash-generating assets, setting a 49% limit and barring refinancing of under-construction projects, as it issues final rules effective April 2027. View More