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The Waymo self-driving cars deployed in Phoenix for the Uber pilot will remain in use and make autonomous deliveries with DoorDash. View More

In this articleUBERGOOGLFollow your favorite stocksCREATE FREE ACCOUNT A Waymo vehicle exits a charging lot on Jan. 15, 2026 in Austin, Texas.Brandon Bell | Getty Images Waymo robotaxi rides are no longer available via the Uber app in Phoenix, Arizona, the companies confirmed on Monday."Phoenix was our first pilot market with Waymo and was an intentionally limited deployment, reaching just over a dozen vehicles dedicated to the program," Uber said in a statement. "We learned a lot from that collaboration, which helped us to quickly scale Austin and Atlanta, where hundreds of Waymo AVs are available exclusively on Uber and our coverage area continues to expand."The end of the robotaxi pilot program raises questions about Uber's dominance in a future of self-driving services.Uber execs have pitched the company as the crucial platform that robotaxi players will need to rely on to tap demand. The ride-hailing giant has inked partnerships with every major autonomous vehicle developer, with the exception of Tesla. Tesla's fledgling robotaxi service is operating with a very limited fleet of just 69 registered, automated vehicles in Texas today. Read more CNBC tech newsThe memory shortage shaking Apple and Microsoft is 'existential crisis' for smaller playersThe AI boom is colliding with a new threat: Severe weatherChina's Zhipu is closing in on top U.S. AI models with Anthropic and OpenAI held backHow GE Vernova builds the massive gas turbines powering the AI data center boom Waymo said in a statement that the Uber initiative "was a productive pilot that paved the way for future expansions and partnerships across the globe."The autonomous vehicles that the Google sister company deployed for the Phoenix Uber pilot will remain in use there, and will make autonomous deliveries via DoorDash, which competes with Uber Eats.Waymo, which operates a fleet of about 4,000 automated vehicles in the U.S., makes its driverless rides available exclusively via Uber in Austin and Atlanta today. In nine other cities, Waymo's robotaxi passenger rides are primarily available via its own app, and in a limited way through public transit partnerships. Waymo plans to offer its robotaxi rides through Lyft in Nashville later this year without exclusivity. Autonomous vehicle industry researcher Grayson Brulte, founder of Autmny AI, brought attention to the end of the companies' work together in Phoenix in a social media post on Monday. The pilot program had concluded about a month ago. Uber said it plans to partner with another AV company in Phoenix but did not disclose which one.Last fall, Tesla obtained a permit allowing it to operate a ride-hailing service in Arizona, a step towards its promises to build a massive robotaxi service in the US. The company also obtained a permit in Arizona for testing autonomous vehicles with a human safety driver on board. In March, Amazon-owned Zoox said it would be testing with hopes to expand its driverless ride-hailing services to Phoenix this year. During a first-quarter earnings call, Uber CEO Dara Khosrowshahi touted Uber's partnerships in the driverless vehicle space, including deals with Rivian, Zoox, China's Pony.AI and Croatia's Verne."AV Mobility trips on Uber increased more than 10x year over year, and we are now live in eight cities, with plans to expand to up to 15 by year-end," he said. Waymo is by far the leader in the U.S., and is eyeing international expansion this year.Since last month, the company issued a pair of voluntary software recalls, including to fix issues that had allowed Waymo robotaxis to drive into construction zones on freeways in Phoenix.WATCH: Uber takes on Waymo and Tesla in Houston watch nowVIDEO2:5202:52Uber takes on Waymo and Tesla with expanded robotaxi service in HoustonTechCheck Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

U.S. and Chinese tech companies are increasingly pursuing opportunities outside their home markets, with government policy support. View More

In this articlePRX-NLFollow your favorite stocksCREATE FREE ACCOUNT At a supply chain expo in Beijing on June 24, 2026, PwC Global Chair Mohamed Kande gives a tour of the company's booth to Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT).CNBC | Evelyn Cheng Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a snapshot of what I'm seeing and hearing from local businesses.As more Chinese tech companies set their sights on global users, competition with the U.S. enters a new phase. The big story From data centers to artificial intelligence applications, Chinese companies are expanding rapidly outside their home market, just as American firms race to do the same."US tech investors need to keep a very close eye on the growing competition from China tech because as we've seen, many Chinese companies first prioritize market share over profit margins," market strategist Peter Boockvar wrote on June 24.Launching low-cost AI models with capabilities that rival American-made ones was only the first step. Next is industrial integration. It's a sign that price and functionality will increasingly matter as economic competition expands globally — clearly illustrated by events over the past week. The use of AI in manufacturing is going to create more jobs and opportunities "not only here in China, but also outside of China, where a lot of companies will leverage Chinese technology," Mohamed Kande, global chairman of PwC, said Wednesday during a panel at the state-organized China International Supply Chain Expo in Beijing.Despite China's decades-old role as a global manufacturing hub, the supply chain expo itself only launched in 2023 after Chinese President Xi Jinping's call to enhance industrial security.That same morning, Chinese Premier Li Qiang referenced the expo at the World Economic Forum's "Summer Davos" event in Dalian to emphasize how innovation can offset global economic headwinds.He touted 10 billion downloads globally of China's open-source AI models. "China will integrate more proactively into the global innovation and industrial chains," he said, according to an official English translation.Chinese companies use AI for cross-industry collaboration far more than businesses elsewhere, especially U.S. firms, PwC said in a report published as the supply chain expo kicked off. Kande and PwC declined to comment further. The U.S. playbook The U.S. isn't sitting still.The State Department last week signed on new Europeans participants for its "Pax Silica" initiative to secure global tech supply chains, while urging countries to rally behind U.S. tech rather than developing competing systems.Following a two-day Pax Silica summit that wrapped up on Friday in Washington, D.C., the U.S. launched an advanced manufacturing program with Stanford University.And sharing the stage with PwC's Kande in Beijing was Boeing China President Landon Loomis, who also serves as a U.S. representative to the APEC Business Advisory Council.Loomis highlighted APEC's upcoming "digital week" in Chengdu next month as an "important opportunity" for member economies to discuss AI governance and "technological operability."Although the event will take place in China, U.S. tech companies are expected to attend and hold workshops promoting American AI capabilities, a U.S. official previously told CNBC.Meanwhile, American companies in China navigate a middle road. Honeywell China used the expo to announce a partnership integrating its manufacturing management system and AI capabilities with ByteDance's corporate software Lark. With the system, Honeywell clients can increase returns by three to five times, Honeywell China President William Yu claimed during a panel at the expo.Nvidia's Jensen Huang sent a video message after participating in person last year, while the expo organizers said Apple's Chief Operating Officer Sabih Khan attended for the first time this year. The iPhone maker did not respond to a CNBC request for comment. The next battleground Efforts by U.S. companies to retain a foothold in China come as Chinese companies push further overseas, particularly in cloud computing infrastructure.Earlier this month, Alibaba announced its third European data center in France, joining facilities in the U.K. and Germany.The move "underscores Alibaba's global cloud ambitions," said Aras Poon, an analyst at S&P Global Ratings."The French site will likely bring data closer to local customers, reducing latency, improving reliability, and positioning Alibaba to serve more complex, time-sensitive workloads," Poon said.Alibaba and ByteDance are also investing heavily in data centers in Asia, where Amazon, Google, Microsoft and Oracle are pursuing similar buildouts. By 2030, Asia Pacific could account for roughly 34% of global data center demand, compared with North America's projected 46% share, McKinsey said in a report last week.The global AI race is clearly no longer just about who builds the smartest model, but about ecosystems. Need to know Morgan Stanley doubles China humanoid robot shipment forecast as commercialization acceleratesThe investment bank now expects 50,000 Chinese humanoids to ship this year, up from predictions earlier this year of 28,000 and 14,000. Shenzhen-based Lingyi iTech, which listed in Hong Kong on Friday, told CNBC's Emily Tan that it's manufacturing humanoids for both Chinese and American companies. Tencent tests AI assistant in China's most popular app as it looks to catch up with rivalsXiaowei, "a native AI assistant," is being tested "on a small scale" in Weixin, the Chinese version of WeChat, Tencent said in a statement translated by CNBC.Second worker dies at BYD's Hungary factory already under scrutiny for labor practicesThe fatality — which follows a death at the site in February — comes after BYD executive vice president Stella Li earlier this month denied allegations of labor abuse at the site. The automaker did not respond to requests for comment on the latest fatality.U.S. fights with Brazil for China's giant soybean marketChina has bought all 12 million metric tons of American soybeans that it agreed to purchase in the marketing year ending August 2026, and almost all of that has been shipped, Jim Sutter, CEO of the U.S. Soybean Export Council told CNBC. As for the subsequent 25 million metric tons, he said purchases have begun. Coming up June 30: China's official manufacturing PMI for JuneJuly 1: 105th anniversary of the founding of the Communist Party of China (CPC)July 1: China's new rules on outbound investment take effectJuly 1: RatingDog China manufacturing PMI for JuneJuly 3: RatingDog China services PMI for JuneJuly 2 -5: Global Digital Economy Conference in Beijing Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The Supreme Court issued a pair of highly anticipated rulings on Monday that have far-reaching implications for household finances. View More

The U.S. Supreme Court in Washington, June 29, 2026.Graeme Sloan | Bloomberg | Getty Images Two highly anticipated Supreme Court rulings on Monday may have far-reaching effects for consumers, both positive and negative, according to financial experts. In one ruling, Supreme Court justices preserved the Federal Reserve's independence from political influence — for now, at least — which experts said was a win for consumers and the U.S. economy.The other decision, which gave presidents the power to fire members of other federal commissions like the Federal Trade Commission, could lead to more volatile policymaking and regulatory whiplash for consumers and businesses, even under future presidential administrations, they said. Supreme Court ruling on Fed, Lisa Cook Federal Reserve Governor Lisa Cook, accompanied by lawyer Abbe Lowell, outside the U.S. Supreme Court, as Supreme Court justices consider President Donald Trump's effort to fire her, in Washington, Jan. 21, 2026.Nathan Howard | Reuters The high court, in a 5-4 ruling, sided with Federal Reserve Governor Lisa Cook, whom President Donald Trump tried to fire in August 2025.Fed governors serve 14-year terms and can only be removed for cause. Cook's term is set to expire in 2038. In an August 2025 letter to Cook, Trump said he had "reason to believe" the Fed governor, who was nominated by former President Joe Biden, had committed mortgage fraud. Cook said the attempted removal wasn't "for cause," and that she didn't receive due process. watch nowVIDEO2:5202:52Supreme Court allows Lisa Cook to remain at Fed for nowHalftime Report The case's outcome has major implications for the central bank's independence and the president's ability to install loyalists who could sway monetary policy based on political whims, experts said. The ruling effectively preserves the status quo — to the benefit of consumers and the U.S. economy, they said."We view the Cook decision as restricting the ability of the President to remove Federal Reserve governors," Jaret Seiberg, financial policy analyst at TD Cowen, wrote in a note Monday. "That should reinforce the independence of the central bank and make it less likely that the President tries to fire other governors in order to put his supporters on the board." Avoiding a 'much darker scenario' Federal Reserve officials vote on interest rate policy, striving to keep inflation and the labor market in balance. Politicians would generally prefer lower interest rates in the short term to juice the economy, reduce unemployment and lower borrowing costs in the lead up to an election, said David Wessel, senior fellow and director of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, a think tank. Read more CNBC personal finance coverageImposter scams led fraud reports in 2025, causing $3.5 billion in lossesSEED OK gave some newborns $1,000 — how researchers say the grants affected kidsIRAs hold trillions more than 401(k) plans — yet people hardly save in themIRS says Trump Account contributions will not trigger annual gift tax reporting requirementsCNBC's Financial Advisor 100: Best financial advisors, top firms rankedCNBC Elite Advisors: Top ultra-high net worth wealth management firms for 2026 However, those impacts would likely prove temporary: Sustained, artificially low interest rates would likely mean an overheating economy and higher inflation in the medium and longer term, and a potentially weaker economy, experts said. This is why the Fed's independence — and that of central banks in other advanced economies — is so important, experts said.While it would take time to see the negative effects of artificially low rates, it would be "a much darker scenario" compared to one in which the Fed is independent, said Mark Zandi, chief economist at Moody's. He added that those ill effects would have come at a time when the U.S. is already struggling with an affordability problem and high inflation. watch nowVIDEO4:4104:41Supreme Court regards Fed as having immunity from Presidential removal: Harvard's Daniel TarulloSquawk on the Street The Supreme Court ruled that Trump didn't meet the legal threshold to fire Cook for cause. Chief Justice John Roberts, writing for the majority, said accepting Trump's position "would in effect transform the Federal Reserve's for-cause protection into at-will employment — an interpretive leap out of step with the statute Congress enacted and our Nation's tradition of central banking protected from political interference."The Founding Fathers, Roberts wrote, knew from experience the "calamities" that could result from a Fed influenced by politics. "Not only the fact of independence but also the appearance of independence is key to the Federal Reserve's design," he wrote. The Cook, Fed case isn't over The Supreme Court's ruling isn't necessarily the last word on Cook's removal. The majority said that Cook is entitled to some explanation of the evidence against her, and an ability to respond to the allegations. "Only after Cook has had the opportunity to respond to the charges made against her may a final decision be made," Roberts wrote. "And only then can the courts assess the validity and sufficiency of such charges." "What that means is that the case is not over," Seiberg wrote. "The President could still initiate a process to remove Cook in which he presents her with evidence to support a for-cause removal."When asked for comment on the Supreme Court case and the president's plans, the White House pointed to a social media post Trump issued after the ruling Monday.In that post, the president signaled that his administration "will take appropriate action immediately." Impacts of Supreme Court FTC case Federal Trade Commission Commissioners Rebecca Slaughter, left, and Alvaro Bedoya chat before FTC Chair Lina Khan testifies during a House Judiciary Committee hearing in the Rayburn House Office Building on Capitol Hill in Washington, July 13, 2023.Shuran Huang | The Washington Post | Getty Images Meanwhile, in a separate 6-3 ruling, the Supreme Court gave Trump and future presidents the power to remove members of independent federal agencies that carry out functions under the executive branch of government.In March 2025, shortly after Trump began his second term, he fired the Federal Trade Commission's two Democratic appointees, Rebecca Slaughter and Alvaro Bedoya. Trump didn't identify a cause for the dismissal, but said their service was "inconsistent with [his] Administration's priorities," according to the Supreme Court's majority opinion, which Roberts also wrote. The high court sided with Trump, saying the FTC's for-cause removal provision is inconsistent with the Constitution's separation of powers. watch nowVIDEO2:5002:50Supreme Court allows Trump to fire FTC member in major win for presidential powerSquawk on the Street The ruling has implications for all independent federal agencies, which typically have a roster of bipartisan commissioners, experts said. In addition to the FTC, they include the Securities and Exchange Commission, the Federal Deposit Insurance Corporation and the Commodity Futures Trading Commission, they said."The FTC opinion matters for financial regulation," Seiberg wrote. "The justices have given future Presidents the power to fire members of independent agencies."Trump in a social media post Monday said the Supreme Court ruling was a "BIG WIN" and "one of the most important ever given with respect to Presidential Powers." He said in a separate post that the ruling "greatly" increased presidential power "at a time when it is most needed." The U.S. Supreme Court building is seen in Washington on June 25, 2026, as the court releases a series of decisions nearing the end of its current term.Mehmet Eser | Anadolu | Getty Images However, other observers said the outcome would be negative for consumers. The Supreme Court undercut regulators that have been "crucial to protecting the rights of workers; protecting consumers from unsafe products and unreasonable business practices, [and] policing financial markets and investor protection," among other functions, wrote Rachel Weintraub, executive director of the Coalition for Sensible Safeguards. Consumers and businesses are also likely to see rapid changes in policy from administration to administration, especially if they're from a different political party, experts said. watch nowVIDEO2:3002:30Trump responds to Supreme Court ruling backing FTC member firing: 'Big win'Squawk on the Street "I think what we're going to see on all these regulatory agencies is a pendulum swing," said Wessel, of the the Brookings Institution."If you think that the consumers who use Meta and the small-business owners who sell on Amazon will be made better by this decision, then I am Dora the Explorer," Bedoya said on a press call Monday morning. "This is just going to be a terrible result for consumers, and they're the ones who are going to have to pay for all of this," Bedoya said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Eli Lilly and Regeneron are among the first seven companies the FDA has selected for its PreCheck Pilot Program, CNBC has learned. View More

In this articleLLYREGNAMRXFollow your favorite stocksCREATE FREE ACCOUNT Eli Lilly and Regeneron are among the first seven companies the U.S. Food and Drug Administration selected for a pilot program designed to accelerate reviews of new domestic pharmaceutical manufacturing facilities, CNBC has learned. Lilly, Regeneron, Amneal, Cellares, Fujifilm Biotechnologies, Kriya Therapeutics and Kyowa Kirin are the first companies that will participate in the FDA's PreCheck pilot program, according to FDA spokesperson Benjamin Nichols. The initiative will allow regulators to start reviewing new manufacturing facilities while they're under construction to catch and correct any issues, which the FDA estimates could save companies up to 14 months. Producing more drugs domestically has been a priority for the Trump administration. The initial recipients range from the most valuable healthcare company in the world to closely held biotechs developing gene therapies. The majority of them plan to make biologic drugs or genetic medicines, which involve more complex manufacturing. To be eligible for the PreCheck program, companies needed to build a new manufacturing facility capable of making drugs that would address a market supply gap or improve access to therapies for unmet medical needs. Only drugs that rely on the facility will be covered by the program. Lilly Chair and CEO Dave Ricks speaks during a press conference for Eli Lilly and Co. in Houston, Texas, Sept. 23, 2025.Antranik Tavitian | Reuters For example, the FDA selected Lilly's Lebanon, Indiana, facility that will make the main ingredients of GLP-1 pills and shots. Lilly said it's "evaluating how PreCheck and related regulatory improvements may impact the facility's timeline and will continue to work closely with FDA to support the program's success."The $2 billion Saratoga Springs, New York, site that Regeneron announced last fall was also chosen. In a statement, Regeneron CEO Leonard Schleifer said Regeneron has invested in U.S. biologics manufacturing and advocated for increased focus on domestic production of medicines. "We're pleased to see programs like the FDA's PreCheck Pilot Program that encourage collaboration between innovators and regulators to build next generation manufacturing capabilities and strengthen America's biopharmaceutical industry," he said. Another recipient is Fujfilm Biotechnologies' new facility in Holly Springs, North Carolina. The contract manufacturer opened the site last year. It's already making monoclonal antibodies for customers Regeneron and Johnson & Johnson, and will produce them for other customers as more parts of the site open in 2027 and 2028. The PreCheck program includes two components: facility readiness, where the FDA gives the companies technical guidance before the site opens, and application submission, where participants can get more hands-on feedback from the FDA and expedited inspections and facility evaluation. Fujifilm said it expects the operational readiness review before the end of the year thanks to the expedited process. And it expects the program will allow its customers to explore faster approval pathways with the FDA. Initial participants in the FDA's PreCheck pilot programAmneal Pharmaceuticals: Amneal's facility in New York that will make small molecule sterile liquid products for pain management, respiratory and ophthalmic diseases.Cellares: Cellares' facility in New Jersey that will manufacture cell-based gene therapies for oncology and hematology diseases.Eli Lilly: Eli Lilly's Indiana facility that will make the main ingredients of GLP-1 pills and shotsFujifilm Biotechnologies: Fujifilm's facility in North Carolina that will produce monoclonal antibodies.Kriya Therapeutics: Kriya's facility North Carolina that will manufacture adeno-associated virus-based gene therapies for chronic diseases.Kyowa Kirin: Kyowa's facility in North Carolina that will manufacture biologics for rare diseases.Regeneron: Regeneron's facility in New York that will produce biologic drug substance, sterile injectables and protein therapeutics for multiple diseases. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Parents, guardians and others who contribute to a Trump Account will not be required to file a gift tax return, the IRS and Treasury Department said Monday. View More

watch nowVIDEO5:2405:24Scott Bessent: Trump accounts sign up 5 million kids, 1.2 million eligible for $1,000 seed moneySquawk Box Contributions to Trump Accounts will not be subject to gift tax reporting, under the safe harbor rules, according to guidance issued Monday by the Treasury Department and the Internal Revenue Service. As a result, parents, guardians, grandparents and others can contribute up to $5,000 a year in after-tax dollars to a Trump Account and they will not be required to file a gift tax return."By granting this relief, the IRS has responded to concerns raised by taxpayers who planned to make contributions to a Trump account but worried such donations would trigger the gift tax reporting rules," IRS Chief Executive Officer Frank Bisignano said in a statement. "The relief granted will reduce the potential burden placed on friends and family who want to put money into a Trump account." Read more CNBC personal finance coverageImposter scams led fraud reports in 2025, causing $3.5 billion in lossesSEED OK gave some newborns $1,000 — how researchers say the grants affected kidsIRAs hold trillions more than 401(k) plans — yet people hardly save in themIRS says Trump Account contributions will not trigger annual gift tax reporting requirementsCNBC's Financial Advisor 100: Best financial advisors, top firms rankedCNBC Elite Advisors: Top ultra-high net worth wealth management firms for 2026 The gift tax return filing requirement had been a potential sticking point, experts say. To qualify for the annual exclusion, gifts must be "present interest," with immediate recipient access. Now, Trump Account cash contributions "will be treated as completed gifts that are not gifts of future interests in property and to which the annual per-donee gift tax exclusion applies," according to the IRS.These contributions will also count towards the annual exclusion for gifts, which is $19,000 per recipient for 2026. "It's going to remove paperwork burdens on taxpayers," said Lawrence Pon, a certified financial planner and certified public accountant based in Redwood City, California, "so I think it's a very positive thing the IRS has done for us."It also removes a significant burden on the IRS, he added. "The IRS normally gets about 300,000 gift tax returns per year, and if Trump Account contributions were subject to this requirement, the number of returns will be in the millions," Pon said. Trump Accounts, also known as 530A accounts, are open to any U.S. child under 18 with a Social Security number and include a one-time $1,000 pilot program contribution from the Treasury Department for babies born from 2025 through 2028.So far, more than 6 million American children have been signed up, according to Treasury's recent tally.In the lead-up to the official launch on July 4, parents and guardians can open an account for a beneficiary by filling out IRS Form 4547 with their tax return or on TrumpAccounts.gov.Subscribe to CNBC on YouTube. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Comcast plans to separate its cable and media divisions over the next year. This could set each company up for M&A, but there might not be any good options. View More

In this articleVSNTCMCSAFollow your favorite stocksCREATE FREE ACCOUNT Comcast logo on the wall of a building at Universal Studios in Orlando, Florida, July 18, 2019.Roberto Machado Noa | Lightrocket | Getty Images Analysts think Comcast is priming for deals. Comcast leadership says they're wrong.The company announced Monday it plans to separate its two primary businesses — cable broadband and the media units of NBCUniversal and Sky. It's the second major structural change for the decades-old company in recent months, and it's raising questions of potential future deals for either half of the company. But on a call with investors to discuss the split, Comcast executives came ready with cold water:"Absolutely not," Comcast co-CEO Brian Roberts said Monday, when asked if investors should view the separation as a potential setup for future deals. Roberts, son of founder Ralph Roberts and Comcast's controlling shareholder, won't be CEO of either company after the separation but will continue to be "actively involved" in the leadership of both companies, Comcast said."This is the right move to put each company in the strongest position to create value, fully monetize its assets, and aggressively pursue its own organic growth strategies," Roberts said. Co-CEO Mike Cavanagh echoed that denial: "On the NBCUniversal side and [with] Sky, definitely not." A reason Comcast is squashing deal speculation? There may not be many good ones left. Splitting before M&A Wall Street and industry onlookers have called for a split of Comcast for years, motivated by the rise of streaming and severe competition in the media industry. While company leaders have discussed a separation at various points since at least 2019, executives have never seriously considered it until now, according to a person close to the situation who asked not to be named because the discussions are private. When Comcast decided to siphon off its cable TV networks into a separate publicly traded company less than two years ago — the spinoff that would ultimately become CNBC-parent Versant Media Group — the prospect of carving out NBCUniversal as a whole never came up, the person said. Instead, the move to sever NBCUniversal and Sky from the Xfinity cable business came together rather quickly in recent months, the person said.Wall Street just witnessed a large media deal following an announced spin, noted Mike Proulx, research director at Forrester. Before Warner Bros. Discovery launched a sale process that resulted in dueling bids from Netflix and Paramount Skydance, WBD said it planned to separate its assets into two companies."Comcast is following a playbook we have already seen. Warner Bros. Discovery split itself apart as it moved into a deal with Paramount. Now Comcast is doing the same with NBCUniversal. History matters here because Peacock increases NBCUniversal's acquisition potential," Proulx said. Michael Angelakis, left, then chief financial officer of Comcast Corp., and Comcast CEO Brian Roberts attend the Allen & Co. Sun Valley Conference on July 9, 2014, in Sun Valley, Idaho.Scott Olson | Getty Images The spinoff comes against the backdrop of widespread consolidation. Paramount Skydance itself is the product of a merger that closed just about a year ago. Soon after closing, it fought off streaming giant Netflix for the WBD assets. Smaller deals have come to market too, as the media industry grapples with shifting consumption habits. Earlier this month, Fox agreed to buy streaming platform company Roku for $22 billion. And broadcast station owners have been desperate to combine to gain scale. With the exception of bidding on WBD, Comcast has stayed away from M&A and has focused on its own businesses. "There's no surprise that both the media and telecom landscapes have become increasingly competitive and that pace of change continues to accelerate. We simply don't see these conditions changing anytime soon," Cavanagh said on Monday's call. Cavanagh will be CEO of the media businesses post-spin, Comcast said. "Our plan for NBCUniversal and Sky is to build and invest for growth. We have the ambition that's big to pursue opportunities that keep us ahead of evolving consumer behavior and audience demands, and we have the freedom now to explore adjacent business where we have the right to play," Cavanagh said. Deal hurdles The motivation behind splitting a company apart is often to open up more deal opportunities. Still, it's not clear what deals the newly created company of NBCUniversal and Sky assets could explore without serious regulatory challenges. For one, housing broadcast network NBC creates various obstacles. The company wouldn't be able to merge with a company that has another national network, effectively taking Disney, the owner of ABC, and CBS owner Paramount Skydance off the table. Even eliminating the broadcasters from the equation, a deal with Paramount Skydance — which has been on something of a shopping spree under new CEO David Ellison — would be a stretch following the completion of its deal with WBD. Fox, the remaining major player in linear TV, has stayed away from traditional media after hiving off its entertainment assets years ago and likely doesn't have the appetite for another deal after its Roku agreement. With the WBD sale process, Netflix showed it was open to doing deals — for the right assets. But Netflix's interest in WBD was in its film studio and streaming assets, casting aside WBD's linear networks. Even with major sports properties like the NFL's Sunday Ticket, the NBA and top film content, it's hard to imagine Netflix would make such a shift and get into linear TV via a hypothetical deal with NBCUniversal. That leaves little else on the table when it comes to media deals, with the largest players all pretty much spoken for. Comcast didn't specify Monday what it expects either company to be valued at post-spin, but between the Universal theme parks business, a substantial, albeit small, streamer and a respected content library, NBCUniversal would likely be too large for a smaller player to swallow. On the cable side, it may be a similar scenario. Cord keepers A Comcast Xfinity work truck is seen on April 23, 2026 in Miami, Florida. Joe Raedle | Getty Images The remaining Comcast assets after the spin-off — broadband, mobile and pay TV under the Xfinity brand — have gone from gangbusters growth to stagnation and often quarterly losses of broadband customers as competition has ramped up from wireless and satellite providers. The market immediately rewarded the stock of Charter Communications, another cable giant in the midst of completing a different acquisition, on Monday after Comcast's announcement. Charter shares soared 10%, signaling investors could be favoring a possible Comcast and Charter merger, tying up the two largest U.S. cable companies. Charter and Comcast have both invested heavily in their broadband networks and mobile businesses, even as competition has intensified. They are part of a joint venture in which Charter cable TV customers can use Comcast's Xumo streaming devices. They've also each aggressively changed pricing packages to go after and retain customers. But such moves have done little for either company's stock price. There's some historical precedent driving Wall Street's anticipation of a potential deal. Comcast attempted to acquire Time Warner Cable in 2014. When Comcast dropped its bid amid regulatory opposition, Charter scooped up the asset — then the nation's second-largest U.S. provider. The majority of modern-day Charter used to be Time Warner Cable.Still, there's reason for skepticism, according to MoffettNathanson analyst Craig Moffett. The Department of Justice had been prepared to block a Comcast-Time Warner Cable deal. Even if a hypothetical Comcast-Charter deal got federal approval, it would need state-by-state acceptance, which may not be easy in Democrat-controlled states such as Massachusetts, Illinois and Maryland, Moffett said in an interview."You'd have to go through a gauntlet of individual state public service commissions," Moffett said. "There would likely be pretty staunch opposition in blue states that are traditionally opposed to mergers like this."There's also the enormous debt load that would come with such a combination, according to the person close to the matter. Charter is in the midst of closing its merger with Cox, which would leave it with a debt load of more than $100 billion after taking on Cox's debt. Assuming Comcast shoulders much of the debt load post-spin in a move to alleviate NBCUniversal — a hallmark of the Versant spinoff was a low amount of debt on the new company — combining the two cable companies would create a hefty debt burden, the person said. There are also strategic questions about a Charter-Comcast deal. In 2014, when Comcast tried to buy Time Warner Cable, one of the driving forces of that transaction was the ability to gain leverage over media programmers in TV carriage disputes by adding subscribers. More than a decade later, the cable TV business has become a far smaller component of both Charter and Comcast, diminishing the value of this potential synergy.There are few broadband synergies by simply owning more customers, Moffett said. Cable businesses are local operations that are largely unaffected by adding scale, he said."Your cost structure in Chicago isn't meaningfully affected if you own systems in North Carolina," Moffett said.Former Comcast chief financial officer and incoming CEO of the cable assets post-spin, Michael Angelakis, said Monday he believes the company has the network assets it needs to compete. Future transactions Rather than an immediate transaction, Comcast may be looking years ahead."It may not be imminent. But I think it probably sets the stage on the M&A front," said Jonathan Miller, a media industry veteran who currently serves as chief executive of Integrated Media, which specializes in digital media investments. "This is literally done for the purpose of having more optionality around different opportunities," Miller said. Timing of a future deal may also come down to technicalities. Comcast estimated a one-year timeline to close the split. After that, standard U.S. tax regulation compels potential acquiring companies to wait even longer before acquiring a recently spun-off target. However, depending on details such as the kind of deal and timing, there are varying degrees to just how long a company has to wait, the person familiar said. Disclosure: Versant Media Group is the parent company of CNBC. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Justice Amy Coney Barrett, whom Trump nominated in 2020, rejected arguments that federal laws preempt Mississippi permitting late-arriving absentee ballots. View More

A view of the US Supreme Court in Washington, DC, on June 25, 2026. Saul Loeb | AFP | Getty Images The Supreme Court on Monday ruled that Mississippi can continue to count some absentee ballots received after Election Day, rejecting a Republican challenge contending that those votes are invalid under federal law.The 5-4 opinion, which was written by one of President Donald Trump's appointees and joined by the court's three liberals, delivers a blow to ongoing efforts by Trump and the GOP to curtail mail-in voting ahead of the midterms."Mississippi is one of roughly 30 States that count at least some absentee ballots mailed by election day but received afterward," the majority noted in the ruling.Trump lamented the legal defeat in a Truth Social post that urged Republicans to pass a controversial election bill that he has aggressively pushed."In light of the tremendous loss in the Supreme Court today concerning Voter's Rights, and the fact that 'people's' votes are allowed to be counted LONG AFTER an Election is over, it is more important than ever to pass THE SAVE AMERICA ACT," Trump wrote.At the White House later Monday, Trump called the Supreme Court ruling "a little bit surprising," claiming it "gives people more time to vote illegally.""I think it was very detrimental to honest elections, but it is what it is," he told reporters in the Oval Office.Trump regularly, and without providing evidence, amplifies allegations that U.S. elections have been corrupted by large-scale voter fraud.Mississippi's election law allows absentee voters, including seniors and college students, to cast their ballots by mail so long as they are postmarked on or before Election Day and received no more than five days afterward. The change, made in 2020 during the Covid-19 pandemic, passed nearly unanimously in Mississippi's legislature and was signed into law by Gov. Tate Reeves, a Republican. The Republican National Committee sued in 2024, arguing that the wording of federal election statutes indicates that Election Day itself is the deadline for when ballots can be received.But the Supreme Court disagreed."The federal election-day statutes do not prevent Mississippi from counting absentee ballots postmarked by election day but received up to five days thereafter," the court held. "Nothing in the federal election-day statutes requires ballots to be received by election day."The outcome was a surprise to some who believed the court was poised to overturn Mississippi's law."The importance of this case cannot be overstated," said Elisabeth Frost, litigation chair of Elias Law Group, which represented Mississippi in the case.The Supreme Court affirmed "a simple principle: a lawful ballot cast on time should be counted," Frost said in a statement. "It rejected the RNC's radical attempt to rewrite election laws in a way that would have resulted in the rejection of hundreds of thousands of ballots and the disenfranchisement of voters nationwide through no fault of their own."The ruling came as Trump, facing the prospect of Democrats gaining majorities in one or both chambers of Congress after the November midterms, has made changing election rules a top priority for Republican lawmakers.He is demanding that Congress pass the SAVE America Act, a controversial bill that purports to crack down on noncitizen voting in U.S. elections, which is already federally illegal and rarely occurs. The bill would impose nationwide rules limiting mail-in voting and requiring proof of citizenship for voters, among other provisions.Last week, Trump abruptly cancelled the signing of a landmark bipartisan housing bill, saying he would refuse to make it law "until such time as we pass the desperately needed SAVE AMERICA ACT."At the White House on Monday afternoon, Trump repeated his view that Senate Majority Leader John Thune, R-S.D., should fire the Senate parliamentarian to clear the way for the GOP to pass the election bill by including it as part of a budget reconciliation package. That maneuver could skirt the Senate's 60-vote filibuster rule, allowing Republicans to approve the bill without needing Democrats' help. But the budget reconciliation process involves an array of limits and restrictions, and it's far from clear if any version of the election bill would make it through intact. Thune has already said he will not fire the parliamentarian, Elizabeth MacDonough, despite pressure from Trump. Thune has also refused Trump's calls to change the legislative filibuster rules.What's more, a handful of Senate Republicans have already signaled opposition to the SAVE America Act — a fact that Trump seemed to acknowledge could pose an insurmountable hurdle."I'd like to have the Save America Act added on, [but] that's probably not going to happen, because we have four Republican senators, maybe five, that just won't vote for it," Trump said in the Oval Office.The Trump administration had filed a court brief backing the RNC's lawsuit against Mississippi, and U.S. Solicitor General D. John Sauer represented the federal government in oral arguments before the justices in March.In Monday's ruling, Justice Amy Coney Barrett, whom Trump nominated to the bench in 2020, bluntly rejected arguments that federal election laws supersede Mississippi's statute permitting late-arriving absentee ballots."We must decide whether the federal election-day statutes preempt Mississippi's law," she wrote for the majority. "They do not."The opinion reversed a prior decision from the U.S. Court of Appeals for the 5th Circuit, which ruled that Mississippi's acceptance of late ballots violates federal law. Barrett was joined by Chief Justice John Roberts and Associate Justices Sonia Sotomayor, Elena Kagan and Ketanji Brown Jackson.In a dissent, Justice Samuel Alito wrote that by counting late-arriving ballots, Mississippi "effectively postpones the date on which the electorate's choice is made, and federal law precludes that postponement."Alito's dissent was endorsed by Justices Clarence Thomas and Neil Gorsuch, and joined in part by Brett Kavanaugh. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The ruling by the Supreme Court means that Lisa Cook will remain as a Federal Reserve governor as her lawsuit challenging Trump's effort to fire her proceeds. View More

watch nowVIDEO5:1105:11Supreme Court rules Trump cannot fire Fed Governor Lisa Cook for nowSquawk on the Street The Supreme Court ruled Monday that President Donald Trump does not have the authority to fire Federal Reserve Governor Lisa Cook from the central bank for now. But the opinion leaves open the possibility of dismissing her in the future.The court did not rule whether Trump ultimately will have the power to fire Cook or any other member of the Fed.Instead, the 5-4 ruling rejected Trump's bid to pause a lower federal court ruling that had prevented her from being terminated as her lawsuit challenging her dismissal proceeds. Trump had claimed he sought to fire Cook because of allegations she committed mortgage fraud, which she adamantly denied.Chief Justice John Roberts wrote the opinion for the majority, which included his fellow conservative justice Brett Kavanaugh, as well as the court's three liberal members, Elena Kagan, Sonia Sotomayor and Ketanji Brown Jackson. The four other conservative justices dissented."Not only the fact of independence but also the appearance of independence is key to the Federal Reserve's design," Roberts wrote.In a footnote, Roberts said the ruling did not bar Trump from trying again to remove Cook over the alleged mortgage fraud if he chose to do so.But the ruling said Trump's first attempt failed because Cook was not given the due process she was owed under federal law. Any new move against her would require additional steps, including an explanation of the evidence against her, a way for her to respond and a deadline for that response."And only then can the courts assess the validity and sufficiency of such charges," Roberts wrote.Trump, in a post on Truth Social after the ruling, said the court had sent the case back "on a strictly procedural basis" and vowed to take further action against Cook."We will take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the Welfare of the United States of America," Trump wrote.Roberts wrote in the majority opinion that the court saw "no reason to leave the public in limbo, or to sow doubt as to the status of one of our Nation's (and the world's) most important financial institutions."Roberts said Congress had designed the Federal Reserve to operate with independence from the president and that any altering of that structure would have to come from lawmakers."Any change in that scheme must come from Congress, not the courts," Roberts wrote. "That is why we cannot accept the Government's contentions in this case. To do so would allow the President to remove a member of the Federal Reserve at any time, for any reason, without any notice before, and without any judicial check after."Justice Samuel Alito, joined by Justice Neil Gorsuch, dissented, arguing that the court should not have issued such a sweeping opinion at this stage of Cook's case."The nascency of this lawsuit and the novelty of the issues that it presents militated against holding oral argument and issuing a comprehensive opinion at this juncture."Justice Clarence Thomas, in a separate dissent, accused the majority of making "policy arguments" for an independent central bank that he said were "ultimately arguments against the Constitution.""Today's decision is an unprecedented incursion on the Executive Branch," Thomas wrote. Federal Reserve Board Governor Lisa Cook speaks on "The Outlook for the Economy and Monetary Policy" at the Brookings Institution in Washington, D.C., U.S., November 3, 2025. Kevin Lamarque | Reuters The ruling came nearly nine months after Trump said he was firing Cook because she had been accused by a Trump-appointed official of committing mortgage fraud before becoming a Fed governor. The court ruled in the Cook case the same day it expanded presidential powers via a decision in a different case, affirming Trump's firing of Federal Trade Commission Commissioner Rebecca Slaughter.But she has remained on the Fed's Board of Governors since then, after a federal district court judge and then the Supreme Court blocked her removal pending the outcome of her lawsuit challenging Trump's action.Despite Trump's claim that he wanted to remove Cook because of the mortgage fraud allegation, Cook and others believed he was motivated by her refusal to vote for interest rate cuts that the president demanded from the Fed in the first nine months of his second term in the White House.Under the Federal Reserve Act, a president can remove a Fed governor only "for cause.""This was never about mortgage documents signed years before I became a Federal Reserve governor," Cook said in a statement Monday."It was an attempt to remove me on a manufactured pretext because I refused to bow to political pressure and continued to set interest rates based only on what would best serve the American people," she said."That is the most fundamental obligation of a Federal Reserve governor. Today's ruling affirms a principle that has underpinned sound economic stewardship for generations: that the Federal Reserve must make all its policy decisions guided by evidence and independent judgment, free from political interference. This bedrock principle has guided the Federal Reserve since its founding." Read more CNBC politics coverageSens. Warren, Kelly press Trump administration on effects of tariffs on manufacturingFive things to watch in Tuesday's primary elections in New York, Maryland, UtahRo Khanna challenges Elon Musk to televised debate after online DOGE battle The Supreme Court heard oral arguments in Cook's case on Jan. 21. During the hearing that day, multiple justices expressed skepticism at arguments by a Justice Department lawyer that Trump had legal grounds to fire her.Kavanaugh said the argument by the lawyer, Solicitor General D. John Sauer, that a president could fire any Fed governor for cause without being subject to review of that decision by a judge "would weaken, if not shatter, the independence of the Federal Reserve."Cook is the first Black woman to serve as a Fed governor. An appointee of former President Joe Biden, she had denied the allegations of mortgage fraud, which were made last summer by FHFA Director Bill Pulte, who later filed criminal referrals against her with the Justice Department.Pulte, who is now also the director of national intelligence, in a statement after Monday's ruling, stood by his accusations."As I have repeatedly said, I believe Lisa Cook will be indicted for mortgage fraud," Pulte said in a post on X.Sen. Elizabeth Warren, D-Mass., a longtime critic of Trump's efforts to pressure the Fed, seized on the ruling as a rebuke of both the president and Pulte."Even a Supreme Court stacked by Donald Trump agrees that his attempt to fire Lisa Cook was illegal," Warren said in a post on X. "Donald Trump and his lackey Bill Pulte have now failed to fire former Chair Jerome Powell and Governor Cook."Warren called for Pulte to be removed, and warned that "Trump's effort to take over America's central bank is far from over." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

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Commodity strategists warn that Iranian leverage in the Strait of Hormuz will continue to weigh on oil markets and shipping costs. View More

Oil prices have fallen back sharply to near pre-war levels over recent weeks in response to a fragile truce between the U.S. and Iran, and diplomatic efforts to bring the conflict to a lasting conclusion. However, commodity strategists warned Monday that prices could reflect an overly optimistic stance from markets, which are underestimating the scale of persistent supply-side challenges. Analysts argue that shipping traffic through the Strait of Hormuz is unlikely to swiftly return to pre-war levels, even after a pickup in activity following the U.S.-Iran ceasefire agreement, as Tehran seeks to exert leverage over the critical chokepoint. Strait of Hormuz traffic normalization Nikos Petrakakos, managing director of investments at Tufton Investment Management, said many shipping companies remain wary of sending vessels back through the key energy chokepoint, citing uncertainty over the peace framework, lingering concerns over sea mines and elevated war-risk insurance premiums."Even though there is some more motion going on, in general, we're nowhere near being back to where it was," Petrakakos told CNBC's "Europe Early Edition" on Monday.International benchmark Brent crude futures were trading at $72.45 per barrel as of 8:42 a.m. ET on Monday, compared to a wartime-high of over $188 per barrel in late April. Amrita Sen, founder and director of research at Energy Aspects, said markets may be underestimating how far shipping conditions remain from their pre-war norm. watch nowVIDEO7:0307:03Tufton: Ships still avoiding Hormuz despite Iran peace talks hypeEurope Early Edition While vessels that had been trapped are now transiting the Strait, she said the bigger challenge is persuading shippers to send vessels back in. "Shipping costs are incredibly high right now, and you still can't find enough shippers willing to go back out in there," Sen told CNBC's "Squawk Box." Sanctions risk a 'slippery slope' Strategists say a formal toll system for vessels in the Strait of Hormuz is unlikely to emerge, but they warned that Tehran may continue to push for some degree of control over shipping through the waterway.Petrakakos said arrangements around possible tolls or coordination with Iran remain largely ad hoc, with most shipping companies avoiding direct engagement because of sanctions risk.Proper coordination with Iran "is not happening," he said, describing the issue as a "slippery slope" for companies that could expose themselves to penalties later. Some operators, he added, appear to be taking a more opaque approach, including switching off transponders to obscure vessel locations."Before this war, Iran really had no power or say over what goes through the Strait of Hormuz," Petrakakos said. "That is a status quo that's changed going forward. I don't see Iran going back to where it was before." Stock Chart IconStock chart iconBrent crude. He said Iran will continue trying to push for "some sort of coordination… pretending as if it's some sort of canal like the Suez Canal or the Panama Canal, and try to have some control over how the vessels pass through."But Sen said that an official toll mechanism would be unacceptable to Gulf Cooperation Council countries and Western companies, noting that the fees issue is tied more to Iran's need to repatriate funds for its post-war reconstruction."Iran is using its leverage aggressively to make the point that they are the ones that will control shipping, especially through that southern lane," Sen said. "Western companies are simply not going to be allowed to pay that toll." watch nowVIDEO3:3703:37Energy Aspects' Amrita Sen on oil markets, the Strait of HormuzSquawk Box While vessels that were stranded in or near the Strait may gradually exit, Petrakakos said insurers are still a long way from being comfortable enough to provide cover for ships entering the Strait to pick up cargo."I think insurance will only really start moving in, I would say, months," he said, adding that it takes time for insurers to become comfortable before lowering premiums, highlighting the issue with Houthi attacks in the Red Sea."They really will need to see that this is not just an agreement on paper," he added. "They'll need to see that this is being implemented and actually staying together for a while before we see full normalization of traffic and reduction of premiums." Rebuilding inventories Petrakakos also cautioned against assuming that oil and gas vessels would automatically be prioritized through the Strait. Other cargoes, including high-value finished goods carried on container ships, may also be viewed as strategically or commercially important, he said.Dry bulk vessels, which typically carry lower-value commodities, may have a different risk calculus, he added, because insurance costs could represent a smaller share of the overall cargo value.Aldo Spanjer, head of commodity strategy at BNP Paribas Markets 360, said Iran's leverage in the Strait of Hormuz remains a key issue for oil markets. "My base case, eventually, is that Iran can give up control of Hormuz — in the sense of formal control, the toll system," Spanjer told CNBC's "Squawk Box Europe" on Monday. "The toll system is about income. You can do that in a different way." Stock Chart IconStock chart iconWest Texas Intermediate. For oil markets, the focus has shifted from immediate supply disruption to the question of how quickly depleted inventories can be rebuilt, Spanjer said."The narrative that's come into the market is: 'How are we going to backfill all the stocks we've taken out?'" he said. "Every importer in the world is going to build higher stocks."Spanjer said his year-end target remains $80, arguing that additional supply could be absorbed by buyers looking to rebuild inventories."If this MoU stays, and we get more flows into the market, I think we rebound a little bit, because there's enough absorption capacity for the barrels," he said. "That implies a relatively range-bound market for me."Looking further ahead, Spanjer said he sees oil trading in a $75 to $85 range in 2027. Once inventories have been rebuilt, he said, upside risks are likely to be more limited and the market could return to a more backwardated structure whereby spot prices trade below prices for contracts maturing in the future."I can't be above $85 because who's going to fill stocks above $85?" he said. "I don't really want to be below $75 because there's still a lot of opportunistic buying in the market." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.