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CNBC's Jim Cramer said he’s looking for companies to start showing measurable financial returns from their AI investments. View More

In this articleMUFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO1:2601:26Too few winners are telling an AI success story, says Jim CramerMad Money with Jim Cramer CNBC's Jim Cramer said Wednesday that it's time for companies to prove artificial intelligence is paying off."I need cold hard return facts," the "Mad Money" host said. "Or, I, too, will grow more skeptical than I am now."The AI boom has fueled massive spending by technology companies, and there's no end in sight. Analysts estimate total AI capital expenditures could climb above $1 trillion in 2027. While Cramer said he remains optimistic about the long-term opportunity, he argued the market needs more evidence that those investments are translating into measurable financial returns for customers.Cramer said one of his biggest concerns this earnings season is that companies adopting AI have largely failed to point to meaningful revenue gains or cost savings from the technology."We're still early in the earnings season but already we are not hearing anything material about the use of AI," he said.Banks, in particular, have disappointed him on the AI front. Cramer said financial institutions seemed like natural beneficiaries of AI because of the potential to automate processes and improve efficiency, yet management teams have offered little evidence that the technology is materially improving results.It hasn't been complete crickets, Cramer said. "It's valuable, but nothing that can raise numbers. It's not helping the efficiency ratio that we can tell and it's not allowing them to cut back on hiring. Does that mean AI is a bust? No. But I don't see it making much difference."While AI infrastructure companies continue to benefit from the spending boom, Cramer said the same cannot yet be said for many of the businesses buying the technology."Sure Anthropic is getting a return ... The component companies are doing well," he said, alluding to companies like memory-chip maker Micron, whose profits have soared. "But shouldn't the ultimate clients ... be able to cite at least a couple of million in savings?"Cramer said only a handful of companies, most notably fintech firm Block and web-security provider Cloudflare, have clearly attributed recent layoffs to AI adoption. Block did so in February, while Cloudflare's job cuts were disclosed in May. Plus, critics argue some companies may also cite AI as a buzzy excuse for cuts, leading to the creation of the term "AI washing."Ultimately, Cramer said that if more businesses do not begin reporting tangible returns, the AI skeptics will grow louder, with ramifications for the tech industry's big spenders. "The longer we go without hearing how actual clients make money, the longer we'll take days like today, when it seems that the hyperscalers are making money," with a grain of salt, he said. watch nowVIDEO5:2905:29So far it seems AI is helpful, but not enough to raise numbers, says Jim CramerMad Money with Jim Cramer Jim Cramer's Guide to InvestingClick here to read Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.DisclaimerQuestions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - InstagramQuestions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The latest edition of the Fed's Beige Book indicated that the soccer tournament wasn't necessarily translating to broader economic growth. View More

Soccer fans gather for a watch party during the World Cup semifinal match between Spain and France at China Basin Park in San Francisco, July 14, 2026.Heather Diehl | Getty Images While the FIFA World Cup provided a tourism boost to host cities, its positive impact was mitigated by economic weakness seen elsewhere, according to a Federal Reserve report released Wednesday.The soccer tournament, which the U.S. co-hosted, has fetched median admissions prices topping $900, according to TicketData. Yet the latest edition of the Fed's Beige Book — a recap of regional conditions published eight times a year — indicated that the event wasn't necessarily catalyzing broader economic growth.The Boston Fed reported that city hotel bookings related to the World Cup were initially softer than expected. But these hotels saw stay levels rise to meet forecasts after the hotels lowered prices for rooms.Bars in the Massachusetts city reported higher beer sales connected to the tournament. Some Boston watering holes reportedly ran out of beer when Scottish fans descended on the city. Fans react during a watch party for a FIFA World Cup 2026 round of 16 match between France and Paraguay at Lion Sports Bar in Philadelphia, July 4, 2026.Joe Lamberti | Getty Images The Boston Fed's coverage region saw more visitors from Canada than it did last summer. Still, it said those levels were still far lower than historical averages, a trend that's specifically hit towns in coastal Maine and northern Vermont.Some restaurants and bars in New York City said sales were "strong" as a result of match-viewing events, the New York Fed said. However, other eateries said they had fewer international visitors, with Canadian foot traffic specifically down.The Canadian government has reported fewer citizens crossing the U.S. border following President Donald Trump's tariff policy rollout and sovereignty threats. It's part of a bigger push among residents of the Great White North to spend money on services and products within their country.New York City had hotels reporting higher occupancy and prices per room from the tournament, according to the New York Fed. But the bank reported some mid-tier attractions are seeing softness, while a department store said an increase in foot traffic from the tournament didn't result in higher sales. Folarin Balogun of the United States shoots during the FIFA World Cup 2026 round of 16 match between the USA and Belgium in Seattle, July 6, 2026.Mb Media | Getty Images Sport | Getty Images In cities hosting World Cup matches tracked by the San Francisco Fed, tourist volumes came in high. Yet in other markets, locals pulled back spending on restaurants, hotels and entertainment.Overall, the San Francisco Fed said, demand for consumer and business services "slowed somewhat on net."Across the board, the Fed said growth in consumer spending was capped as rising oil prices led them to cut back elsewhere. Several regions observed consumers looking for cheaper alternatives to products or decreasing discretionary spending to save money, according to the report. watch nowVIDEO4:5304:53Pro Soccer Player Adri Mehmeti talks renewed U.S. interest in soccer amid World CupFast Money Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Fighting in the Middle East has intensified in recent days, but could escalate further if Iran fails to cooperate, President Donald Trump said. View More

US President Donald Trump speaks during a meeting with Prime Minister of Iraq Ali al-Zaidi in the Oval Office of the White House in Washington, DC, on July 14, 2026. Saul Loeb | Afp | Getty Images President Donald Trump on Wednesday said Iran wants to meet and make a deal, as the U.S. military announced that it launched attacks against Iranian targets for the second time in 12 hours.But Iran has publicly maintained its combat-ready posture, and defense analysts told CNBC they see no clear path to a settlement of the renewed hostilities between Washington and Tehran."We received a call just as I was coming here that they want to meet," Trump said in a Fox Business interview before participating in a roundtable event in Pennsylvania on defense and innovation."They always want to meet," he said of the Islamic republic, insisting that its military capabilities have been largely depleted — a claim that he has made in similar terms for months."They're nasty people, but they want to make a deal," Trump said.Around the same time, U.S. Central Command said in an X post that at 3 p.m. ET, its forces "launched operations for a second wave of strikes today against Iran.""The strikes are targeting Iranian military capabilities used to threaten vessels freely transiting through the Strait of Hormuz," CENTCOM said.The U.S. had already attacked Iran around 6 a.m. ET, hours after Trump warned that military strikes would intensify next week if Tehran does not cooperate in peace talks. Those attacks ended at 7:30 a.m. ET, CENTCOM said, adding that precision munitions had been launched against Iran's coastal defense systems, and cruise missile storage and launch sites on Greater Tunb Island.The Tunb Islands are small islands located in the Persian Gulf, near the Strait of Hormuz. Iran's stance Recent statements from Iranian officials portray Tehran as being prepared to keep fighting, but still open to the possibility of diplomacy."We have never welcomed war, and we will not, but we must always be prepared for battle," Iran's parliamentary speaker Mohammad Bagher Ghalibaf said in a translated statement reported in Iranian state media."In addition to this, we must also use the tools of diplomacy and negotiation to achieve and solidify our national interests," said Ghalibaf. War escalates CENTCOM had carried out prior rounds of strikes against Iran in recent days. Tehran, meanwhile, has launched attacks on multiple Gulf countries.In an interview with Fox News on Tuesday evening, Trump hinted that the conflict was more likely to intensify than de-escalate as a fragile ceasefire agreed last month continues to fracture. "We're going to hit them very hard tonight," he said. "We're going to hit them hard tomorrow night. We're going to hit them really hard the night after."He added that U.S. forces would go on to target key Iranian infrastructure next week without a diplomatic breakthrough. "Next week it gets really bad for them because next week comes the power plants," he said. "Next week comes the bridges. We're going to knock out all their power plants. We're going to knock out all their bridges unless they get to the table and negotiate."Trump threatened to impose a 20% levy on cargo shipped through the Strait of Hormuz earlier this week, before abandoning that demand on Tuesday. The president said the Gulf states would invest in the U.S. as repayment instead. watch nowVIDEO5:4705:47Trump walks back on Hormuz toll as U.S. reinstates Iran naval blockadeSquawk Box Europe The escalation in fighting comes after the U.S. launched strikes on dozens of Iranian targets last week, in retaliation for commercial ships transiting the Strait of Hormuz coming under attack. Trump subsequently said the ceasefire between Washington and Tehran was "over."Oil prices edged higher on Wednesday morning, as concerns about safe transit through the Strait of Hormuz – a critical oil shipping route in the Middle East – lingered. Front-month global benchmark Brent crude futures held above the $85 per barrel mark. watch nowVIDEO3:5303:53Trump's toll reversal 'adds to confusion' for shipping: BIMCOSquawk Box Europe Speaking to CNBC's "Squawk Box Europe" on Wednesday, Jakob Larsen, chief safety and security officer at international shipping body BIMCO, said the current situation is "not easy" for the industry to navigate. "All these messages going back and forth and changing direction completely just adds to the confusion and the complexity of the whole situation," he said. "If you take a step away and look at it from above, then the overall environment we're looking at is increased uncertainty, increased risks, and with that comes higher prices." Risk of 'forever war' Mike Rosenberg, a management professor at IESE Business School, told CNBC over email on Wednesday morning that "it seems we are no closer to a settlement" to end the conflict. "The current return to war makes it clear that the terms of the Islamabad Memorandum, signed by Trump on 14 June, were unrealistic at the time," he said. "As long as both sides seek an agreement that allows them to claim victory, I cannot see a positive outcome any time soon."Rosenberg said that the best the U.S. can hope for now is "a new version of the joint plan of action that Obama and his team developed years ago," which he added will be difficult for Trump to accept."The Trump administration underestimated Iranian resolve and has no easy way out," he said. "The most likely outcome is some kind of permanent ceasefire negotiated by Pakistan without any nuclear guarantees, and it is likely that the administration will avoid making that agreement before the mid-term elections." Read more CNBC politics coverageHassett sees no 'excuse' to raise rates, says Warsh will push Fed to 'right answer'Goldman Sachs' Ruemmler to face House questioning on Jeffrey EpsteinTrump's attorney general nominee Todd Blanche faces Senate Judiciary questions Andreas Böhm, a lecturer in international affairs at Switzerland's University of St. Gallen, said the conflict was "tricky" to resolve and risked becoming a drawn-out, yearslong war. "Trump is stuck in a mess of his own (and Israel's) making and can't find a face-saving way out of it, while the Iranians assume they are still in conflict and are therefore trying to maximize their gains and risk overplaying their hand," he said in an email. "This might result in a long-time low-level conflict and therefore one of the forever-wars Trump pledged to end. Each side will try to raise the costs for the respective other until it will become prohibitive."Böhm, a specialist in Middle East affairs, told CNBC that Trump had "started the war without a goal," making it difficult to predict what might come next. "Without a strategy, it is not clear what he aims to achieve," he said. "[Trump] can't open the Strait of Hormuz by force other than an operation of a scale that he will be unable sell to the American public. If he starts a broader war on infrastructure in Iran, the retribution will hit energy infrastructure in the Gulf."The only way out of the conflict now was through diplomacy, said Böhm, but he added that this would now be "much more difficult.""There might be some narrow runway where negotiations regarding Hormuz might land, but broader arrangements must come to terms with the fact that there is now a different reality," he said. "We can't go back to before to this war." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

New York became the first state in the U.S. to impose a ban of its kind when the governor signed the executive order Tuesday. View More

New York Gov. Kathy Hochul and U.S. President Donald Trump.David Dee Delgado | Reuters | Saul Loeb | AFP | Getty Images President Donald Trump slammed New York Gov. Kathy Hochul's new data center moratorium on Wednesday, saying in a Truth Social post that the state should change its policy "IMMEDIATELY" after it became the first in the U.S. to impose a ban of its kind. "One of the biggest Driving Forces in the Future for Jobs, are Data Centers," he wrote. "They are big, strong, bold, and Money Machines for the State in which they are built. Governor Kathy Hochul, for political reasons, has terminated all Data Centers being built, or to be built, in New York State."The new state executive order, signed by the governor Tuesday, bars for up to a year the construction of large-scale data centers that use 50 or more megawatts of power. "New York State has made a terrible decision," Trump wrote Wednesday. Read more CNBC tech newsAlibaba's U.S.-listed shares rise after Qwen AI set to be integrated in Apple IntelligenceASML stock climbs after hiking sales forecast for second time this year on strong AI chip demandCurrent and former employees sue Meta, alleging discrimination in using AI to conduct layoffsApple in talks with startup that shrinks AI models to run on an iPhone A national backlash has grown around data center fresh water and power consumption, as utility prices continue rising while artificial intelligence demand booms, fueling a breakneck infrastructure buildout."As data center development threatens to hike up utility bills, deplete our natural resources, and create uncertainty for New Yorkers, it's my responsibility to take action and lead," Hochul said in a press release announcing the moratorium.Concerns over how data centers could shoulder their own power costs have been making the rounds ahead of the midterm elections, as Democrats take aim at affordability issues and residents' anger about the new builds lingers. Trump's post also urged that data centers "must pay" for their own water and power, with any leftover going back to state and local communities. Hochul responded to the president with her own post, on X."We hit pause because the communities powering AI should share in its success," Hochul said. "Maybe that's a novel concept in Washington. We call it doing our job." watch nowVIDEO3:3503:35Modern data centers can run on no water consumption: Vertiv CEOPower Lunch Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Dalmia Bharat plans significant pan-India expansion, primarily through organic growth. The company is also open to strategic acquisitions to accelerate market entry. Recent acquisitions have boosted capacity, with further scaling planned by FY28 and FY31. Greenfield projects and capacity enhancements are underway, including a major plant in Kadapa. Dalmia Bharat aims to strengthen its position in key demand hotspots across India. View More

Mumbai: Dalmia Bharat will primarily use the organic route for growth, while staying open to acquiring units that are a "strategic fit," said managing director Puneet Dalmia. "We want to build a pan-India footprint. And if you see the Jaypee deal , it is a new region for us and accelerates our entry into the central and north Indian markets," Dalmia told ET. "As long as the acquisitions meet our criteria of financial accretion as well as strategic fit, we will participate and bid." Also read: Adani in talks with Accor, ITC Hotels to manage Jaypee hospitality assets The country's fourth-largest producer of cement recently added 5.2 million tonnes of cement, and 3.3 million tonnes of clinker capacity for ₹2,850 crore through the buyout of Jaiprakash Associates ' cement businesses from the Adani Group . Its capacity has risen to 55 million tonnes, which it plans to scale to 75 million tonnes by FY28, and 110-130 million tonnes by FY31. Most of the company's recent capacity additions, though, have come organically. "We look at organic as the base case, and inorganic as a topping," Dalmia said. Live Events It has already announced setting up a 3-million-tonne greenfield plant in Pune, apart from increasing capacities at its Belgaum and Kadapa plants. The facility in Kadapa, Andhra Pradesh, in fact, is set to become one of the company's largest and most efficient. "There is a lot of clean energy available in the state which can support these investments, and this plant will also be one of the most heat efficient ones. Along with the advantage of logistics, there is at least a 5% saving in costs," Dalmia said. The expansion in Kadapa will involve an investment of ₹3,100 crore, taking the total capacity at the plant to 9.6 million tonnes. The plant is close to Bengaluru, Chennai as well as Amaravati, making it a strategic location for the company. Also read: Dalmia Bharat plans to raise Rs 4,000 cr; targets 110-130 MTPA cement capacity by FY31 "These are three big demand hotspots where a lot of construction is going to happen, and I think this plant will be able to serve the future demand," he said. Southern India, which accounts for nearly a third of the market capacity in India, has seen the two largest players - UltraTech Cement and Adani Cement - vie for increased capacity and market share in the region in the last few years. This rivalry had also cost Dalmia Bharat some market share, while keeping prices under pressure. And yet, of the 12 million tonnes additional capacity announced, Dalmia Bharat is adding three-fourths in the Southern market. "We have to take a long-term view on these things. If you are cost competitive and if your balance sheet is strong, you can you know weather the cycle, and cement is going to become a big boys game," he said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The Senate Intelligence Committee is considering Jay Clayton's nomination to be the director of national intelligence. View More

Jay Clayton, U.S. Attorney for the Southern District of New York, prepares to testify during a Senate intelligence committee hearing on his nomination to be director of national intelligence, on Capitol Hill, in Washington, July 15, 2026.Ken Cedeno | Afp | Getty Images Jay Clayton, President Donald Trump's pick for director of national intelligence, refused to say Joe Biden won the 2020 election, claimed not to know his predecessor Tulsi Gabbard took part in a raid of a Georgia election office earlier this year and defended subpoenaing New York Times journalists in a contentious Senate confirmation hearing Wednesday. Clayton, the former Securities and Exchange Commission chair and current U.S. attorney for the Southern District of New York, appeared before the Senate Select Committee on Intelligence more than a month after Trump announced his nomination and weeks after the president then abruptly sabotaged a planned confirmation hearing in June. While it appeared a month ago that Clayton would have a relatively smooth path to confirmation, Democrats challenged Clayton's election comments and time as U.S. attorney. He is still likely to be confirmed in the Republican-controlled Senate.Sen. Jon Ossoff, D-Ga., who spoke with MS NOW on Tuesday ahead of a Thursday night speech Trump is scheduled to deliver on foreign attempts to subvert the 2020 election, grilled Clayton on whether he was aware of Gabbard's presence earlier this year at a raid of a Fulton County, Georgia, election office.Clayton said he only learned of Gabbard's involvement, which was widely reported, from Ossoff during a private meeting earlier this week."Is it appropriate for the director of national intelligence to oversee the execution of domestic search warrants at sensitive election facilities? Yes or no?" Ossoff asked. Clayton did not answer."Your answers lack credibility. Your testimony lacks credibility," Ossoff said. On multiple occasions during the roughly two-hour hearing, Clayton declined to answer who won the 2020 election, instead saying: "I am not an election denier. Joe Biden was certified."Ossoff, at one point, called Clayton's responses "disqualifying."The committee is expected to vote on Clayton's nomination next week. If the nomination is advanced by the committee, the full Senate will weigh in.The process of Clayton's nomination as DNI, a role that would grant him access to the country's most sensitive secrets and authority over 18 intelligence agencies, has been marred by controversy, thanks to Trump's actions and the interim appointment of Bill Pulte, a close Trump ally and director of the Federal Housing Finance Agency. Bipartisan lawmakers have questioned whether Pulte — who from his perch atop the FHFA launched mortgage-related inquiries into Trump opponents — was fit for the job."I can't think of any other instance in history of this committee where a president sends a nominee up, and then in a bipartisan way, we say we really want to move heaven and earth to get this nominee moving quickly because of the importance of the position, and then the president decided that the Senate was moving too fast on his own nominee, and holds that nominee," Senate Intelligence Committee Vice Chair Mark Warner, D-Va., said Wednesday at Clayton's hearing. Read more CNBC politics coverageHassett sees no 'excuse' to raise rates, says Warsh will push Fed to 'right answer'Goldman Sachs' Ruemmler to face House questioning on Jeffrey EpsteinTrump's attorney general nominee Todd Blanche faces Senate Judiciary questions The DNI job opened up in May when then-director Gabbard announced plans to step away. Pulte took the helm later that month and has carried out Trump's orders to fire dozens of high-ranking intelligence officials.The morning of Clayton's original hearing, Trump took to TruthSocial and directed him not to appear, saying he was pausing the nomination. Trump said he balked in part because he wanted Congress to attach a controversial election bill — that would impose photo identification rules and proof of citizenship to register — to the renewal of an unrelated foreign surveillance law.Subsequent to Trump's appointment of Pulte, negotiations over that foreign surveillance law, known as Section 702 of the Foreign Intelligence Surveillance Act, fell apart. The program lapsed in June, as Democrats protested Pulte's appointment to the position.In the wake of Pulte's interim appointment, support for Clayton seemed widespread. But he was grilled on Wednesday by Democrats on the Senate panel.Sen. Angus King, I-Maine, questioned Clayton about a statement he made on CNBC about California elections, in which he seemed to entertain the possibility of voter fraud."We had a problem, a deep problem with voting in America," Clayton said during a June appearance on "Squawk Box." "On the integrity side, we're doing an absolutely terrible job, and the American people are right to question it."King requested clarification."That meant that the audit trail we have available for our elections in a number of places is not the kind of audit trail that you would expect in something that is this important," Clayton said. Asked by King whether voter fraud was a problem in American elections, Clayton said, "I don't think we can say definitively whether there is, or is not, until we have better processes."Sens. Michael Bennet, D-Colo., and Kirsten Gillibrand, D-N.Y., both pressed Clayton on subpoenas served to New York Times reporters last week after they reported on security concerns related to a new Air Force One that was gifted to Trump by Qatar.Clayton issued the subpoenas, which The New York Times said were delivered Friday, in some cases to the homes of the reporters in question. Those reporters were ordered to appear before a grand jury on Wednesday to testify "in regard to an alleged violation of federal criminal law."Clayton said he was not able to get into the specifics of the investigation."Let me say that I am confident that the procedures that we have in place to protect the First Amendment and protect the freedom of the press, and not result in intimidation of journalists," Clayton said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Innovative Microsoft engineer Charles Simonyi cleverly leveraged a bespoke superyacht to sidestep local taxation and stringent construction regulations. This mobile abode enabled him to traverse the globe while circumventing substantial property tax liabilities. His forward-thinking strategy predates ongoing discussions surrounding wealth taxation in high-levy regions. A trailblazer in digital technology and space tourism, he eventually acquired an even grander superyacht to enhance his aquatic adventures. View More

Brown helped launch one of AWS' oldest services and also oversaw its compute and machine learning units. View More

In this articleAMZNFollow your favorite stocksCREATE FREE ACCOUNT People walk past the logo of Amazon Web Services (AWS) at its exhibitor stall at the India Mobile Congress 2025 at Yashobhoomi, a convention and expo center in New Delhi, India, October 8, 2025. Anushree Fadnavis | Reuters A longtime executive in Amazon's cloud unit is leaving the tech giant after nearly 19 years, the company announced Wednesday. Dave Brown, a senior vice president in Amazon Web Services, plans to depart at the end of this month for "a new role outside of the company," AWS CEO Matt Garman wrote in a note to staffers. Brown will be replaced by Dave Treadwell, a top executive in Amazon's e-commerce division, Garman said. "Dave has been a big part of what we have built at AWS, and I want to personally thank him for all of his contributions in helping grow and develop the technology, the business and the team," Garman wrote.Brown joined AWS in its infancy and was a member of the early team that assembled its core EC2 service in South Africa in the 2000s, according to his LinkedIn profile. EC2, one of AWS' oldest services, provides virtual slices of physical servers for rent, billed by the second, that companies use to run applications and websites. Read more CNBC tech newsAlibaba's U.S.-listed shares rise after Qwen AI set to be integrated in Apple IntelligenceASML stock climbs after hiking sales forecast for second time this year on strong AI chip demandCurrent and former employees sue Meta, alleging discrimination in using AI to conduct layoffsApple in talks with startup that shrinks AI models to run on an iPhone More recently, Brown's responsibilities expanded to include AWS' compute and machine learning services, such as its Bedrock and SageMaker offerings. He's also part of Amazon CEO Andy Jassy's vaunted S-team, a highly influential group of 28 executives that report to Jassy and meet with him regularly to make key business decisions. In a separate memo, Brown said it felt "like the right time for me to begin a new chapter" and added that his organization is "in outstanding hands" under Treadwell. "He's an exceptional leader with deep technical expertise, relentless customer focus, and a genuine passion for building strong teams," Brown wrote. Brown's departure comes as AWS has benefited from strong demand for artificial intelligence services, helping the unit record 28% revenue growth in the first quarter. Cloud rivals Microsoft and Google have also been riding a surge in AI-related spending. — CNBC's Jordan Novet contributed reporting to this article. watch nowVIDEO1:3101:31Amazon raising at least $25B in bond saleTechCheck Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Williams cited five reasons why he expects the latest price surge has run its course. View More

watch nowVIDEO1:2701:27Fed's Williams: Encouraging signs inflation has peaked, should edge down in coming quartersSquawk Box New York Federal Reserve President John Williams said Wednesday that he sees multiple signs that inflation has peaked, allowing the central bank to hold interest rates in place despite market expectations for a hike in coming months.In a speech delivered to business leaders in his home district, Williams cited five reasons why he expects the latest price surge has run its course. "There are encouraging reasons to expect that inflation has peaked and should edge down in coming quarters," he said."I expect overall inflation to decline to around [3.25%] percent by year-end, then continue on a glide path toward our 2 percent goal in 2027 and land on target in 2028," he later added.Inflation spiked this year after the U.S. and Israel attacked Iran in late February, sending oil prices spiraling higher. Williams cited the war, along with lingering tariff impacts and accelerated technology spending, as the primary drivers.However, he sees signs that those factors, plus other inputs, are easing.Specifically, there shouldn't be "significant additional impulse" from tariffs as expiring duties are merely replaced by new ones. At the same time, the oil spike has "likely peaked and will come down closer to levels seen before" the fighting, he said.Artificial intelligence investment also is seen as another contributor, but Williams said "imbalances" should "recede over time as more supply comes online." He also cited the labor market as not a source of inflation, and concluded that inflation expectations also are "well-anchored," giving the Fed policy breathing room."Growth in the economy is solid and on trend, and the labor market is likewise solid and stable," he said. "But with inflation running high, it is imperative that we restore it to the Federal Reserve's 2 percent longer-run goal on a sustained basis. The current stance of monetary policy is well positioned to do that."Nevertheless, markets still expect the Fed to hike as soon as September. By a narrow margin, Williams' colleagues on the Federal Open Market Committee in June also penciled in one quarter-percentage-point increase by the end of the year.The remarks come a day after the Bureau of Labor Statistics reported that consumer prices posted an unexpectedly sharp 0.4% drop in June, taking the annual inflation rate down to 3.5%. It was the largest one-month price decline since April 2020, but still left the Fed well short of its inflation target.Fed Chairman Kevin Warsh told the House Financial Services on Tuesday that the price drop did not represent a "mission accomplished" moment. "That is not my view," he said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Purchasing and registering a property does not guarantee legal ownership. Validity relies on the entire title chain and documentation. Mutation, while important for records, does not affect ownership rights, experts said.  View More