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The White House is pressing major defense firms to expand missile and munitions output as Iran talks and weapons stockpile concerns put new pressure on the Pentagon’s industrial base. View More

In this articleBALMTHONHONAVBA.-GBFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO2:2502:25President Trump on housing: Get the interest rates downFast Money The CEOs of Boeing, Lockheed Martin and Honeywell arrived at the White House on Wednesday for a meeting with President Donald Trump, as the administration presses major defense contractors to ramp up weapons production amid concerns about U.S. missile and munitions stockpiles.The meeting comes after U.S. military operations in Iran and amid ongoing peace talks with Tehran, giving the White House added urgency to replenish key weapons systems and reassure allies that the U.S. defense industrial base can keep pace with demand.The production push is already translating. On Wednesday, the Missile Defense Agency awarded Lockheed Martin a $35.3 billion sole-source contract to produce THAAD interceptors through June 2032, with $842.9 million obligated at award. The same notice also included a $398.7 million Raytheon award for Advanced Medium Range Air-to-Air Missiles including sales to U.S. allies.Also, the White House on Wednesday asked Congress for $87.6 billion in supplemental spending, primarily to pay for the Iran war. On Tuesday, the Senate adopted an Iran war powers resolution directing Trump to end U.S. hostilities with Tehran, a symbolic bipartisan rebuke that highlighted growing congressional scrutiny of the president's military strategy and peace talks.Trump earlier this month invoked the Defense Production Act to accelerate weapons production, citing systemic constraints in the munitions base, including limited production capacity, fragile supply chains and long lead times.But scaling weapons production is usually measured in years, not months, complicating the Trump administration's push for faster output.The White House has also pushed contractors to prioritize existing Pentagon contracts, faster deliveries and American manufacturing capacity over shareholder payouts. And last week a key Senate committee approved a bill that would codify a January Trump executive order to require that defense contractors get Pentagon sign off to buy back shares or issue dividends. Defense contractors have opposed the mandate.Wednesday's meeting follows a March White House gathering with executives from major defense firms, including Lockheed Martin, RTX, Boeing, Northrop Grumman, BAE Systems, Honeywell Aerospace and L3Harris. The administration has been seeking to expand production of Patriot and THAAD interceptors, Tomahawk cruise missiles and AMRAAM air-to-air missiles, though industry executives have warned that major investments will require congressional funding.NATO Secretary General Mark Rutte backed Trump's push to increase weapons production, saying at the White House Wednesday that the U.S. has the industrial capacity to do it. He called the U.S. defense industrial base "one of the strongest in the world," citing more than $50 billion in sales to Europe and Canada last year and a roughly $300 billion order book. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

White House Office of Management and Budget Director Russell Vought asked House Speaker Mike Johnson for billions in extra spending for the Iran war. View More

U.S. President Donald Trump speaks with the press at the U.S. Capitol, in Washington, D.C., U.S., June 24, 2026. Evelyn Hockstein | Reuters The White House on Wednesday asked Congress for $87.6 billion in supplemental spending to pay for the Iran war and a host of other things including aid to U.S. farmers, and Ebola response.White House Office of Management and Budget Director Russell Vought made the request in a letter to House Speaker Mike Johnson."I urge the Congress to take action on these important and urgent requests as soon as possible," Vought wrote.The request includes $21 billion for the Defense Department to "support critical capabilities, munitions procurement, and strengthen the U.S. industrial base," $1.4 billion for Ebola response and $768 million for the Energy Department for nuclear and other energy security.Defense Secretary Pete Hegseth in March had said the Pentagon may request $200 billion to fund the war that began Feb. 28.The request could put vulnerable Republicans in a difficult position months out from the 2026 midterm elections if they're forced to vote on additional funds for an unpopular war. And the request met with immediate opposition from congressional Democrats. Congress would need to appropriate money to fulfil the White House's request."President Trump launched a reckless and costly war with Iran — without authorization from Congress or the support of the American people — that he should never have started, and now, instead of doing anything to help families get by, he is asking taxpayers to pick up the tab and give him billions more to wage wars overseas," Sen. Patty Murray, D-Wash., the top Democrat on the Senate Appropriations Committee, said in a statement. "And he is making this request for more funding as the Pentagon already has a historic annual budget and sits on over $100 billion in unspent funding Republicans provided in their Big Ugly Bill," Murray said, referring to the 2025 GOP tax and spending package known as the One Big Beautiful Bill.Vought's letter also requests $10 billion for farmers, who have struggled in the last year and a half in part because of Trump's trade policies, $500 million for restoration and construction projects in Washington, and $1 billion to renovate of Penn Station in New York City."Congress has a constitutional obligation to provide for the common defense, and we must always sustain our military with the tools and capabilities needed to defend America in full force against all threats," House Appropriations Committee Chair Tom Cole, R-Okla., and Defense Appropriations Subcommittee Chair Ken Calvert, R-Calif., said in a joint statement on Wednesday.—Emily Wilkins contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The Fed's annual exercise comes at a pivotal moment for bank regulation because, unlike previous years, the results will not affect capital requirements. View More

Federal Reserve Board Governor Michelle Bowman, U.S. President Donald Trump's nominee to be Federal Reserve vice chair for supervision, testifies before a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., April 10, 2025. Kevin Mohatt | Reuters The biggest U.S. banks would be able to absorb more than $708 billion in losses in a severe global recession while continuing to lend to households and businesses, according to the Federal Reserve's annual stress test released Wednesday.All 32 banks examined by the Fed remained above their minimum capital requirements under the regulator's hypothetical scenario, which included unemployment surging to 10%, a 39% drop in commercial real estate prices and a 30% decline in home prices.The industry's common equity tier 1 capital ratio, a key capital measure that would absorb losses in a downturn, fell by 1.6 percentage points during the exercise, remaining comfortably above required minimums. Projected losses for the group included roughly $200 billion tied to credit cards, $160 billion from commercial and industrial loans and $75 billion from commercial real estate."Today's results underscore the strength of the banking system," Federal Reserve Vice Chair for Supervision Michelle Bowman said in a release. The annual exercise comes at a pivotal moment for bank regulation because, unlike in previous years, the results will not affect the amount of capital large banks are required to hold.That's because the Fed said in February that it would leave the stress test buffers untouched until 2027 as regulators rework the methodology, heeding industry complaints, a move that could eventually reshape how much capital firms must hold against future downturns.In a June 21 research note that described this year's exercise as "going through the motions," KBW analysts led by Christopher McGratty said banks are likely to remain focused on the pending Basel III Endgame proposal expected later this year rather than the stress test results themselves.KBW estimated that if this year's results had counted toward capital requirements, Morgan Stanley, Citigroup, Citizens Financial and KeyCorp would have seen some of the largest reductions in capital buffers. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The letter, which was obtained by CNBC, claims Alibaba carried out "the largest known distillation attack on Anthropic to date." View More

In this articleBABAFollow your favorite stocksCREATE FREE ACCOUNT CEO of Anthropic Dario Amodei attends a working lunch with G7 leaders, G7 outreach partners and global tech CEOs on innovation and AI, during the G7 Summit on June 17, 2026, in Évian-les-Bains, France.Anna Moneymaker | Getty Images News | Getty Images Anthropic sent a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs accusing the Chinese tech company Alibaba of "brazenly" and "illicitly" attempting to extract its artificial intelligence capabilities, CNBC confirmed on Wednesday. The letter, which was addressed to Sen. Tim Scott, R-S.C., and Sen. Elizabeth Warren, D-Mass., on June 10, said Alibaba carried out "the largest known distillation attack on Anthropic to date." Distillation is an AI training method where a small, less capable model is built using outputs from an existing, stronger model. Anthropic said operators affiliated with Alibaba and its AI lab carried out 28.8 million exchanges with its models using roughly 25,000 fraudulent accounts between April 22 and June 5, according to the letter, which was viewed by CNBC. "We believe combating the threat of illicit distillation requires coordinated action between government and industry, and we will continue working with Congress and the Administration to maintain American AI leadership," an Anthropic spokesperson said in a statement.A representative for Alibaba did not immediately respond to CNBC's request for comment. Bloomberg was first to report the letter. Read more CNBC tech newsAmazon's Zoox unveils redesigned robotaxi ahead of upcoming expansionOpenAI unveils first chip as part of Broadcom deal in effort to 'build the full stack'South Korean chipmaker SK Hynix plans to raise $29 billion via Nasdaq listing as soon as July 10Alphabet added to Dow Jones Industrial Average, replacing Verizon The letter lands two months after the White House Office of Science and Technology Policy issued a memorandum that pledged to help AI companies detect and coordinate against industrial-scale distillation. Anthropic wrote that in proceeding with its distillation attacks, Alibaba "ignored the Trump Administration's warnings."In February, Anthropic announced that it had identified three "industrial-scale" distillation campaigns from three other AI labs: DeepSeek, Moonshot and MiniMax. The company said in a blog post at the time that the campaigns were growing in intensity and sophistication, and it encouraged collaboration across the AI industry, cloud providers and policymakers.But in recent weeks, Anthropic's work with policymakers has been complicated. The company said earlier this month that it received an export control directive from the Trump administration ordering the company to suspend access to its latest Claude models, Fable 5 and Mythos 5, "by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees."The government cited "national security authorities" but didn't specify its concern, Anthropic said. Senior staffers flew to Washington, D.C., to meet with members of the Trump administration over the next several days. The company told CNBC that "both parties are working quickly to get this resolved," but hasn't yet said when it expects its models to come back online.--CNBC's Kate Rooney contributed to this reportWATCH: Anthropic to meet with Trump administration over Mythos dispute watch nowVIDEO4:1404:14Anthropic to meet with Trump administration over Mythos disputeSquawk on the Street Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Victims currently face wait times of almost two years to resolve their cases, according to the National Taxpayer Advocate. View More

People walk past the U.S. Internal Revenue Service (IRS) building in Washington, D.C., U.S., Nov. 14, 2025. Elizabeth Frantz | Reuters Victims of identity theft face "unconscionable" delays at the Internal Revenue Service, a dynamic causing headaches and financial hardship for many Americans that comes amid steep staffing cuts at the federal agency, according to a report to Congress published Wednesday by the National Taxpayer Advocate, an internal IRS watchdog.More than 500,000 victims of tax-related identity theft are currently awaiting resolution from the IRS, the report said. The agency is currently taking about 20 months — nearly two years — to close their cases, according to the report. Tax-related identity theft happens when someone files a tax return to claim a fraudulent refund by using a taxpayer's stolen Social Security number.It can set off a cascade of administrative and financial issues for taxpayers, including temporarily withheld tax refunds. watch nowVIDEO3:4103:41Tax season is a prime time for scams: Here’s how to protect yourselfSquawk Box "For many low- and middle-income taxpayers, waiting nearly two years for a refund is not merely an inconvenience — it can mean falling behind on rent, utilities, transportation costs, and other basic living expenses," Erin Collins, the National Taxpayer Advocate, wrote in the report. "For all taxpayers, this delayed process is frustrating, burdensome, difficult to navigate, and time-consuming," she wrote. The IRS didn't immediately return a request for comment. Read more CNBC personal finance coverageSocial Security trust funds may last longer than expected: Wharton analysisWomen have better retirement savings habits but lower 401(k) balances than menRepublicans buy crypto more than Democrats, data shows. What's driving the divideSen. Cassidy to push Social Security reform 'big idea' in last days in officeCNBC's Financial Advisor 100: Best financial advisors, top firms rankedCNBC Elite Advisors: Top ultra-high net worth wealth management firms for 2026 Collins oversees the Taxpayer Advocate Service, an independent organization within the IRS that serves as a watchdog for consumers. Former Treasury Secretary Steven Mnuchin appointed Collins to the role in 2020 during the first Trump administration. U.S. tax law requires the National Taxpayer Advocate to issue two reports to Congress each year. This is the first of those reports, which outlines advocacy objectives for the upcoming fiscal year — one of which is taxpayer identity theft. The report comes amid a deep workforce reduction at the IRS, including cuts from Elon Musk's so-called Department of Government Efficiency, or DOGE, in 2025. The agency employed 74,000 people at the beginning of the 2026 tax-filing season, a 27% reduction from the 102,000 employees a year earlier, Collins wrote. Collins first warned of severe delays tied to taxpayer identity theft in 2023. Since then, the backlog of victims has only grown, as have wait times. In fiscal year 2023, the IRS had a backlog of about 484,000 cases and took about 19 months to resolve them, Collins wrote at the time. There has been an uptick in the number of Americans reporting tax-related identity theft to federal regulators in recent years. The Federal Bureau of Investigations last year saw a 26% year-over-year increase in consumer complaints tied to "criminal actors" stealing taxpayer identities to file false tax returns and fraudulently claim refunds, the agency said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

President Donald Trump abruptly canceled the signing of a bill aimed at increasing housing affordability an hour before he was due at the Capitol for the ceremony. View More

watch nowVIDEO6:1906:19Sen. Elizabeth Warren on Trump canceling housing bill signing: 'It just doesn't make any sense'Squawk on the Street President Donald Trump on Wednesday canceled via Truth Social a scheduled Capitol Hill signing of a landmark bipartisan housing bill that leaders in both parties had heralded as a win, setting off a contentious day in Congress for the president."Today's Housing News Conference and Signing is hereby cancelled until such time as we pass the desperately needed SAVE AMERICA ACT, which I consider to be a National Emergency. Thank you for your attention to this matter!" Trump posted Wednesday, a little over an hour before he was due at the Capitol to sign the bill into law. House Speaker Mike Johnson, R-La., and Senate Majority Leader John Thune, R-S.D., both celebrated the passage of the housing package, which cleared both chambers with overwhelming bipartisan support, an unusual feat in the sharply divided Congress.The measure aims to increase housing supply, make homes more affordable and cap the amount of single-family homes private equity can purchase. It's a measure that members of both parties are eager to campaign on ahead of the 2026 midterms, in which affordability and cost-of-living issues are playing a key role. The two congressional Republican leaders announced that Trump would sign the bill in Statuary Hall on Wednesday at noon ET.But Trump downplayed the bill in a Truth Social post Wednesday morning, then followed up canceling its signing altogether, saying he won't act on the legislation until Congress approves the controversial election measure known as the SAVE America Act.The SAVE America Act is meant to cut down on noncitizen voting in U.S. elections — which happens rarely and is already illegal in federal contests — and impose nationwide voter ID laws. The House passed the SAVE America Act in February, and the measure is broadly popular among Republicans. But without Democratic support, the GOP is well short of the 60 votes needed to pass the legislation due to the Senate filibuster rule. U.S. President Donald Trump delivers remarks before signing an executive order in the Oval Office of the White House on June 22, 2026 in Washington, DC. Andrew Harnik | Getty Images Trump has leaned on Republicans to abolish the filibuster or tack the legislation onto another, larger bill. On Wednesday afternoon, he met at the Capitol with Senate Republicans, and the housing bill signing was to precede that lunch.Trump, notably, was invited to meet with GOP senators by Sen. Rick Scott, R-Fla., as opposed to Thune and GOP leaders, as is customary. At one point, that lunch turned tense, as Sen. Bill Cassidy, R-La., who lost his GOP primary last month after Trump endorsed his opponent, reportedly confronted the president over the Iran memorandum of understanding, which some Republicans, including Cassidy, have sharply criticized.Cassidy "yelled" at the president, MS NOW reported, citing a person familiar with the moment."I'm not going to be bullied when I feel like I'm asking a question the American people need to know. And so at that point it began to escalate," Cassidy told reporters following the meeting. Sen. Ted Cruz, R-Texas, characterized the exchange as a "spirited discussion." Sen. Jim Justice, R-W.V., described it as not "super combative, but very passionate.""I think Bill and the president both expressed their feelings and didn't hold back," Justice said, though he said it ended respectfully."I think we had a really great meeting," Trump told reporters at the Capitol after the meeting. "We like our leader. … I don't like a few people, but that's OK. I think you know who they are." Housing uncertainty Coming out of the meeting on Wednesday, there was little clarity on the path forward for the housing package. Asked what the future of the housing bill might be, Sen. John Husted, R-Ohio, a supporte of the package, said "it wasn't really discussed."The president has 10 days to sign or veto a bill, giving Congress little time to pass the SAVE America Act, which is widely opposed by Democrats and voting rights advocates, before the clock runs out."It's a great piece of legislation that increases the supply of housing and the availability of credit to afford homes, so it's an affordability issue, and eventually I hope he finds a way to sign it," Thune told reporters at the Capitol after Trump canceled and before his meeting with senators.Johnson, at a House GOP news conference Wednesday, told reporters that the only likely way to get the SAVE America Act through Congress is by using budget reconciliation — a congressional process that allows the Senate to bypass the filibuster. It can only be used for spending and budgetary measures and allows for passing controversial legislation along party lines in the narrowly divided chamber.But there are serious questions about whether an election bill such as the SAVE America Act would qualify for reconciliation under the Senate rules. And the reconciliation process can be long and grueling. Speaker of the House Mike Johnson, R-La., arrives for a news conference at the Republican National Committee after a meeting of the House Republican Conference on Wednesday, June 24, 2026. Tom Williams | CQ-Roll Call, Inc. | Getty Images "He's laser focused on SAVE America Act, as most common-sense Americans are," Johnson said. "The only path, I think, to get that done ... you have to put it on a reconciliation bill."Rep. French Hill, R-Ark, who chairs the House Financial Services Committee and led the housing bill in the House, told CNBC on Wednesday, Trump "picked the day, and now he's chosen to change the day. So we'll let him do that, and we'll see what he decides to do."Wednesday was the second time in a week that Trump has thwarted congressional Republican priorities at the last minute by demanding passage of the SAVE America Act.Last week, Trump took to Truth Social and directed Jay Clayton, the U.S. attorney for the Southern District of New York and the president's permanent pick to be the director of national intelligence, not to appear for a scheduled Senate confirmation hearing hours before it was to begin.Senate Republicans were attempting to fast track Clayton's nomination to prevent Bill Pulte, the Federal Housing Finance Agency head, from becoming acting DNI. Democrats and some Republicans opposed Pulte for the role, citing his willingness to attack Trump opponents while at the helm of the housing agency. 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 Trump's tapping of Pulte also derailed negotiations on an extension of a foreign surveillance provision, known as Section 702 of the Foreign Intelligence Surveillance Act, which lapsed earlier this month. Democrats have vowed to oppose any extension as long as Pulte is in the DNI role."[T]o add a slight bit of intrigue but, for the Good of the Nation, and the People of our Country, I will not approve FISA without THE SAVE AMERICA ACT going along with it," Trump posted on June 17, adding a wrinkle to already complicated negotiations.Trump's recent moves have angered some congressional Republicans and set the stage for what could be a tense meeting on the Hill on Wednesday.Democrats, meanwhile, argue his punting on the housing bill is evidence he doesn't care about the cost of living for the average American."This just doesn't make any sense, other than whatever it is he wants to do is a complete indifference to the cost squeeze on American families and to genuine efforts to do something about it," Sen. Elizabeth Warren, D-Mass., who co-led the housing bill in the Senate, said during an appearance on CNBC's "Squawk on the Street.""He could be over here trying to claim a victory lap. And instead he's saying, no, no, he doesn't want anything to do it. It's because he really doesn't care about American families," Warren said.— CNBC's Emily Wilkins contributed to this story. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

While management changes can influence investor sentiment, the magnitude of the move suggests other forces may be at play. View More

In this articleWENFollow your favorite stocksCREATE FREE ACCOUNT A Wendy's restaurant is seen on November 10, 2025 in Austin, Texas. Brandon Bell | Getty Images News | Getty Images Wendy's shares surged on Wednesday, fueled by a burst of retail investor enthusiasm that appears disconnected from the fast-food chain's latest executive appointment.The stock climbed more than 42% on heavy volume at one point after Wendy's disclosed the appointment of former Potbelly executive Steven Cirulis as chief financial officer and chief strategy officer. While management changes can influence investor sentiment, the magnitude of the move suggests other forces may be at play.Trading was briefly halted by the New York Stock Exchange for volatility shortly after the open. When it resumed, it shot to a high of $8.89 a share. Wendy's closed up 25.7% at $7.86 a share. Loading chart... Retail traders have increasingly turned their attention to the burger chain after the shares lost about 36% over the past 12 months. Wendy's ranked as the second-most mentioned stock across Reddit trading forums over the past 24 hours, according to data tracked by Swaggy Stocks.Posts circulating on social media have framed Wendy's as a turnaround and recovery play. On WallStreetBets, one post titled "We need to save Wendy's" garnered significant engagement. "We need to save Wendy's before it's too late," the user wrote. Other posts framed the fast-food chain as a beaten-down consumer brand that retail investors could rally behind.Retail investors were on track to post their second-highest day of net buying on record for the stock going back to 2012, according to Vanda. The market data firm said net buying so far on Wednesday is more than 50-times higher than Wendy's 20-day average.The surge in online attention reflects previous meme stock episodes like GameStop where retail traders piled into struggling companies with elevated bearish bets against them."The setup has clear echoes of the retail-driven squeezes that became a defining feature of markets in 2021," Vanda wrote to clients on Wednesday. "While not every retail-driven short squeeze is the same, the ingredients look familiar: elevated short interest, a beaten-up consumer name, strong social media engagement and a simple retail narrative around 'saving Wendy's.'"That dynamic could be particularly relevant for Wendy's. Roughly 23% of the company's free float is currently sold short, according to S3 Partners, leaving the stock vulnerable to a squeeze if rising prices force bearish investors to cover positions.Still, Vanda said retail traders tend to display a loyalty to stocks that they have previously rallied around. The firm pointed to GameStop as one example of a stock receiving longer-term support from individual traders."Whether Wendy's develops that type of staying power remains to be seen," Vanda said. "But our data confirms that today's surge in WEN has indeed been driven by abnormal retail buying."Wendy's didn't immediately respond to CNBC's request for comment. — CNBC's Alex Harring and Nick Wells contributed reporting. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

AI chipmaker Cerebras has a staggered lock-up expiration that includes some shares becoming available for trading this week. View More

In this articleCBRSFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO5:0705:07Cerebras CEO Feldman says margin forecast was 'misunderstood' as stock plummets after earningsSquawk on the Street Cerebras Systems CEO Andrew Feldman said Wednesday that investors "misunderstood" the artificial intelligence chipmaker's margin guidance, as shares slid almost 20% after the company reported results for the first time since going public.Analysts at Mizuho and Wedbush raised their estimates following Cerebras' earnings call. But the company forecast a narrower gross margin in its core business, excluding impact from customer warrants and data center pass-through revenues. The number was 47% for the first quarter, and it should be between 38% and 41% for the full year."It is misunderstood," Feldman said on CNBC's "Squawk on the Street." "You know, we laid out a plan at the start of '26. We shared that plan as we went public a few months ago, and we're beating that plan." He said management made clear that Cerebras will need to rent back some equipment from one of its largest clients. "I think it's not going to be a straight line," he said. Read more CNBC tech newsAmazon's Zoox unveils redesigned robotaxi ahead of upcoming expansionOpenAI unveils first chip as part of Broadcom deal in effort to 'build the full stack'South Korean chipmaker SK Hynix plans to raise $29 billion via Nasdaq listing as soon as July 10Alphabet added to Dow Jones Industrial Average, replacing Verizon Investors also must contend with Cerebras insiders being subject to a staggered timeline for lock-up restrictions. That includes about 28 million Class A Cerebras shares that directors, officers and nonemployee shareholders can trade on the second trading day after Tuesday's earnings announcement, according to the company's prospectus. The point was to smooth out the schedule, which typically comes after a set number of months after an initial public offering, Feldman said."Whether that's a success or not, we'll have to see," he told CNBC's Carl Quintanilla and Leslie Picker.Rivals such as Nvidia are confronting supply shortages in high-bandwidth memory and a cutting-edge process from Taiwan Semiconductor Manufacturing Co., but Cerebras doesn't need either of those, Feldman said. Cerebras is, however, facing pressure to open more data centers, as are cloud infrastructure providers, while public opposition mounts and permitting processes can drag on."We're trying to move at the speed of AI, and data centers move with the speed of real estate," Feldman said. VIDEO9:1809:18Watch CNBC's full interview with Cerebras CEO Andrew Feldman Stock Chart IconStock chart iconCerebras stock chart. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Bitcoin, now in the eighth month of its bear market, dropped to an October 2024 low amid a pullback in tech stocks. View More

In this articleBTC.CM=Follow your favorite stocksCREATE FREE ACCOUNT Justin Tallis | Afp | Getty Images Bitcoin dropped on Wednesday to its lowest level since October 2024 amid a pullback in tech stocks, as the crypto bear market drags on.The price of bitcoin slid more than 4% to $59,548.19. Earlier, it hit a low of $59,023.98, its lowest level since Oct. 10, 2024. This is the third time this year that bitcoin has traded below $60,000.The flagship cryptocurrency, in roughly its eighth month of a bear market, is being squeezed from both macroeconomic and industry-specific headwinds. Capital has been rotating into AI stocks, hot IPOs and prediction markets. Meanwhile, inflationary pressures stemming from the Iran war have kept the Federal Reserve focused on combating inflation, creating a challenging backdrop for bitcoin. And a broader loss of confidence across the crypto market has led investors to question bitcoin's unique value proposition.The primary upside catalyst for the broader crypto industry, the market structure bill known as the CLARITY Act, has about five weeks to clear a key legislative hurdle before Congress' summer recess. If it misses that window, the bill will likely be pushed to the fall.Although sentiment is weak, bitcoin's decline has been more muted than the crushing drawdowns that characterized previous crypto winters. One big reason for that is the increase in institutional participation, according to Sam Callahan, director of bitcoin strategy and research at bitcoin treasury firm OranjeBTC."People say this was the worst bull market and the best bear market," said Sam Callahan, director of bitcoin strategy and research at bitcoin treasury firm OranjeBTC. "What that's really saying is that bitcoin's not as volatile as it was in previous bear markets because of the investor base: it's larger, it's more liquid, it's not so much a smaller retail-held asset. It's more institutionalized now, and so you're going to see declining volatility both on the upside and the downside."Bitcoin ETFs collectively have seen $182 million exit the funds so far this week and are on pace for their seventh consecutive week of net outflows. Total assets held in bitcoin ETFs have fallen to $77.5 billion from about $113 billion at the end of last year.—CNBC's Nick Wells and Gina Francolla contributed reporting. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading. View More

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. The S & P 500 and Nasdaq on Wednesday are struggling to snap their two-day losing streaks. The S & P 500 climbed as much as 0.86% before reversing course and erasing its gains. The S & P 500 is slightly lower. The tech-heavy Nasdaq , meanwhile, is solidly in the red. The indexes are struggling despite oil prices continuing to drop, with U.S. benchmark WTI crude briefly dipping below $70 per barrel. The decline in energy prices is easing inflation concerns, which has helped push the 10-year Treasury yield down roughly 9 basis points. Falling oil prices and lower interest rates make for a good recipe for travel, leisure and housing-related stocks, which are leading the market in the session. We're seeing the strength reflected in Club name Home Depot's shares, which have climbed back to their highest level since April. Technology stocks were mostly lower with profit taking in semiconductors and other AI names ahead of Micron's earnings report after the bell. Club name Corning was an outlier for unclear reasons. The stock is surging roughly 7%, making it the top-performing tech name in the S & P 500 despite weakness in the theme. Linde shares are on the rise after analysts at Citi raised their price target on the industrial gas supplier to $600 from $585 and initiated a "90-day positive short-term view." In a note to clients, analysts wrote that their call is "driven by a potentially more constructive setup for estimate revisions on incremental upside from volume growth in North America from broad-based strength in manufacturing, metals, refining, and electronics and Asia industrial activity possibly inflecting." Citi also called out the company's high-quality backlog, which is becoming more exposed to faster growing verticals like electronics and the space industry . Notably, Citi reminded investors that Linde has not baked any benefit from higher helium prices into its guidance. That matters because helium prices rose after the closure of the Strait of Hormuz created a supply shortage. As we've explained before , we do not believe management is chasing a one-time earnings benefit by selling into the spot market. Rather, we suspect Linde is leveraging its excess supply to win new long-term contracts, a strategy that should support stronger volumes and earnings growth over time. Linde is quietly having a strong 2026, with shares up over 21% year to date. That is ahead of the S & P 500's 7.5% advance and the index's materials sector, which is up 13%. Micron's earnings report after the closing bell will be closely watched across Wall Street, with expectations running high after the stock's more than 250% rally this year. The company exceeded analysts' earnings-per-share estimates by roughly 30% last quarter and 25% the quarter before that. We'll be interested in seeing how the market reacts to what's expected to be another strong quarter, as well as management's commentary about supply and demand dynamics for high bandwidth memory (HBM), the memory chips used in AI servers. Before the opening bell on Thursday, we'll see earnings from spice maker McCormick and Olive Garden parent Darden Restaurants . On the data side, we'll see the Fed's preferred inflation gauge in the PCE price index. Other economic reports of interest are the final read on first-quarter U.S. gross domestic product, weekly jobless claims, and durable goods orders. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.