Latest Sectors News
Until the appeal is decided, the tribunal has also barred IL&FS from creating third-party rights on the property. View More
Democrats on the House Oversight Committee released the photos to pressure the Trump administration to release files about Jeffrey Epstein. View More
Photo released from the Jeffrey Epstein files shows Donald Trump with multiple women. Redactions were done by the Democrats on the House Oversight Committee. Date and context is unclear.Source: Democrats on the House Oversight Committee. Nearly 100,000 photos obtained by House Democrats from the estate of notorious sex predator Jeffrey Epstein include images of President Donald Trump, former President Bill Clinton, Microsoft founder Bill Gates, film director Woody Allen, and former Trump White House advisor Steve Bannon and others in social settings.Democrats on the House Oversight and Government Reform Committee, as they made 19 of those photos public, urged the Department of Justice to release investigative files it has related to Epstein ahead of the Dec. 19 deadline to do so to comply with a newly passed law.One image among a batch of photos released Friday morning shows Trump standing in the middle of a row of six women, whose faces were covered over by the Democrats before release. Some of the women are wearing Hawaiian leis around their necks. Trump is shown in another photo standing behind Epstein at what appears to be a social event. A third photo shows Trump sitting next to a woman, whose face is blacked out, on what appears to be a plane.Trump was a longtime friend of Epstein before the two men had a falling out sometime in the early 2000s. He has not been accused of any wrongdoing in connection with Epstein, and has denied knowledge of Epstein's abuse of girls and women while they were friends."Well, I haven't seen it, but I mean, everybody knew this man," Trump said at the White House on Friday evening when asked about the photos of him and others being released."He was all over Palm Beach. He has photos with everybody. I mean, almost there are hundreds and hundreds of people that have photos with him," Trump said."So that's no big deal. I know nothing about it." White House spokeswoman Abigail Jackson, in a statement to CNBC, accused House Democrats of "selectively releasing cherry-picked photos with random redactions to try and create a false narrative."Jackson called the Democrats' focus on the president's connection to Epstein a "hoax," and argued that the Trump administration "has done more for Epstein's victims than Democrats ever have" by releasing documents and calling for transparency. Photo from the Jeffrey Epstein files released by the Democrats on the House Oversight Committee showing Bill Clinton, Ghislaine Maxwell and Jeffrey Epstein with two unknown people. Blurred individuals done by Versant Media. Date and context unclear. Clinton is shown in one photo standing with Epstein, his now-convicted procurer Ghislaine Maxwell, and another man and woman. The photo has Clinton's signature on it.Other photos show former Treasury Secretary Larry Summers, Andrew Mountbatten-Windsor, who was previously known as Prince Andrew of Britain, and Epstein's one-time lawyer Alan Dershowitz.The dates, locations and context of the photos were not revealed as part of the release Friday. CNBC is reaching out to the people identified in the photos, all of whom have denied wrongdoing. This story will be updated with their responses."This latest production contains over 95,000 photos, including images of the wealthy and powerful men who spent time with Jeffrey Epstein," a statement from Democrats on the Oversight Committee said. Photo from the Jeffrey Epstein files released by the Democrats on the House Oversight Committee shows Donald Trump with an unknown woman. Redaction from the Democrats on the House Oversight Committee. Date and Context is unclear. "Images also include thousands of photographs of women and Epstein properties," the statement said. "Committee Democrats are reviewing the full set of photos and will continue to release photos to the public in the days and weeks ahead. Committee Democrats are committed to protecting the identities of the survivors."Rep. Robert Garcia of California, the ranking Democrat on the committee, in a statement said, "It is time to end this White House cover-up and bring justice to the survivors of Jeffrey Epstein and his powerful friends.""These disturbing photos raise even more questions about Epstein and his relationships with some of the most powerful men in the world. We will not rest until the American people get the truth. The Department of Justice must release all the files, NOW." Photo from the Jeffrey Epstein files released by the Democrats on the House Oversight Committee showing Steve Bannon and Jeffrey Epstein. Date and Context is unclear.Source: Democrats on the House Oversight Committee Trump and top law enforcement officials in his administration for months resisted the idea of releasing investigative files related to Epstein and Maxwell before Congress in November overwhelmingly passed a law mandating their release by the Department of Justice. Read more CNBC politics coverageTSA is giving airline passenger data to ICE for deportation push: NYTTrump's AI order may be 'illegal,' Democrats and consumer advocacy groups claimTrump sued by preservation group seeking to halt White House ballroom projectTrump says 'no big deal' after new Epstein photos showing him releasedPutin can fund war for years, ex-official says as Trump's resolve is testedIndiana redistricting bill that Trump demanded defeated in state SenateHouse passes INVEST Act to ease investment standards, boost capital in marketsDOJ fails again to indict New York AG James, a Trump target: ReportsTrump 'sells out' U.S. national security with Nvidia chip sales to China: WarrenTrump pushes for top prosecutor nominee Halligan after Comey, James cases tossedTrump willing to seize more oil tankers off Venezuela coast: White HouseSeized tanker will go to U.S. port, Trump admin intends 'to seize the oil'GOP lawmakers seek Trump aid for agricultural equipment after tariff pressureTrump says Fed could have 'at least doubled' latest interest rate cut'Spoof' ship: Seized oil tanker hid location, visited Iran and VenezuelaTrump admin touts pulling 9,500 truckers off road for failing English testsSwiss government says new 15% U.S. tariff ceiling retroactive to mid-NovemberHomeland Security Dept. buying Boeing 737s for ICE deportationsTrump officials move to end student loan payment pause for millions of borrowersJudge unseals Ghislaine Maxwell grand jury materials, citing Epstein files actUkraine at 'critical moment' in war as European allies ramp up pressure on RussiaDemocrats establish AI working group as industry bolsters DC presenceEx-Trump lawyer Habba resigns as NJ U.S. attorney after disqualificationTrump announces $12 billion aid package for farmers caught up in trade warTrump says Netflix, WBD deal could be 'problem' as son-in-law backs Paramount bidSupreme Court to hear case on Trump birthright citizenship orderTrump can fire labor, employment board members without cause: Appeals courtTrump administration views Netflix, Warner Bros. deal with 'heavy skepticism'Costco adds Biden Commerce Sec. Raimondo to board after Trump tariff lawsuitNew York Times sues Pentagon, Hegseth over media access policyCongressional watchdog probes Trump FHFA chief Bill PulteJan. 6 pipe bomb suspect Brian Cole arrested, faces explosives charges, DOJ saysJudge dismisses James Comey and Letitia James cases over 'unlawful' prosecutor appointmentSen. Mark Kelly faces Pentagon probe for video on refusing 'unlawful orders'Trump spoke with Chinese President XiBessent says no recession in 2026 but notes some sectors are challengedU.S. lawmakers say Rubio told Trump's Ukraine peace plan is Russia's 'wish list' Those files, which are separate from the ones released by the Democrats on Friday, have yet to be made publicly available.Garcia said the committee received the new batch of photos from Epstein's estate on Thursday night.He said that the committee's Democrats have reviewed "maybe about 25,000 of [the photos] so far.""There's an enormous amount of photos we have not gone through," Garcia said. "It will take days and weeks to ensure that we got those photos and that a redaction is done in the appropriate way.""Obviously there are photos of powerful men, and folks that we want to have an opportunity to speak with and ask questions of," Garcia said.He noted that the photos were in the estate's possession, and that Epstein took some of them himself, while others may have been sent to him."Some of the other photos that we did not put out today are incredibly disturbing," Garcia added.Republicans on the Oversight Committee, in their own statement, said, "Once again, Oversight Democrats are chasing headlines by releasing a handful of selectively censored and cherry-picked photos from the Epstein Estate.""Democrats' hoax against President Trump has been completely debunked. Nothing in the documents we've received shows any wrongdoing," the Republicans said. "Ranking Member Robert Garcia and Oversight Democrats should be ashamed of this disgusting behavior of putting politics above justice for the survivors."Epstein died from a jailhouse suicide in August 2019, weeks after he was arrested on child sex trafficking charges filed by the DOJ during Trump's first term in office.Maxwell is serving a 20-year federal prison sentence for her 2021 conviction of crimes related to procuring underage girls to be sexually abused by Epstein. Photo from the Jeffrey Epstein files released by the Democrats on the House Oversight Committee showing Jeffrey Epstein with Alan Dershowitz. Date and Context is unclear.Source: Democrats on the House Oversight Committee Angel Urena, a spokesperson for Clinton, had said in a July 2019 statement, "President Clinton knows nothing about the terrible crimes Jeffrey Epstein pleaded guilty to in Florida some years ago, or those with which he has been recently charged in New York.""In 2002 and 2003, President Clinton took a total of four trips on Jeffrey Epstein's airplane: one to Europe, one to Asia, and two to Africa, which included stops in connection with the work of the Clinton Foundation. Staff, supporters of the Foundation, and his Secret Service detail traveled on every leg of every trip," Urena said. "He had one meeting with Epstein in his Harlem office in 2002, and around the same time made one brief visit to Epstein's New York apartment with a staff member and his security detail. He's not spoken to Epstein in well over a decade, and has never been to Little St. James Island, Epstein's ranch in New Mexico, or his residence in Florida."â Additional reporting by CNBC's Kevin Breuninger
Even with better-than-expected earnings and revenue, Broadcom slid on Friday as investors continued to grow concerned about the AI trade. View More
In this articleAVGOFollow your favorite stocksCREATE FREE ACCOUNT Broadcom CEO Hock Tan.Lucas Jackson | Reuters Broadcom's quarterly results and guidance sailed past Wall Street estimates. It didn't matter. The chipmaker's shares plummeted 11% on Friday, their worst day since January, as investors ran for the exits on the artificial intelligence trade. Oracle dropped 4.5% a day after plunging 10% following its earnings report. Nvidia and Advanced Micro Devices, the two leading makers of graphics processing units for AI workloads, slid about 3% and 5%, respectively. AI has been the driver for the stock market and the broader economy this year, so any negative sentiment has potentially far-reaching consequences. The Nasdaq on Friday fell about 1.69%, and the S&P 500 declined by 1%. The companies getting hit the hardest are the ones most closely tied to AI infrastructure, which has been booming as hyperscalers build out their data centers to try and meet what they describe as insatiable demand for compute-intensive AI services. Broadcom makes custom chips for many of the the largest tech companies, and saw its market cap about double each of the past two years before rallying again in 2025."This stock is up 75-80% year to date. You're seeing a little bit of a pullback," Vijay Rakesh, an analyst at Mizuho, told CNBC's "Squawk on the Street" on Friday. "We would be buyers on this pullback."Mizuho raised its price target on the stock to $450 from $435. It closed on Friday just below $360. "This is still where the growth is," Rakesh said. "They are still the big supplier to Google on their entire hardware stack, to Meta, to Anthropic and even OpenAI coming down the road." Broadcom reported revenue growth of 28% during the quarter, largely due to a 74% increase in AI chip sales, to a total of $18.02 billion, topping the $17.49 billion average analyst estimate, according to LSEG. Adjusted earnings per share of $1.95 adjusted topped the $1.86 average estimate. watch nowVIDEO4:0904:09HSBC: There could be much more upside to Broadcom's AI backlogWorldwide Exchange CEO Hock Tan said Broadcom expects AI chip sales this quarter to double from a year earlier to $8.2 billion, both from custom AI chips as well as semiconductors for AI networking.One concern among investors is that margins are coming down, at least in the short term, due to higher up-front costs. CFO Kirsten Spears said on the earnings call that "gross margins will be lower" for some of Broadcom's AI chip systems because the company will have to buy more parts to produce the server racks. Broadcom also said it had a $73 billion backlog of AI orders over the next 18 months. Part of that is from $21 billion of orders from Anthropic, which the company revealed as a key customer on Thursday.While OpenAI has been a highly touted customer following a multibillion-dollar agreement announced in October, Tan doused some hope for the deal, telling investors late Thursday that, "We do not expect much in '26." Bernstein analyst Stacy Rasgon said in a note on Friday that "AI angst" was driving Broadcom's shares lower."Frankly we aren't sure what else one could desire as the company's AI story continues to not only overdeliver but is doing it at an accelerating rate," Rasgon, who recommends buying the stock and raised his price target, wrote in the note. Oracle has been facing more extreme skepticism. The stock is now down more than 40% from its record reached in September. The company beat on earnings but missed on revenue in its report on Wednesday, and investors were disappointed they didn't get more detail on how Oracle will finance its massive buildout that so far has required mounds of debt. CoreWeave, which is investing in data centers to offer cloud-based AI services, sank 10% on Friday and has lost more than half its value since peaking in June. WATCH: Mizuho raises price target on Broadcom watch nowVIDEO3:2303:23Hereâs why Mizuho raised its price target on BroadcomSquawk on the Street
The lawsuit argues that President Trump was legally required to get federal approvals before demolishing the historic East Wing of the White House. View More
Construction crews continue to remove the East Wing of the White House and prepare for construction of the new ballroom, as seen from the newly reopened Washington Monument, Nov. 14, 2025.Andrew Leyden | Getty Images A nonprofit group tasked with preserving U.S. historical sites sued President Donald Trump on Friday, seeking to halt construction of his massive White House ballroom until the project receives the proper federal approvals."No president is legally allowed to tear down portions of the White House without any review whatsoever â not President Trump, not President Biden, and not anyone else," the National Trust for Historic Preservation in the United States said in the lawsuit in Washington federal court."And no president is legally allowed to construct a ballroom on public property without giving the public the opportunity to weigh in," the suit said.The suit argues that Trump was legally required to secure reviews and approvals before demolishing the historic East Wing of the White House and beginning to build the 90,000-square-foot ballroom. Read more CNBC politics coverageTSA is giving airline passenger data to ICE for deportation push: NYTTrump's AI order may be 'illegal,' Democrats and consumer advocacy groups claimTrump sued by preservation group seeking to halt White House ballroom projectTrump says 'no big deal' after new Epstein photos showing him releasedPutin can fund war for years, ex-official says as Trump's resolve is testedIndiana redistricting bill that Trump demanded defeated in state SenateHouse passes INVEST Act to ease investment standards, boost capital in marketsDOJ fails again to indict New York AG James, a Trump target: ReportsTrump 'sells out' U.S. national security with Nvidia chip sales to China: WarrenTrump pushes for top prosecutor nominee Halligan after Comey, James cases tossedTrump willing to seize more oil tankers off Venezuela coast: White HouseSeized tanker will go to U.S. port, Trump admin intends 'to seize the oil'GOP lawmakers seek Trump aid for agricultural equipment after tariff pressureTrump says Fed could have 'at least doubled' latest interest rate cut'Spoof' ship: Seized oil tanker hid location, visited Iran and VenezuelaTrump admin touts pulling 9,500 truckers off road for failing English testsSwiss government says new 15% U.S. tariff ceiling retroactive to mid-NovemberHomeland Security Dept. buying Boeing 737s for ICE deportationsTrump officials move to end student loan payment pause for millions of borrowersJudge unseals Ghislaine Maxwell grand jury materials, citing Epstein files actUkraine at 'critical moment' in war as European allies ramp up pressure on RussiaDemocrats establish AI working group as industry bolsters DC presenceEx-Trump lawyer Habba resigns as NJ U.S. attorney after disqualificationTrump announces $12 billion aid package for farmers caught up in trade warTrump says Netflix, WBD deal could be 'problem' as son-in-law backs Paramount bidSupreme Court to hear case on Trump birthright citizenship orderTrump can fire labor, employment board members without cause: Appeals courtTrump administration views Netflix, Warner Bros. deal with 'heavy skepticism'Costco adds Biden Commerce Sec. Raimondo to board after Trump tariff lawsuitNew York Times sues Pentagon, Hegseth over media access policyCongressional watchdog probes Trump FHFA chief Bill PulteJan. 6 pipe bomb suspect Brian Cole arrested, faces explosives charges, DOJ saysJudge dismisses James Comey and Letitia James cases over 'unlawful' prosecutor appointmentSen. Mark Kelly faces Pentagon probe for video on refusing 'unlawful orders'Trump spoke with Chinese President XiBessent says no recession in 2026 but notes some sectors are challengedU.S. lawmakers say Rubio told Trump's Ukraine peace plan is Russia's 'wish list' Those reviews "should have taken place before the Defendants demolished the East Wing, and before they began construction of the Ballroom," the suit says.The trust is asking a judge to declare that the project violates multiple laws, including the Administrative Procedure Act. The group also seeks a court-ordered work stoppage "until the necessary federal commissions have reviewed and approved the project's plans; adequate environmental review has been conducted; and Congress has authorized the Ballroom's construction."Later Friday, Judge Richard Leon set a hearing for Tuesday at 3:30 p.m. ET on the trust's motion for a temporary restraining order and preliminary injunction that would block further development on the ballroom.In addition to Trump, other defendants in the case are the National Park Service, the Department of the Interior, the General Services Administration and their respective agency heads.White House spokesman David Ingle told CNBC in a statement, "President Trump has full legal authority to modernize, renovate, and beautify the White House â just like all of his predecessors did."
Disney Animation's "Zootopia 2" is set to cross the billion-dollar box-office mark on Friday, becoming the second Hollywood film to reach the benchmark in 2025. View More
In this articleDISFollow your favorite stocksCREATE FREE ACCOUNT In Disney's "Zootopia 2," detectives Judy Hopps and Nick Wilde find themselves on the twisting trail of a mysterious reptile who turns the mammal metropolis of Zootopia upside down.Disney The Walt Disney Co. tallied its second billion-dollar film of 2025 with the help of a determined bunny and mischievous fox."Zootopia 2" is set to top $1 billion at the global box office on Friday, according to company estimates, joining the live-action remake of "Lilo & Stitch" as the only Hollywood-made films to cross the benchmark this year. Heading into the weekend, the film had tallied $232.7 million domestically and $753.4 million from international markets."This milestone means the world to us, because more than anything, it means audiences are coming to theaters for a shared experience of watching this movie on the big screen, everyone together, from all walks of life around the world â and that is a Zootopia dream come true," Jared Bush, chief creative officer at Walt Disney Animation Studios, wrote in a statement Friday.The only other film to cross the billion-dollar threshold this year is China's "Ne Zha 2," which has collected $2.2 billion since its release in January, according to data from Comscore."With the evolution of global market trends in recent years, reaching $1 billion has become a little more of a novelty again," Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory, told CNBC. He also noted the importance of the film's "staggering success in China." Nearly $450 million of the global haul for "Zootopia 2" has come from the region so far â a massive figure considering China has decreased the number of American films it permits to play in its theaters and has threatened to restrict even more because of escalated tariffs."Zootopia 2" had the highest animated opening of all time for a non-local title in China and broke the record for highest-grossing non-local animated film of all time within five days of its release in the country, Disney reported.The film's billion-dollar haul also highlights a transition in the domestic theatrical marketplace. PG-rated family films have outperformed PG-13 and R-rated films at the box office in 2025. So far, PG films released this year have generated $2.7 billion in the U.S. and Canada, while PG-13 films have tallied $2.5 billion and R-rated films have collected $2.4 billion.This shift started in 2024, when PG-rated films sold more tickets domestically than any other rated film for the first time ever. PG-13 films had dominated the space for decades, according to data from Comscore. "With PG-rated films, it is often the kids who make the decision as to whether to hit the multiplex, and their influence can be seen directly in the numbers for the category that have hit all-time highs over the past couple of years," said Paul Dergarabedian, head of marketplace trends at Comscore. "Equally impressive is that most PG movie tickets sold are at a child-friendly lower price point and therefore reaching these huge box-office milestones is made even more impressive."Disclosure: Comcast is the parent company of Fandango and NBCUniversal, which owns CNBC. Versant would become the new parent company of Fandango and CNBC upon Comcast's planned spinoff of Versant.
Hitting a massive jackpot is thrilling, but the choices you make right after the win can put your wealth at risk. View More
After 41 draws without a winner, the Powerball lottery jackpot has climbed to $1 billion â the seventh largest in the lottery's history.Even if you don't match all six numbers, smaller prizes of $1 million and $50,000 are still in play.If you somehow beat the odds and win a large cash prize, what happens next can be just as important as the win itself. That's because decisions you make in the first few days can leave you vulnerable to losing or mismanaging the prize.Here are five common mistakes experts say to avoid, starting the moment the ticket is in your hands. 1. Handing an unsigned ticket to the store clerk Until a lottery ticket is signed, "the person who physically holds a winning ticket" can claim the prize, according to the South Carolina Education Lottery, one of the state lotteries that administers Powerball.Participating state lotteries generally direct players to use validation tools â self-check terminals, mobile app scanners or official lottery websites â rather than relying on store staff. That guidance exists in part because store clerks have been caught stealing winning tickets.To prevent fraud, you'll want to sign the ticket in ink right away, state lotteries advise. It also can't hurt to have a photocopy or photo of the signed ticket, since it can help if your ticket is lost or misplaced, according to the South Carolina Education Lottery. 2. Not keeping the ticket in a safe place You signed the ticket, but where do you put it? Because a winning ticket functions much like cash, you don't want to keep it in your pocket, wallet or lying on a desk in your home, says George Gagliardi, a certified financial planner in Lexington, Massachusetts."Holding the winning ticket before claiming it is akin to walking around town with $100 million in your wallet," he says.The official ticket needs a secure location. A common recommendation is to lock it in a bank safe deposit box or a personal fireproof safe or lockbox as soon as possible. 3. Telling everyone about winning Announcing a big lottery win can invite financial requests, scams and unwanted attention, says Gagliardi. It's often safer to keep the news within a very small circle of trusted family members.Some state lotteries require winners to go public when they claim the prize, which is why it can help to consult a financial advisor, a lawyer and an accountant before coming forward, State Farm advises.They can walk you through payout options and, in some states, help set up a trust that allows you to claim the prize anonymously. 4. Rushing to claim your prize Winners are often given between 90 days and a year to claim a prize, depending on the state.Rushing to claim it can prevent you from building the advisory team you'll need to manage immense wealth. Without a lawyer, accountant and financial advisor experienced in large windfalls, you risk making costly decisions about taxes, investments and spending, State Farm reports. 5. Deciding on the payout too quickly Powerball winners must choose between two payout options: a 30-year annuity worth the full listed jackpot amount or a lump-sum cash payout that is roughly half the advertised prize. For a $1 billion jackpot, the annuity would pay about $33.3 million per year, according to USAMega.com.Each option comes with tradeoffs. The annuity provides guaranteed installments with a larger total payout over time, while the cash option gives you immediate access to a sizable sum that can be invested right away. Your age, estate planning needs and comfort with investment risk can all shape which payout structure makes the most sense. Consult a trusted financial professional who can help you make decisions based on your individual financial situation.It can also help to slow down before making a choice, since "you will be in an emotional state for a while, and one wants to make decisions logically, not emotionally," says John Loyd, a certified financial planner in Texas.Want to give your kids the ultimate advantage? Sign up for CNBC's new online course, How to Raise Financially Smart Kids. Learn how to build healthy financial habits today to set your children up for greater success in the future. Use coupon code EARLYBIRD for 30% off. Offer valid from Dec. 8 to Dec. 22, 2025. Terms apply. Take control of your money with CNBC Select CNBC Select is editorially independent and may earn a commission from affiliate partners on links.How to get an advance on your tax refundThe best personal loans for same-day fundingThe best credit cards for travel rewards, cash back, 0% APR and moreThe best extended car warranties of December 2025 VIDEO7:1007:10I quit my $390,000 a year job at Google for a mini retirement in SwitzerlandMillennial Money
Weaker prices mean homeowners are starting to lose equity after several years of huge gains. View More
A tract of new tightly packed homes are viewed along the Boulder City Parkway on January 11, 2022 in Henderson, Nevada.George Rose | Getty Images Home values have been losing ground for much of this year, with previously huge annual gains shrinking to nothing. The result is that homeowners are losing equity.Borrower equity fell 2.1% in the third quarter of this year compared with the same period a year ago, or a collective $373.8 billion, according to a report from Cotality. This comes after years of steep gains in home prices and record equity. Even after the drop, homeowners still have an overall collective net equity of $17.1 trillion for homes with a mortgage. For the average homeowner, the third-quarter equity declines translate to a loss of $13,400. In addition, the number of homes in a negative equity position, meaning they are worth less than the mortgage on them, increased by 21% from a year ago to 1.2 million. "As the pace of home price growth slows and markets recalibrate from pandemic peaks, we're seeing a clear shift in equity trends," said Selma Hepp, chief economist at Cotality. "Negative equity is on the rise, driven in part by affordability challenges that have led many first-time and lower-income buyers to over-leverage through piggyback loans or minimal down payments." Get Property Play directly to your inboxCNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox.Subscribe here to get access today. Those in a negative equity position likely purchased their homes more recently, when mortgage rates were higher and prices had peaked. Homeowners have also been pulling more equity out of their homes, thanks to huge gains in the past five years. Home values are now roughly 52% higher than they were in January 2020, according to the S&P Cotality Case-Shiller national home price index. Even after mortgage rates increased in 2023, the average equity gain per homeowner was $25,000. In 2024, it was $4,900. Not every market, however, is seeing the same dynamic. Boston, Chicago and New York are all still in the positive, according to the Cotality report. The biggest losses were in Los Angeles, San Francisco, Washington, Miami and Houston, Texas."The future performance of highly leveraged loans will hinge on the strength of the U.S. economy and labor market," Hepp said. "Even as expectations for continued price appreciation and economic resilience persist, it remains critical to closely monitor these loans in the months ahead."
Andhra Pradesh Chief Minister N Chandrababu Naidu directs officials to ensure proper road connectivity to the airport from Visakhapatnam View More
Consumers are turning to AI chatbots like ChatGPT for gift discovery, reviews and price matching, potentially driving billions in sales this holiday season. View More
watch nowVIDEO5:3005:30How AI could upend shoppingNews Videos Holiday shopping has always felt like a "chore" for Amrita Bhasin. Between deciding what to buy, comparing prices and checking reviews, the 24-year-old retail tech CEO said she spent more than 15 hours each year buying gifts for her friends and family, a process that took the joy out of giving. But this year, Bhasin said she did all of her shopping in a fraction of the time and even had a little "fun" â all thanks to her new personal assistant: ChatGPT. "I feel like I've got that physical store associate that I'm talking to, so I feel like I'm getting better recommendations. I actually think my tendency to buy is higher because of ChatGPT," Bhasin, based in Menlo Park, California, told CNBC. "It has really changed the game." Bhasin is one of the many shoppers turning to AI platforms like OpenAI's ChatGPT, Google's Gemini and Perplexity this holiday season to help them buy gifts for their loved ones, and maybe a few for themselves, too. Whether consumers use them to get gift ideas or compare prices, AI platforms are poised to reshape the shopping experience and drive billions in revenue this holiday season as it becomes harder to get discovered on traditional search platforms.In a report published last month, Salesforce said it expects AI to drive a staggering $263 billion in global online holiday sales this year, representing 21% of all holiday orders. Though estimates vary widely, surveys conducted by Visa, Zeta Global and other organizations found that between 40% and 83% of consumers plan to use AI for shopping this holiday season. Meanwhile, AI traffic to U.S. retail sites surged 760% between Nov. 1 and Dec. 1, according to Adobe. While AI shopping is in its early stages, initial reads on how shoppers are interacting with it show the opportunity it can bring for retailers. Shoppers arriving on retail websites from generative AI platforms are 30% more likely to buy something and about 14% more engaged than those coming from non-AI sources, meaning they're spending more time on the site and are less likely to leave immediately, Adobe found. These AI-fueled shopping visits now generate 8% more revenue per session, the firm found. AI tools can also help shoppers spot deals and aid lesser-known brands in getting discovered â about half of the gifts Bhasin bought this year came from brands she'd never shopped before."It's where consumers are going, because they're just asking questions around, like, 'Hey, where can I find the best gift under $20 for my niece that cares about these things?'" said Kimberly Shenk, the founder and CEO of Novi, a tech firm that helps brands adjust to AI shopping. Emily Park | CNBC The surge in AI shopping has led retailers big and small to rethink their strategies to ensure they're showing up where customers expect them to be. Walmart and Amazon have each launched their own AI shopping assistants, and others, including Walmart, Target and Etsy, have partnered with OpenAI so customers can search for items or buy products without leaving ChatGPT. Apparel retailer PacSun said it hopes to join OpenAI's platform and in the meantime is reformatting its website so its teen-friendly clothes will show up in AI searches. Others are changing their budgets, directing funds away from SEO, or search engine optimization, and into AEO, or answer engine optimization, and hiring outside firms to help them navigate the shift. Shenk said her company has seen a "major surge in demand" from retailers and brands that have started to see a steep decline in traffic from social media ads and search engines."I've heard so many brands talking about their paid advertising in Meta and all these different places really just not performing and ultimately seeing a ton of that transition over to AI mode in Google, ChatGPT, Perplexity," Shenk said. "I think people were caught off guard ⦠so brands are really scrambling to figure out, 'How do I know if I'm visible? I have no idea if I'm even showing up. I have no idea how I'm showing up, but I'm seeing all my traffic drop off, and I got to figure that out. Now.'" Brands are walking a tightrope. They have to adjust to consumers who are using AI to discover products, but still be present through traditional channels for those who prefer old-fashioned shopping. While AI companies and retailers themselves have made massive investments in the chatbot shopping experience, some consumers also say it doesn't yet measure up to searching for gifts themselves. Walmart, Target and others join the AI race As more shoppers start their gift searches on AI chatbots, some of the country's biggest retailers, including Walmart, Target and Etsy, have announced their own strategies to try to attract customers through AI assistants.Walmart announced a deal in October with OpenAI that will enable shoppers to both find and buy items without leaving ChatGPT. Yet the big-box retailer hasn't shared a launch date.Etsy and many Shopify merchants, including Glossier, have also signed deals with OpenAI for its Instant Checkout feature, which will initially allow customers in the U.S. to make single-item purchases. Instant Checkout launched with Etsy in late September, and ChatGPT has begun to roll out a few Shopify merchants, including Skims, Vuori and Spanx, an OpenAI spokesperson said.Target announced a deal last month to allow customers to shop Target's app within ChatGPT. The beta feature enables shoppers to purchase multiple items in a single transaction, including groceries, and choose if they want delivery or curbside pickup.On the other hand, Amazon â an online retail behemoth where many shoppers begin their product search â has taken the opposite approach. It has moved to block external AI chatbots, including those developed by OpenAI, Google and Meta, from crawling its website to try to stop them from pulling in product listings as part of their answers.Amazon has gone a step further by sending a cease-and-desist letter to Perplexity AI to try to prevent users of its AI browser, Comet, from purchasing its items. The startup described Amazon's legal threat as "bullying." Read moreWalmart teams up with OpenAI to allow purchases directly in ChatGPTEtsy pops 16% as OpenAI announces ChatGPT Instant Checkout for the shopping sitePerplexity AI accuses Amazon of bullying with legal threat over Comet browser Along with their different strategies with outside tech companies, Amazon, Walmart and Target are among the retailers who have built their own AI-powered chatbots in the hopes of reeling in curious shoppers during the holiday season and beyond. On Walmart's app, customers are greeted by a yellow smiley-faced agent called Sparky that can answer questions and recommend products. Amazon has a shopping assistant called Rufus. And Target has an AI-powered tool, Target Gift Finder, for the second holiday season in a row.On Walmart's earnings call in November, CEO Doug McMillon said agentic AI will be one of the growth drivers for the retailer's e-commerce business. He said the technology will "help people save time and have more fun shopping."Walmart has added other capabilities for Sparky, such as recommended shopping lists for parties. Incoming CEO John Furner also said the assistant will eventually be able to remind customers about items they may want to reorder.Tracy Poulliot, senior vice president of shopping experiences for Walmart U.S., told CNBC that "customers are really starting to rely on these GenAI assistants to take on more of a problem-solving approach than your traditional item-by-item search experience."So far, Target said, thousands of customer have used its Gift Finder, with common searches about sports, beauty and wellness, cooking and apparel gifts. In a statement, the company said it had early insights that the tool was driving higher engagement and larger shopping carts than the year prior.Prat Vemana, Target's chief information and product officer, said the retailer is already seeing changes in how customers are looking for items on its website and app. About 25% of its customer searches are descriptive and conversational in phrasing, rather than keyword-based, he said. How retailers are overhauling digital marketing Zoom In IconArrows pointing outwardsShopping research feature in ChatGPT.Courtesy: ChatGPT Since the dawn of online search, SEO has guided online marketing strategies and evolved into a game of stuffing relevant keywords into the back end of product listings to ensure they pop up on Google.For example, if a shopper was looking for a new green sweater, Googling "green sweater" would bring up a slew of product matches from retailers, with some links appearing higher than others if they were sponsored. "You pay somebody and you spend money, you get yourself listed on top," said Shirley Gao, the chief digital and information officer at PacSun. "Now [with AI], there's no way you can pay anybody. This is very authentic." When searching for products on an AI platform, a consumer might write a few sentences, explaining the event they need the product for and sharing their preferences, location, body type and size. The AI platform then hunts for credible information to ensure it's a product worth buying. It looks for keywords, but also other data like reviews, credible media reports and information about the item's materials. OpenAI's ChatGPT ranks results based on what best matches the shopper's request, not based on ads, paid placement or whether a company has a business deal with OpenAI, a spokesperson said. Retailers who are partners with ChatGPT provide OpenAI with direct product feeds, which help make sure listings are more up-to-date. In some cases, they are integrated to allow for Instant Checkout in the chat.ChatGPT decides how to rank merchants who sell the same product by considering factors including availability, price, quality, whether a merchant is the primary seller and whether Instant Checkout is enabled, the company spokesperson said.Brands CNBC spoke with said this evolution is forcing them to rethink their entire media, content and e-commerce strategies. SEO still matters â but the information they're putting on the back end of their websites is evolving.Gao said her team has been reformatting PacSun's website so it's easier for AI platforms to read it, including through new gift and style guide pages. She said those product listings share more details like item specifications and customer feedback.In an interview with CNBC, Target's Vemana said the retailer historically tracked how it showed up in customers' online searches. Now, he said, it wants to make sure it shows up better in AI chatbots' search results.To increase visibility, he said, Target is providing richer descriptions of its merchandise, such as listing unique features like sustainable fabrics or explaining how a product fits into a trend or theme. A shopper at a Target store ahead of Black Friday in Jersey City, New Jersey, US, on Tuesday, Nov. 25, 2025. Michael Nagle | Bloomberg | Getty Images Michael Wieder, a Brooklyn-based dad who co-founded baby and toddler goods retailer Lalo, said he and his team have spent time considering the questions people could be putting into AI platforms and ensuring product listings answer them.For example, instead of keyword stuffing product listings with basic attributes like the material, size and color of the item, his team has been putting in more detailed information like "good for small spaces," "great for apartment living" or "best gifts for kids under one year old." "I'm looking for the best gift for a child that is, you know, this age that lives in this place," Wieder said in an interview. "We're taking it a step further in how we construct the infrastructure of our website and the content that lives within our website." Ethique Beauty, which sells shampoo and conditioner bars in retailers like Ulta Beauty, Wegmans and Whole Foods, has "completely changed" its approach to search, leading to a 90% increase in traffic from AI platforms in the past six months, CEO Erica Cocilova said in an interview."When you're thinking about what you need as a consumer, your shopping doesn't necessarily start with products," Cocilova said. "People are searching for things like, 'I need scalp health,' right? Or 'my scalp is flaky. I'm struggling with oily scalp. My hair is too dry.' They're looking for solutions." Cocilova and her team combed through the business's customer service FAQs, talked to shoppers, examined reviews and scoured the internet to get a better idea of what shampoo customers sought. Then, they added more information to product listings, including brand certifications and details about the company's supply chain.They also took the biggest questions consumers had â like "how to sleep with curly hair" â and created blog posts answering them. "Any hair brand could be talking about that, but we talk about it in a way that's got super dense, rich content and then ties it back to how our products are different and address the needs for curls," Cocilova said. The changes have led more shoppers to Ethique's products through its own website and its partners, and the company has enjoyed a boost in sales. Even so, the shift to optimizing for AI search has required a steep investment in both internal staff and consulting relative to SEO, a cost other businesses have also had to take on as they try to stay relevant."What I would say is the return is better, because the person that ends up on your site, or any site, to shop is just that much more educated," she said. "They're not getting to your site and having to do as much research, right? They're there to shop." When AI falls short Though AI platforms are pointing many shoppers in the right direction, not every tool hits the mark. When CNBC asked Target's Gift Finder for ideas based on personalized scenarios, the chatbot answered with links to gift guides and repeated itself instead of delivering specific product recommendations.Through a company spokesperson, Target said the chatbot's results include "a variety of gift recommendation items grouped by category." He said the company's tool is learning from the customer interactions and that Target is regularly updating its algorithms While AI platforms can be effective when people need to do product research or are looking for something highly specific, some consumers prefer the traditional shopping experience.Diana Tan, a 39-year-old startup founder based in Seattle, asked ChatGPT to help her build a capsule wardrobe earlier this year and provided a slew of information about her body type, preferences and budget. Instead of a curated set of options, she said she was repeatedly served boring basics like black shirts, gray pants and black turtlenecks."It just became almost like talking to a demented grandmother, where you're just constantly trying to remind it, 'Okay, I really want something that is in this price range. No, this is too expensive. Please stop sending me this,'" Tan said. "And then they'll come at me like, 'Here's a black turtleneck again.' Okay. No. Please stop sending me black turtlenecks. I really didn't want this the first time."Ultimately, Tan gave up."I think it takes the joy out of shopping," she said. "So much of shopping is still very much just browsing. ⦠After a while, I'm like, well, you know, it's actually more fun and more interesting for me to just go to Nordstrom Rack, or, like, anywhere else, and just look for what I actually want."
