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Nvidia is expanding its partnerships in India, including with venture capital firms, as it bets on the country's AI ecosystem that has drawn massive Big Tech investments.  View More

In this articleNVDAFollow your favorite stocksCREATE FREE ACCOUNT A worker stands atop a metro construction site near US chipmaker Nvidia Corporation's office in Bengaluru, India on January 7, 2026.Idrees Mohammed | Afp | Getty Images American AI chip darling Nvidia is expanding its partnerships in India, including with venture capital firms, as it bets on the country's AI ecosystem that has drawn massive Big Tech investments. The company in statement on Wednesday said it was working with several venture capital firms, including Peak XV, Z47, Elevation Capital, Nexus Venture Partners and Accel India to identify and fund AI startups.This comes as venture capital investors have been increasingly showing interest in India's technology startups, with the country's strong initial public offerings market providing lucrative returns. India is currently holding an AI summit that has seen major tech CEOs as well as heads of states participate in the event. Nvidia top boss Jensen Huang was also expected to attend it but withdrew due to "unforeseen circumstances." More than 4,000 AI startups in India's have already joined Nvidia's global startup program, which helps tech startups build, scale, and go to market, according to the chip designer. The world's largest company by market cap also said it was collaborating with government agencies and research institutions, as well as continuing efforts to build the country's domestic data centers.Nvidia's efforts are framed around New Delhi's "IndiaAI mission," aimed at strengthening the country's AI capabilities and free up funding for its AI entrepreneurs. More broadly, Prime Minister Narendra Modi's government has set goals for India to grow into a global tech superpower. As of September last year, New Delhi had approved $18 billion worth of semiconductor projects as it looks to build a domestic supply chain.Nvidia has also partnered with Indian cloud providers such as Yotta, Larsen & Toubro, and E2E Networks to provide its AI chip clusters and help build data centers in the country.A New Delhi official reportedly said Tuesday that the country expects as much as $200 billion in investments for data centers over the next few years.India's Adani has announced plans to invest $100 billion toward renewable energy-powered AI-ready data centers. American tech firms including hyperscalers Amazon, Microsoft and Google have committed more than $50 billion toward AI infrastructure and chips in the country.Meanwhile, Nvidia said it was also supporting India's AI companies through its "NVIDIA Nemotron models" — a family of Nvidia AI models that organizations can use to build new chatbots, agents, and speech systems. These Nvidia models can be used by Indian companies to train new AI systems on India-specific data and language, aligning with the the country's goal of build sovereign AI. Sovereign AI refers to a country's ability to build artificial intelligence based on its own infrastructure, data and industry, so that increasingly critical AI systems don't depend on foreign providers. watch nowVIDEO4:0104:01Jay Woods says Nvidia earnings could decide the market’s next moveWorldwide Exchange

Eric Trump and Donald Trump Jr. told CNBC on the sidelines of the World Liberty Forum to explain why they think the U.S. needs an alternative to the dollar. View More

Donald Trump Jr. (L) and Eric Trump speaking on Squawk on the Street on Feb. 18, 2026.CNBC Since the dollar was created in 1792, U.S. presidents and their families have generally been content with the status quo of effectively giving the national government a monopoly on issuing currency and outlawing the use of foreign currency.Consider the launch of the dollar the country's Initial Coin Offering. Back when the U.S. government was hustling to surpass the dominance of the Spanish pieces of eight then in common circulation throughout the country.When presidents have said anything about the dollar itself, it was generally to reiterate the U.S. government's "strong dollar" policy.That continued more or less uninterrupted through 46 presidencies  — until last March, when a company partly owned by President Donald Trump and his family began to market an alternative to the dollar, a cryptocurrency dubbed "USD1."Now, the president's two oldest sons are telling CNBC on the sidelines of a day-long crypto event they hosted why that should change.Marketed as a stablecoin, USD1's value would track the dollar, much as the dollar when it was created in 1792 was initially pegged to the value of the then-dominant Spanish silver dollar.The Trumps' company, World Liberty Financial, touts USD1 as an improvement on official U.S. currency. The firm's website brands its stablecoin as "The Dollar. Upgraded." And it calls the coin "still the US dollar, but for a new era."On Wednesday, the firm held its first World Liberty Forum at Mar-a-Lago, the club owned by President Trump and operated as his winter White House.The event, coming just before the first anniversary of the release of USD1, brought together financiers, technologists, television personalities, the president of the world soccer organization FIFA and the artist Nicki Minaj.From a Mar-a-Lago ballroom stage beneath an enormous stylized golden eagle sculpture, the message to attendees was that the old U.S. dollar needs to be modernized, that the private sector is the place to drive that innovation, and that stablecoins will help taxpayers by creating structural demand for U.S. government debt.In fact, World Liberty backers argue, the new cryptocurrency they are building is not a threat to the dollar at all, but will help ensure the dollar remains dominant in global crypto finance – because USD1's value is pegged to it.But one big question is why, if the dollar needs modernizing, should that be done by the private sector. Read more CNBC politics coverageBillionaire Les Wexner's congressional deposition over Jeffrey Epstein ties is underwayTrump administration sued for Stonewall Pride flag removal in New YorkPotomac River sewage spill: Trump says Democrats need to ask for his helpStephen Colbert says CBS blocked James Talarico interview from air And why should the venture be in the private hands of the president and his family, and not in the hands of the U.S. Treasury.CNBC put those questions to the president's sons, World Liberty Financial's co-founders, Donald Trump Jr. and Eric Trump, in a small event space just off Mar-a-Lago's swimming pool."This is actually going to preserve dollar hegemony," Donald Trump Jr. replied."There's crypto companies that are the top five buyers in the world," he said. "That's going to actually stabilize the US dollar and do all the things that we need to."He argued the federal government — and the big Wall Street banking system — simply aren't nimble or innovative enough to drive the needed changes."We're going to lead the way as Americans," Eric Trump said. "You're going to leave that to who, JPMorgan, to do? You're going to leave that to the federal government to do?"Eric Trump sees Wall Street as overly complacent – and therefore ripe for technological disruption."Do you think big banks will actually do this?" he asked. "And the reason I say this is, I mean, it's been 50 years, where bankers are working six hours a day. They have a two-hour lunch break. They're typically out of the office at four o'clock in the afternoon."Eric and Donald Jr. make it clear the animating force behind their venture is not the inventor's glee at building a better mousetrap or the insider's frustration at legacy companies that can't or won't adapt to the future.Instead, what's driving them is a raw sense of retribution.The Trump brothers see the wider financial system as part of an establishment that unfairly ostracized them after their father left power in 2021, when, after the Jan. 6, 2021, U.S. Capitol riot, the banking system broadly declined to do business with the Trump family."You know, we didn't get into crypto because we were on the leading edge," Donald Trump Jr. said in an interview Wednesday with CNBC's Sara Eisen. "We got into it out of necessity. They basically forced us into it."Eric Trump told Eisen, "We were the most cancelled people in the world in 2020, 2021 and it's really great to almost have this retribution where all of a sudden we start pushing an agenda.""Our agenda was to modernize finance, to allow that to never ever, ever happen to anybody again," Eric Trump said.Donald Trump Jr. said he concluded that the traditional banking system is a "Ponzi scheme.""They created this monster," Trump Jr. said, pointing to the moment when he claimed "when you had every big bank in the world, for doing nothing wrong," "debank" Trump accounts and those of other conservatives, "just based on the fact that we all wore a hat that said 'Make America Great Again.'"Eric Trump recalled his father's time out of the White House between presidential terms as a traumatizing period for the family."These are commercial buildings, residential buildings, golf courses around the world. These aren't political entities, and they were pulling these accounts from us like we were absolute dogs," Eric Trump said."We couldn't pay our vendors, we couldn't pay our employees. And so we said, listen, there has to be a better way."To Eric Trump, the message is that the Trump family will always counterpunch: When social media companies kicked his father off their platforms, President Trump created his own Truth Social media platform. And when the banking industry declined Trump family business, the family took matters into their own hands.And that's why a president's family, for the first time since 1792, is creating an upgraded American currency.Call it Truth Dollar.

The two big-box retailers are contending with the same economic backdrop, yet Target is trying to prove it can make a comeback. View More

In this articleTGTWMTFollow your favorite stocksCREATE FREE ACCOUNT Walmart CEO John Furner, left, and Target CEO Michael Fiddelke.Walmart (L) | Getty Images (R) When Walmart and Target report holiday earnings this quarter, investors may quickly brush off those results. Instead, they will likely focus more on the two big-box retailers' futures under new CEOs and the outlook for U.S. consumers in 2026. Both companies had leadership changes this month: Walmart CEO John Furner and Target CEO Michael Fiddelke, both longtime company insiders, took on their roles on Feb. 1.The rival retailers have contended with the same economic challenges. U.S. consumers are still spending, but buying selectively, as inflation and tariffs fuel higher prices for groceries and other essentials and cause some shoppers to think twice about discretionary purchases.Yet while both Walmart and Target have new CEOs, their paths forward look distinctly different.Walmart's stock has shot up by about 163% over the past five years and has risen about 24% over the last year, as of Tuesday's market close. It hit a 52-week high Tuesday. Shares of Target, on the other hand, have tumbled by about 40% over the past five years and dropped 10% over the past year.The retailers' stock market performances reflect their sharp divergence in sales results. Walmart is attracting shoppers across incomes and gaining momentum with online sales and higher-margin businesses like advertising. Target is struggling with slower sales and weaker store traffic. Walmart expects its full-year net sales to rise by 4.8% to 5.1%. Target, on the other hand, is on track for a full-year sales decline.Walmart CEO John Furner inherited a business that's "fundamentally sound" and "on a great trajectory," said Neil Saunders, managing director and retail analyst at GlobalData."In many ways, his job is to keep the ship steady and see what he can do to add to the speed," he said.On the other hand, Target CEO Michael Fiddelke has to "sell the Target of the future" after four years of roughly flat annual sales, Saunders said."What I think he'll want to do is to inject some excitement, to say, 'Look, I'm really excited about this role. I'm really excited about where Target could go. We are going to change things. We're going to become a different business. We're going to get back to what we were before,'" he said.Here's a closer look at what we know so far about the CEOs' plans and what investors will listen for during earnings: Walmart Inc. signage during the company's listing at the Nasdaq MarketSite in New York, US, on Tuesday, Dec. 9, 2025. Michael Nagle | Bloomberg | Getty Images Walmart: Extending the winning streak Walmart will report its fiscal fourth-quarter earnings before the bell on Thursday. The retail giant has had a busy few months: Along with the company getting a new CEO, its market cap surpassed $1 trillion in early February. In December, the company switched its stock listing from the New York Stock Exchange to the tech-heavy Nasdaq, a nod to its aim to be perceived by investors more like its key rival Amazon, and it was added to the Nasdaq-100 index in January. watch nowVIDEO5:0905:09U.S. Markets Edition: WalmartU.S. Markets Edition When longtime CEO Doug McMillon stepped down from the role, he said in an interview on CNBC's "Squawk Box" that he was passing the torch to Furner as the company accelerates its artificial intelligence adoption and reshapes its business and the way its customers shop.Walmart has announced deals with two major AI chatbot platforms, OpenAI's ChatGPT and Google's Gemini, to make it easier for shoppers to find and buy its products.Furner, who like his predecessor moved up the ranks at Walmart during decades at the Arkansas-based company, oversaw the largest segment of the company in his previous role as CEO of Walmart U.S. Furner got picked in part because of his success expanding Walmart's digital business, a pivotal piece of its future, said Kate McShane, a retail analyst for Goldman Sachs. Walmart Inc. (NYSE: WMT) announced that its Board of Directors has elected John Furner, 51, to succeed Doug McMillon, 59, as President and Chief Executive Officer of Walmart Inc., effective February 1, 2026.Courtesy: Walmart Inc. Walmart in May posted its first profitable quarter for its e-commerce business in the U.S. and globally, as its home deliveries, ads business and third-party marketplace all grow.Corey Tarlowe, a retail analyst at Jefferies, said Walmart investors "want more of the same" — namely more e-commerce growth, grocery success and market share gains with a wider range of customers, including more affluent shoppers.Yet Walmart's results for the holiday quarter could mark an inflection point in the world of retail. Amazon could take the crown as the largest retailer by annual revenue for the first time, even though the company makes a lot of its money from tech services like cloud computing and advertising.Saunders said the comparison isn't apples to apples, but is "symbolically important" as the two competitors try to outmatch one another. Walmart has grown in part by leaning on stores to deliver groceries and offer pickup for online orders. Amazon, which recently announced it would shutter Amazon Fresh and Go stores and turn some into Whole Foods locations, had tried to "bolt on" fresh food to its huge existing volume of online orders, he said.As the nation's largest grocer by revenue, Walmart also is fending off the expansion of privately held discounter Aldi, and could feel the heat turned up by supermarket operator Kroger, which recently hired Walmart alumnus Greg Foran as its new CEO.In a memo sent to employees on his second day as CEO, Furner said his leadership will be shaped by his more than 32 years at Walmart, adding he believes the company "is well-positioned to lead in this next era of retail.""This next era will unlock new ways to bring our people-led, tech-powered vision to life," he said in the memo. "By leveraging our global scale, we can better serve customers and members with speed, reliability, and greater experiences, wherever they choose to shop with us."He said that strategy is already coming to life as "technology and AI are helping reduce friction in our work, simplify decisions, improve inventory flow, and free up time so you can focus on what matters most: serving customers and members and one another." Customers shop at a Target store on Feb. 10, 2026 in Chicago, Illinois. Scott Olson | Getty Images Target: Chasing a comeback For Fiddelke, Target's earnings report could be the deepest look yet at the cheap chic discounter's road map to return to growth.The company is chasing a comeback and plans to share its holiday-quarter results and current fiscal year expectations on March 3 at a financial meeting at its Minneapolis headquarters.The big-box retailer has struggled with a laundry list of challenges. Store and website visits have declined. Customers have complained about store conditions, including out-of-stock items and long checkout lines. And Target has also dealt with boycotts and backlashes to the company's political and social stances, such as its rollback of diversity, equity and inclusion pledges and its decision not to publicly oppose the surge of immigration enforcement in its hometown.As sales decline, Target has shrunk its workforce. It cut 1,800 corporate roles last year in its first major layoff in a decade. Target's earnings report is more highly anticipated than Walmart's because there are so many questions about its turnaround strategy and how long it may take, Goldman Sachs' McShane said. Investors have debated how much the company may need to invest in merchandising, marketing and store labor to boost its sales."Walmart has pursued a much more aggressive digital agenda than Target between their omnichannel and their automation and their marketplace," she said. She added that while Target doesn't want to be Amazon or Walmart, "they have to figure out who they want to be and how to compete." Target's Chief Operating Officer Michael Fiddelke will take over as CEO from Brian Cornell.Courtesy of Target Already, Fiddelke has sent signals that he is making changes. Last week, he announced in an email to employees that Target will step up store staffing, though Fiddelke and the company declined to say how much it would invest in additional hours for employees. It is also cutting about 500 roles at distribution centers and regional offices. Fiddelke shook up Target's leadership team effective Sunday, bringing back the role of chief merchant and announcing a high-profile departure. Cara Sylvester, formerly chief guest experience officer, became Target's chief merchandising officer, and Lisa Roath, formerly chief merchandising officer of food, essentials and beauty, succeeded Fiddelke as chief operating officer.At the same time, Chief Commercial Officer Rick Gomez is leaving the company after more than a decade, and Jill Sando, chief merchandising officer for apparel and accessories, home and toys and entertainment division Fun101, will retire.Target has also opened a new concept store in New York City's SoHo neighborhood. While the location is one of a kind, its focus on fashion may inspire more changes at stores across the country and in the suburbs, McShane said.That push to feature stronger products is a major piece of Fiddelke's strategy. In an email to employees and customers during his first week, Fiddelke laid out four priorities: sharpening Target's merchandising, improving the customer experience, speeding along technology and strengthening the company's workforce and its surrounding communities.Jefferies' Tarlowe said Target's upcoming investor event is "a chance for them to essentially communicate to everybody and say 'We hear what you want. Here's how we are going to deliver on it.'""Change is happening, it's a question of does the market see it and appreciate it," he said.Correction: This story has been updated to reflect that Walmart switched its listing from the New York Stock Exchange to the Nasdaq in December and was added to the Nasdaq-100 index in January. A previous version misstated the date it moved to the Nasdaq stock market and mischaracterized its move to the Nasdaq-100.

President Donald Trump asserted that the federal government will not be responsible for any cost overruns associated with the $16 billion tunnel project. View More

The Gateway Tunnel site near W. 30th St. and 11th Ave. in Hudson Yards, Manhattan on Oct. 23, 2025. Barry Williams | New York Daily News | Getty Images The Trump administration on Wednesday released the rest of the funds it had been withholding for the construction of a major rail tunnel between Manhattan and New Jersey, New York Gov. Kathy Hochul said Wednesday.The federal government freed up the remaining $98 million due for the Gateway project that is increasing passenger rail capacity into Manhattan, as well as an additional $30 million in reimbursements for work that had been completed in January, Hochul said in a statement.The frozen funds were released in tranches over nearly two weeks after a federal judge blocked the Trump administration from withholding the money for the project that began construction in 2023. In compliance with that Feb. 6 order, the administration released $30 million on Feb. 13, followed by an additional $77 million earlier this week.The funding suspension, initiated on the eve of the Oct. 1 government shutdown, this month triggered a total work stoppage that threatened nearly 1,000 employees' jobs.Contractors are now being told to prepare to resume construction next week, the Democratic governor said in Wednesday's statement."Today's progress is significant, but we need certainty that Gateway funding will remain in place for the duration of the project," Hochul said. "The federal government has a legal obligation to fully fund Gateway, and New York will accept nothing less." Read more CNBC politics coverageBillionaire Les Wexner's congressional deposition over Jeffrey Epstein ties is underwayTrump administration sued for Stonewall Pride flag removal in New YorkPotomac River sewage spill: Trump says Democrats need to ask for his helpStephen Colbert says CBS blocked James Talarico interview from air Just two days earlier, President Donald Trump had slammed the project as a "future boondoggle," claiming in a Truth Social post that it will cost "many BILLIONS OF DOLLARS more than projected or anticipated."The federal government will not be responsible for any cost overruns associated with the $16 billion project, Trump asserted. In the same post, he denied reports that he had offered to release Gateway's federal funding on the condition that New York's Penn Station be renamed after himself. The station is named for its builder and original occupant — the Pennsylvania Railroad."These funds should never have been withheld in the first place," said New York Attorney General Letitia James, who had sued the Trump administration in conjunction with New Jersey acting Attorney General Jennifer Davenport."I am thrilled that hardworking New Yorkers can now get back on the job and move forward with the most important infrastructure project in the country," James said in a press release. "We will remain vigilant to ensure this funding continues uninterrupted, so that workers and commuters are never again left in limbo by the president's targeted and unlawful whims."The Hudson River tunnel project is the most important piece of the Gateway program, which aims to renovate a slew of public infrastructure in New York and New Jersey.The existing rail tunnel, known as the North River Tunnel, carries 200,000 passengers under the Hudson every day. It was constructed 116 years ago and was in need of repair even before 2012's Superstorm Sandy significantly damaged it, officials say.The Gateway project would fix the existing tunnel and create a new rail tunnel with two tracks connecting to Penn Station. The federal government and New York and New Jersey are funding the tunnel project. Amtrak has also committed over $1 billion to the project.

High school students are less concerned about AI's impact on their future employment prospects, according to a new report. View More

Valerie Plesch | The Washington Post | Getty Images Even as the U.S. economy adds jobs and the unemployment rate ticks lower, there are fewer hiring opportunities for college graduates. And yet, high school students remain remarkably optimistic about their future employment prospects.According to a new report by Junior Achievement, 73% of teen survey respondents said the artificial intelligence boom will have a mostly positive effect — or no impact at all — on their ability to get a good job that pays well. Junior Achievement surveyed more than 1,000 teens between the ages of 13 and 17 in January.Of those polled, 68% said they plan to attend college, in line with recent years. Read more CNBC personal finance coverageParents with student debt face deadline to secure affordable repayment, forgivenessSecure 2.0 let employers pair emergency savings and 401(k)s, but few have done soHome sellers start getting lower prices at 70, research shows — here's whyAverage IRS tax refund is up 10.9% so far this season, early filing data showsEarly estimates point to lower Social Security COLA for 2027Senators call for longer Social Security Fairness Act lump-sum payment timelineHere's the inflation breakdown for January 2026 — in one chartAverage tax refund is up 22%, Bessent says — what filers can expect this seasonK-shaped economy looks like 'jaws of a crocodile,' economist says: Here's whyHow EPA 'endangerment finding' repeal could impact your walletMedical emergencies can lead to debt and bankruptcy — even for insured AmericansBigger tax refunds may be coming — but missing key forms could risk an auditHow Social Security Fairness Act payments may affect beneficiaries' taxesCredit card debt tops $1.28 trillion, consistent with 'K-shaped' economy: NY FedHow affordability led to a chasm between stock prices, consumer optimismStudent loan complaints at record high, CFPB finds, but agency omits detailsCNBC's Financial Advisor 100: Best financial advisors, top firms ranked "It's awesome to see that today's teens are optimistic about the future," said Jack Harris, Junior Achievement's CEO. "In the face of AI, some form of postsecondary education is going to be very necessary," he said. "We just have to be sure we are preparing students in the right way so that optimism doesn't fall flat." A mixed jobs picture Recent data does shows that the labor market is doing well. The U.S. economy added more jobs than expected in January, according to the Bureau of Labor Statistics. The overall unemployment rate edged down to 4.3% — but for younger workers, ages 16 to 24, it's a different story. Among this cohort, the unemployment rate was 9.4% in January. There is a bit of a disconnect between "teens that are a few years out and those just entering the workforce and having difficulty finding jobs," Harris said.Several large employers have said they're eliminating some entry-level positions, thanks in part to the rise of AI. Employers are projecting just a 1.6% increase in hiring for the class of 2026 when compared with the class of 2025, research by the National Association of Colleges and Employers also shows.Of course, some industries are more prone to disruptions than others. Entry-level jobs in technology and finance, for example, are at greater risk largely due to generative artificial intelligence, which can supplant a human's analytical skills, according to a report by Indeed. Alternatively, opportunities in nursing, manufacturing and construction are more insulated, for now, the report found. watch nowVIDEO2:4802:48Why students are choosing community college, certificates over four-year degreesMarkets and Politics Digital Original Video Fears of an AI-driven, white-collar recession are already prompting a growing share of college-age students to pivot. This year, more chose to get a two-year degree or even shorter-term credential to put greater emphasis on career training and post-college employment. The rising price tag of a four-year education is another significant factor driving more students toward short-term programs, other research shows.  "It really depends on the student," said Jill Desjean, director of policy analysis at the National Association of Student Financial Aid Administrators. "For some students, they know that this is the path they want to take, that a two-year or four-year degree is just not in the cards for them, for reasons other than cost."Correction: This story has been revised to reflect that Junior Achievement surveyed teens between the ages of 13 and 17 in January. A previous version misstated the age range of survey respondents.Subscribe to CNBC on YouTube.

A sewage pipe collapse just outside of Washington, D.C. that spilled 200 million gallons of wastewater into the Potomac River has caught Trump's attention. View More

Earthen barriers near Lock 10 on the C&O Canal help redirect sewage back into the Potomac Interceptor after a section of the six-foot-wide sewage pipe collapsed last month between the Clara Barton Parkway and the canal on Feb. 16, 2026 in Cabin John, Maryland.Chip Somodevilla | Getty Images President Donald Trump is worried the stench of the Potomac River will put America 250 celebrations in a funk after a sewage pipe collapse near Washington, D.C. dumped hundreds of millions of gallons of raw sewage into the river, White House Press Secretary Karoline Leavitt said Wednesday. "He is worried about that, which is why the federal government wants to fix it, and we hope that the local authorities will cooperate with us in doing so," Leavitt said during a press briefing at the White House when asked if the president was worried about Washington, D.C. smelling like waste during celebrations for the nation's 250th anniversary. The administration has a slew of events planned for the 250th anniversary of the United States, culminating in Independence Day celebrations on July 4. Many of the events will take place in Washington, D.C., which sits on the Potomac, and are likely to draw crowds of travelers. Leavitt said the White House is still waiting on local governments in Maryland, Virginia and Washington, D.C. to ask for federal help in cleaning up the mess. Trump has repeatedly blamed Democratic leadership in the two states and D.C. for the spill and has demanded they ask "politely" for federal assistance. Trump has singled out Gov. Wes Moore of Maryland over the spill. The president also recently snubbed Moore from a National Governors' Association event at the White House. Leavitt doubled down on the president's badgering of Moore on Wednesday."There has been no improvement under the leadership of Gov. Moore," Leavitt said. "He's clearly shown he's incapable of fixing this problem, which is why President Trump and the federal government are standing by to step in."Leavitt's comments also add to a messy political fight that erupted this week over the spill, pitting Moore against Trump. Moore, who is the nation's only Black governor, a frequent Trump foil, and often floated as a potential presidential contender in 2028, has asserted the failed pipe is within the jurisdiction of federal authorities. President Donald Trump (L) and Maryland Gov. Wes MooreGetty Images | Reuters "The sewage pipe that he is talking about is on federal land," Moore said Wednesday at a Maryland Board of Public Works meeting. "And over these past four weeks, the Trump-Vance administration has failed to act.""To blame Maryland in this when this is a D.C. pipe on federal land is asinine, it is disingenuous, absurd and politically motivated," Moore said. Read more CNBC politics coverageBillionaire Les Wexner's congressional deposition over Jeffrey Epstein ties is underwayTrump administration sued for Stonewall Pride flag removal in New YorkPotomac River sewage spill: Trump says Democrats need to ask for his helpStephen Colbert says CBS blocked James Talarico interview from air The pipe that collapsed is owned and operated by DC Water, an independent public utility that has been handling the repairs. It is part of the Potomac Interceptor sewer line and is located alongside the Clara Barton Parkway in Maryland, just outside of the capital city. At least 200 million gallons of wastewater flooded into the Potomac after the pipe breach. Moore on Wednesday also responded to Trump's demands for him and other local Democratic leaders to ask for help. "If the president wants me to ask nicely, my response is this: please, Mr. President, do your job," Moore said. Leavitt said she would relay Moore's response to Trump and that the administration is drawing up plans to help in the recovery effort. "I'll ask the President, and we will provide you with the next steps," Leavitt said at the Wednesday press briefing. "But in all seriousness, the federal government has been preparing plans."

Money has been leaving Nvidia and going to other parts of the AI chip complex in recent months. View More

Meta Platforms ' pledge to spend billions of dollars on Nvidia chips is a much-needed shot in the arm for the AI semiconductor giant and its recently middling stock. Nvidia's scorching multiyear rally had cooled off in recent months, as investor dollars moved into other buzzy corners of the chip market like memory and storage, and Google's impressive AI models built on its in-house chips fanned competition concerns. But now, Meta's commitment to Nvidia should remind the market of Nvidia's technology advantages and its central role in the broader AI buildout. "Nvidia has been such a drag on this market that you begin to start a new narrative, which is that we just don't go after Sandisk and Western Digital and Micron over and over and over again," Jim Cramer said Wednesday on CNBC. Instead, he said, traders and investors may start to say, "Let's go back to the ones with great intellectual property." On that list of IP powerhouses, Nvidia is at the top of the heap. "It's just a change of scenery" that could be in order, Jim said. Shares of Nvidia rose more than 2% on Wednesday, outperforming the S & P 500 . So far in 2026, however, the stock has gained just over 1%, slightly ahead of the broader market. The two charts below help illustrate just how much the scenery within the semiconductor landscape had changed compared with the early years of the AI boom, when Nvidia's cutting-edge processors, known as graphic processing units (GPUs), were the hottest commodity in technology, sending its profits and stock price soaring. That "hottest commodity" designation in recent months has shifted to memory chips and data storage devices — technology that's crucial for AI models being training and used in the real world. But up until recently, it was relatively unsung compared to chips like Nvidia's, which do the workhorse calculations that underpin AI models. With demand for memory and storage accelerating, a supply shortage has ensued, causing prices for things like DRAM, hard drives and solid state drives (SSDs) to skyrocket. Some investors may also worry that higher memory prices could be passed onto Nvidia's customers, limiting demand for GPUs if more of the budget goes elsewhere. That is why the charts of Micron, Western Digital, Sandisk, and Seagate look like this since the start of August compared to Nvidia. Nvidia ( blue line at the bottom ) is up merely 4% on a total return basis, trailing by so much it's hard to see. Sandisk ( pink line ), up more than 1,200%, while Western Digital ( green line ) and Micron ( orange line ) have more than tripled. Seagate ( turquoise line ) is up about 166%. In our minds, some of the money that's flown into these stocks could've been coming from Nvidia. For investors who wanted to ride the memory-and-storage momentum without increasing their exposure to the semiconductor industry, Nvidia would be a convenient a source of funds — especially if you're sitting on profits on paper. Additionally, Intel 's stock (purple line ) saw renewed interest from investors over time time, as the Trump administration took an equity stake, signaling its status as a "national champion." Even Advanced Micro Devices ( yellow line ), seen as an alternative for customers trying to reduce their reliance on Nvidia, performed ahead of Nvidia during this stretch, as the chart above shows. Another big question market that lingered over Nvidia in recent months was Google's emergence as an AI darling, fueled in large part by its Gemini 3 model unveiled in mid-November that was trained exclusively on its custom chips, known as Tensor Processing Units (TPUs). Google has co-designed these chips with fellow Club name Broadcom for years, largely for internal use while also offering them via Google Cloud to customers. But the success of Gemini 3 and media reports that Google was in talks to sell TPU servers externally — most prominently to Meta for the social media giant to use in its own data centers — increased the level of concern about Google's competitive threat to Nvidia. The chart below shows how Nvidia's performance (blue line) has lagged behind Google parent Alphabet ( orange line ) since Nov. 17 and a broad fund of chip stocks, the iShares Semiconductor ETF , which often referred as its trader symbol SOXX ( pink line ). Curiously, Broadcom ( green line ) has trailed Nvidia during this stretch — but we see that as the market making a mistake, rather than indicative of fundamental weakness in its business. After all, Broadcom helps enable the success of the TPU. Nevertheless, the chart below illustrates the lack of momentum in Nvidia's shares during this period of hype around Google's AI prowess, which, it should be noted, is the reason we added it back to our portfolio in late December . Does Meta's multiyear commitment to buying Nvidia chips mean it will never use TPUs in the future? No, we can't say that for sure, given Meta and so many other companies developing AI products are hungry for all the computing capacity they can get. There's also no indication that Meta is abandoning its own custom-chip initiatives, believed to be in partnership with Broadcom, whose CEO, Hock Tan, sits on Meta's board of directors . But with the market fretting about Nvidia's competitive standing and the idea that its chips are too expensive so customers must look elsewhere for compute, Meta's decision to spend billions more on its silicon should not be ignored. That's especially true considering Meta said it will also deploy Nvidia's central processing units (CPUs) on a standalone basis — not just in conjunction with its bread-and-butter GPUs, a notable new avenue for Nvidia. Combine that with Meta's usage of Nvidia's networking technology, it's a reminder of just how complete its product portfolio is. Bottom line Meta is lending a real vote of confidence in the "total cost of ownership" of Nvidia's technology, Jim said Wednesday. He said looking only at the upfront purchase price and not considering the value provided over the lifetime of usage is too narrow. Meta CEO Mark Zuckerberg understands it, Jim said, but "traders don't think about this at all." (Jim Cramer's Charitable Trust is long NVDA, GOOGL, AVGO, and META. See here for a full list of the stocks.) 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.

French drinks maker Pernod Ricard is exploring a separate listing for its Indian business. The company is in preliminary talks with advisors about the move. Pernod Ricard is a major player in India's alcohol market. This development comes amid ongoing antitrust cases and alleged liquor regulation violations in India. The company denies any wrongdoing. View More

French drinks maker Pernod ​Ricard is considering a listing of its Indian business, Bloomberg News reported on Wednesday, citing ‌people familiar. Pernod ⁠is ⁠speaking with potential advisers as it weighs ​the merits of a separate listing for Pernod ​Ricard India, the Bloomberg report said, adding that deliberations are at a preliminary stage. Reuters ​could not immediately ⁠verify the ‌report. Pernod Ricard did not ​immediately ​respond to a request for ⁠comment. The company, which is the maker of brands such as Chivas Regal and Absolut Vodka, is one of India's biggest liquor players and competes with Diageo in the Indian alcohol market. The news comes as Pernod ‌faces antitrust cases in India and a high-profile case where authorities ​allege suspected violations ​of ⁠New Delhi's liquor regulations. The company denies any wrongdoing. Live Events Pernod's shares have risen nearly 12% in ​Paris so far this year, valuing the company at around $24.4 billion. The stock lost nearly 33% of its value in 2025. (Reporting by Chandni Shah in Bengaluru; Editing by Maju Samuel) .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;} .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The FDA is slated to make a decision on the flu shot on Aug. 5, which will allow Moderna to make the vaccine available for the upcoming influenza season.  View More

A researcher works in the lab at the Moderna headquarters in Cambridge, Massachusetts, March 26, 2024.Adam Glanzman | Bloomberg | Getty Images Moderna said on Wednesday that the Food and Drug Administration has agreed to review its experimental mRNA flu shot, reversing the agency's earlier decision to refuse to accept the application in a move that stunned Wall Street and the medical community. The announcement clears a path forward for the vaccine, which is key to Moderna's experimental combination Covid-flu jab and the company's goal of breaking even by 2028. The FDA is slated to make a decision on the flu shot on Aug. 5, which would enable Moderna to make the vaccine available for the upcoming influenza season. "Pending FDA approval, we look forward to making our flu vaccine available later this year so that America's seniors have access to a new option to protect themselves against flu," said Moderna CEO Stéphane Bancel in a release. Shares of the biotech company rose more than 6% on Wednesday. Moderna said it had a "constructive" meeting with the FDA and proposed a revised regulatory approach that addresses criticisms the agency made when refusing to accept the application last week, tailoring its new proposal to an older population.Under the new approach, Moderna is seeking full approval for the shot in adults ages 50 to 64 and an accelerated approval of the shot for people 65 and up. The latter means that upon approval, Moderna will have to conduct an additional post-marketing study in older adults to confirm the vaccine's benefits. In a statement, Health and Human Services spokesperson Andrew Nixon confirmed that the FDA has accepted the modified application.The agency specifically took issue with Moderna's decision to compare its product to a standard, approved flu shot in a Phase 3 trial, arguing that it "does not reflect the best-available standard of care" in the U.S. The FDA's previous feedback expressed a preference for Moderna to use a higher-dose vaccine for older adults as a comparator in the trial.In an interview with CNBC on Wednesday before the announcement, FDA Commissioner Dr. Marty Makary did not indicate that the agency would reverse course. But he emphasized that the FDA reviewed the application and the initial late-stage trial on the shot when it came in, so "it's a little bit of a misnomer to say that it was not looked at."Makary said the agency's guidance to Moderna on its mRNA-based flu shot "was pretty clear." He said the FDA recommended that the group of participants ages 65 and up in the study who didn't take Moderna's shot receive the "standard of care, not the substandard of care" as a comparison product. Moderna has disputed that reasoning, noting that FDA rules and guidance do not actually require trials to use the most advanced or highest-dose vaccine as a comparator in clinical studies. The company also said it was inconsistent with the FDA's prior written communication about the trial design, even before the study began, where the agency said using the standard flu shot would be "acceptable."The saga follows sweeping changes to U.S. immunization policy and regulation over the past year under Health and Human Services Secretary Robert F. Kennedy Jr., a prominent vaccine skeptic. Moderna last week said the decision specifically stemmed from the FDA's top vaccine regulator, Vinay Prasad, who returned to the agency in August after being ousted. Prasad, who heads the agency's Center for Biologics Evaluation and Research has been vocal about tightening regulations for vaccines and recently linked child deaths to Covid shots without evidence. Last week, Moderna released a so-called Refusal to File letter from the FDA that was signed by Prasad on Feb. 3. HHS does not typically share those letters, and the agency has not provided any details on who drove the decision-making on the company's application. When asked about his stance on mRNA technology, which Kennedy and some of his supporters have criticized as unsafe, Makary told CNBC on Wednesday that he's "hopeful and optimistic" about the platform but would also "like to see the data." "We're not going to get ahead of the game," he said. "We're going to basically say, we'd like to see the data, how far mRNA technology can be applied is a question where we'd love to see it applied, as far as it can be applied, but it's got to meet our scientific standards, so we'll see what it gets with cancer, with other infectious diseases. ..."

After welcoming world leaders and top CEOs, PM Modi held nine bilateral meetings with prime ministers, presidents, and top CEOs amid the ongoing India AI Impact Summit 2026 — Check list of delegates who have arrived so far for the mega event.  View More