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Small towns are fueling India’s e?commerce surge, with Amazon and Flipkart chasing new shoppers, faster delivery and rising aspirational demand. View More

In this articleETERNAL-INSWIGGY-INUSBFollow your favorite stocksCREATE FREE ACCOUNT .ido-promo__content { box-sizing: border-box; width: 100%; background-color: #f0f0f0; padding: 2px 20px 2px 20px; font-family: Lyon, Helvetica, Arial, sans-serif; font-size: 18px; line-height: 1.66; } This report is from this week's "Inside India" newsletter, which brings you timely, insightful news and market commentary on the emerging powerhouse — Subscribe today Hello, this is Priyanka Salve, writing to you from Singapore. Welcome to the latest edition of "Inside India" — your one-stop destination for stories and developments from the world's fastest growing large economy. Amazon and Flipkart are leading e‑commerce players in India, yet the market still delivers limited returns. This week, I unpack why the U.S. giants are investing billions in the South Asian country where only 30% of the population shops online.Enjoy!Any thoughts on today's newsletter? Share them with the team. The big story Last December, when Amazon pledged a massive $35 billion investment in India including for digitizing over 12 million small businesses and enhancing logistical infrastructure, the scale of the commitment seemed disproportionate to the market's size. Only 30% of Indians shopped online in 2025, far behind China (92%) and the U.S. (74%), according to a Bain & Co. report earlier this month. E‑commerce accounted for just 1.6% of India's GDP, compared with 4%–4.5% in Indonesia and 13%–14% in China, Bain added.But then India is the world's fastest‑growing e‑commerce market, with online shopping spreading rapidly from major metros to smaller cities and towns. Take Evelyn Nazareth, a schoolteacher in her 30s who lives in Jaipur, and is among a growing cohort of avid online shoppers outside India's largest cities. She shops on major e‑commerce platforms three to four times a month and orders from ultra‑fast delivery apps almost daily.Once, she ordered a smartphone online and received a feature phone but was billed for the former. That unpleasant experience, however, did not turn Nazareth away from online shopping. She simply switched platforms.Online shopping has since become a habit. "I can shop anytime without stepping away from what I'm doing," she said, noting the broader choice available online, especially for fashion. "When I buy something others around me don't have, it makes me feel different."Jaipur is not a metropolis, and it is these relatively smaller cities that now account for more than 60% of India's online shoppers, Praveen Govindu, a partner at Deloitte India, told CNBC. They generate a similar proportion of e‑commerce orders, he said, marking "a decisive shift in audience dynamics." Workers scan packages ahead of dispatch from the Flipkart fulfillment center at Sanpka in Haryana on August 26, 2025. Sajjad Hussain | Afp | Getty Images India's e‑commerce market experienced a compound annual growth of 23% between 2020 and 2025, driven by both a rising number of users and higher spending per shopper, Govindu said. Deloitte, in a report on earlier this month, forecast that the sector will become a $250 billion market by 2030.Walmart-owned Flipkart Group, which includes Flipkart Minutes, Myntra and Shopsy, "is widely viewed as the market leader in India's e‑retail landscape," said Manan Bhasin, a partner at Bain & Company. In June last year, a report by marketplace analytics firm MerchantSpring said Flipkart holds 48% of the Indian e-commerce market, while Amazon has 30%-35%.Both Bain and Deloitte estimate that about 300 million Indians shopped online last year, with most new users expected to come from smaller cities."Consumers in smaller cities were always just as aspirational as those in bigger ones," said Yash Dholakia, a partner at New Delhi‑based venture capital firm Sauce.vc. "What they lacked was access — and online retail is closing that gap." Rapid rise of quick commerce The expansion of e‑commerce has also exposed smaller‑city consumers to premium brands and niche products, said Dholakia, whose firm backs several online‑first consumer brands. Ten years back, poor internet access, nascent digital payments, and underdeveloped road infrastructure restricted e‑commerce in smaller cities. Over time, however, the rollout of low‑cost 5G, rapid adoption of Unified Payments Interface (UPI)-based digital payments, and improved road connectivity have made small towns and cities accessible to major e-commerce companies, experts said."A consumer in a small city is seeing the same social media content — whether it's travel, fitness, or beauty influencers — as someone in a metro," said Dholakia. That exposure is fueling demand for products such as protein supplements, Korean skincare, and high‑end sneakers.Industry experts say the most effective way to tap that demand is through quick commerce, a model defined in India by delivery times of under 20 minutes. Eternal and Swiggy pioneered the format and have pushed larger players like Flipkart and Amazon to follow suit.In large cities, quick‑commerce apps are typically used for essentials. In smaller cities, they increasingly function as "premium stores," Dholakia said. Both Amazon and Flipkart are investing heavily in delivery networks to support ultra‑fast fulfillment.Addressing shareholders last week, Amazon CEO Andy Jassy said the company is rapidly expanding its quick commerce delivery service, Amazon Now, in India."Orders on Amazon Now are growing 25% month over month, with Prime members tripling their shopping frequency once they start using it," he said.Deloitte forecasts that by 2030, the number of online shoppers in smaller cities will be roughly double that in major metros, with average monthly spending per user rising to $45 from $25 in 2025. Need to know U.S blockade of Strait of Hormuz deepens India's energy worries India, even as it tilts towards the U.S., is increasingly finding that Washington's policies work to its detriment, particularly in matters of energy security. The Iran war has only exacerbated the issue.Tata Consultancy Services CEO says AI will add jobs in India, not cut themTCS chief executive K. Krithivasan told CNBC that India's multi-billion dollar information technology services industry will evolve and not decline due to advancements in artificial intelligence. He added that AI will create new opportunities and not lead to layoffs.Eli Lilly's market share drops, Novo Nordisk holds firm as generic weight-loss drugs flood IndiaEli Lilly's Indian market share in the GLP‑1 category of weight‑loss drugs dropped to 56% in March from 61% a month earlier, according to data from industry intelligence provider Pharmarack. Novo Nordisk's market share remained steady at 25%.Coming up April 14-17: Federal Chancellor of the Republic of Austria visits IndiaApril 17: Citius TransNet Investment Trust IPO opens Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Sen. Heinrich proposed amending a bill to temporarily close the monument and require the government to examine a new monument to honor the farm labor movement. View More

U.S. Sen. Mike Lee, R-Utah (left) and U.S. Sen. Martin Heinrich (D-N.M.)Chip Somodevilla | Kayla Bartkowski | Getty Images Jeffrey Epstein allegations flew during a spat between Sens. Mike Lee, R-Utah, and Martin Heinrich, D-N.M., over the fate of the César Chávez National Monument. Heinrich, the ranking member of the Senate Energy and Natural Resources Committee, objected to a bill on Tuesday to defund and close the monument after multiple women accused Chávez — an icon in the farm labor movement — of sexual assault. Heinrich objected to the bill, citing concerns that erasing the monument would diminish the work of other leaders in the farm labor movement. "I agree unequivocally that we should no longer have a monument named after Cesar Chavez," he said on the Senate floor after objecting. "But we absolutely should not erase the monuments telling of the story of the farm labor movement. That is a story that belongs to many people, including the survivors of Chavez's violence."Chávez, who died in 1993, was accused by several women who he worked with of abusing them as minors in a recent report by The New York Times. Heinrich proposed amending the bill to temporarily close the monument and require the government to examine a new monument to honor the farm labor movement. Lee, the committee chair, lashed out at Heinrich for objecting to the bill put forward by Sen. John Cornyn, R-Texas. Read more CNBC politics coverageKalshi, Polymarket lobby as insider trading, betting eyed by CongressFed nominee Warsh filings detail vast wealth, far exceeding past chairsHouse Republican campaign arm touts tax cuts in new 2026 election adVance says ‘the ball is in Iran’s court’ to move peace talks further, as U.S. blockade takes effect "The César Chávez National Monument is the very place where Chávez sexually abused women and children," Lee said. "Senate Democrats just fought to keep this crime scene enshrined as a national monument.The monument is a National Park Service site in Keene, Calif.Cornyn's bill would immediately close the site, require the federal government to sell the land that includes Chávez's home, his gravesite and memorial garden and any contents of his personal office, where The New York Times reported he abused a minor.The proposal comes amid a reckoning over sexual malfeasance in Congress and Washington, which just saw two members of the House resign over alleged sexual misconduct and has been wracked by the release of the Epstein files earlier this year. "Given that two members of Congress resigned today because of sexual abuse allegations, I find it unfathomable that [Heinrich] offered an amendment that would protect the legacy of César Chávez who sexually abused minors," Cornyn said in an X post on Tuesday. The gravesites of labor leader and civil rights activist Cesar Chavez and his wife Helen are seen at the Cesar E. Chavez National Monument on March 18, 2026 in Keene, California. Justin Sullivan | Getty Images Heinrich responded to Lee and Cornyn by posting headlines of the pair voting against the release of the Epstein files. Lee then posted a copy of a 2012 email to Epstein asking the disgraced financier if he wants to meet with Heinrich, then a House member running for Senate, for lunch in New York City. "Congressman Martin Heinrich will be in NYC tomorrow and would love to get lunch with you around 12:30 p.m. if you're free," the email, sent by a representative of the fundraising firm Dynamic SRG, reads. "Please let me know if you're interested in meeting him and learning more about his race for Senate in New Mexico." Heinrich's office told CNBC that "this has already been reported on" when asked for comment on the spat.The Albuquerque Journal reported in February that the letter was part of the Epstein files released by the Justice Department. In a statement to the Journal, Heinrich's spokesperson said he "never met Jeffrey Epstein." "Heinrich also never accepted any campaign contributions from Epstein," the spokesperson said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

"Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed. View More

In this articleNOKFollow your favorite stocksCREATE FREE ACCOUNT Stock Chart IconStock chart iconGilead Sciences' year-to-date stock performance. Gilead Sciences: "I like what Daniel O'Day is doing...I think he's a smart guy, and the company's good. I'd hold on to it. They've got some good franchises." Stock Chart IconStock chart iconAST SpaceMobile's year-to-date stock performance. AST Space Mobile: "I like it very much. You know, I think that they've got a unique property. And look, I'm not calling for a takeover here, not necessarily, but after what I saw happen with Global Star and Amazon, I mean, come on, let's own this one." Stock Chart IconStock chart iconNokia's year-to-date stock performance. Nokia: "Hold onto it, I think, you've got another 30% going on there." watch nowVIDEO2:4402:44Lightning Round: Nokia still has room to runMad Money with Jim Cramer Jim Cramer's Guide to InvestingClick here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter. Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.DisclaimerQuestions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - InstagramQuestions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Allbirds announced a deal with American Exchange Group to sell its intellectual property and other assets for $39 million in March. View More

In this articleBIRDFollow your favorite stocksCREATE FREE ACCOUNT Tim Brown, co-founder and co-chairman of sports shoe manufacturer Allbirds, speaks on stage at the OMR Festival digital trade show, May 10, 2023.Marcus Brandt | Picture Alliance | Getty Images Allbirds made a surprising announcement Wednesday that it is pivoting from shoes to artificial intelligence. The move boosted shares of the miniscule market cap company — it was valued at about $21 million at Tuesday's close — by 582%. The shares, which were under $3 a day ago, jumped to about $17.The company announced that it's pivoting its business to AI compute infrastructure in a release posted to its investor relations page.The company, which according to the release will be called NewBird AI, announced a deal to raise up to $50 million in funding, expected to close in the second quarter of 2026."The Company will initially seek to acquire high-performance, low-latency AI compute hardware and provide access under long-term lease arrangements, meeting customer demand that spot markets and hyperscalers are unable to reliably service," the company said in the announcement. watch nowVIDEO2:4202:42'This is ridiculous', says Jim Cramer on Allbirds announcing it is transforming into an AI companySquawk on the Street Allbirds, once a Wall Street darling valued north of $4 billion, announced a deal with American Exchange Group to sell its intellectual property and other assets for $39 million last month. American Exchange Group is a brand management company focused on the accessory space. According to the release, it will continue to sell products under the Allbirds brand. Allbirds closed all its U.S. full-priced stores in February. Read more CNBC tech newsAltman arson suspect Moreno-Gama suffered 'acute mental health crisis,' lawyer saysNAACP sues Elon Musk's xAI over Memphis data center air pollutionMeta commits to 1 GW of custom chips with Broadcom as Hock Tan decides to leave boardNvidia stock is on a 10-day winning streak and up 18% over that stretch The company is the latest firm looking to cash in on the AI boom, which has ignited a fever on Wall Street since OpenAI launched its ChatGPT chatbot in 2022. AI infrastructure is a notoriously expensive and complex business, but it can be lucrative. Nvidia, which dominates the market for graphics processing units, has ballooned into the most valuable company in the world, with a market cap that's approaching $5 trillion.There's a history in the stock market of troubled companies pivoting to the hot industry of the moment in order to garner interest. During the bitcoin boom, several companies announced a blockchain tie-in or converted outright to a cryptocurrency company to reignite interest in their stock.Allbirds was founded in 2015 by former professional soccer player Tim Brown and renewable resources expert Joey Zwillinger to create a new category of shoes that relied on natural materials, not plastics and other petroleum products. In 2016, Allbirds introduced its debut shoe, made with merino wool, and became an instant success, particularly among "tech bros" who were drawn to the brand's comfort and sustainability.It embarked on an ambitious store opening plan and went public in 2021, but soon saw its business begin to slow as trends changed, competitors moved in and customer acquisition costs rose.Between 2022 and 2025, sales plummeted nearly 50% — falling from $298 million to $152 million. Stock Chart IconStock chart iconAllbirds one-day stock chart. — CNBC's Ashley Capoot contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

CNBC’s Jim Cramer offers guidance for navigating a “tricky” market rotation. View More

In this article.SPXFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO3:2203:22Jim Cramer explains how to play this 'tricky' market rotationMad Money with Jim Cramer CNBC's Jim Cramer said Wednesday that investors are witnessing a sharp and disorienting market rotation, with yesterday's winners suddenly falling out of favor while long-beaten-down stocks spring back to life.The S&P 500 closed all-time high on Wednesday, underscoring the market's strength on the surface. But beneath that headline move, some of Wall Street's most popular groups — including industrials — came under pressure, while previously lagging stocks in areas like software surged in dramatic fashion.Rotations are "tricky" to navigate, the "Mad Money" host said. "We don't know why stocks go up in this period." "They can be random and they can be frustrating," he continued, explaining that leadership can change quickly, making it difficult to distinguish between meaningful opportunities and short-lived moves. "There'll be people who try to urge you to buy down-and-outers that deserve to stay down and out," he said. He noted that this kind of rotation often follows a powerful rally like the one seen in recent weeks. Cramer's trusted momentum indicator, the S&P Oscillator, has quickly gone from deeply oversold to extremely overbought. Cramer said the team that runs the Oscillator told him that, historically, such dramatic swings are usually followed by a digestion phase where gains slow, rather than evaporate. That suggests some money is flowing between sectors, not leaving the market all together. "Just as the leaders in the market cool off, the laggards...are going to come alive," Cramer said. Stocks like Salesforce and ServiceNow, which had been under pressure in recent weeks amid fears that AI models like Anthropic could erode their market share, rebounded sharply on Wednesday, rising 3.7% and 7.3%, respectively. For investors, Cramer suggested a more measured approach. Rather than chasing the latest winners, he recommended trimming positions that have run too far, too fast, while being cautious about jumping into names simply because they are rallying. The rotation beneath the surface also may not be done yet, Cramer said, suggesting a lagging sector like health care could be the next place that sees an influx of money. "The bottom line is that crazy rotations are about to occur," he said. watch nowVIDEO13:1113:11We'll work off the market's overbought condition in a benign fashion, says Jim CramerMad Money with Jim Cramer Jim Cramer's Guide to InvestingClick here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter. Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.DisclaimerQuestions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - InstagramQuestions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

More than 25,000 people dressed as Santa Claus and other Christmas characters pass through New York bars in an annual event meant to raise money for charity. View More

SantaCon founder, Stefan Pildes leaves federal court after being arrested on April 15, 2026 in New York City. Edna Leshowitz | Getty Images The president of SantaCon was arrested on Wednesday on a federal criminal indictment accusing him of using the ticketed Christmas bar-crawl event to divert hundreds of thousands of dollars earmarked for charity to his personal use, New York federal prosecutors said.The defendant, Stefan Pildes, claimed he did not receive any compensation from SantaCon, according to the indictment unsealed in U.S. District Court for the Southern District of New York. But the 50-year-old Pildes allegedly diverted funds from the event to a "slush fund" to pay for extensive renovations to a lakefront property in New Jersey, luxury vacations in Hawaii, Las Vegas, and Vail, Colorado, concert tickets, extravagant meals, and a luxury vehicle, prosecutors said.About $124,000 of the SantaCon funds were spent toward leasing a luxury apartment in Manhattan, and another $100,000 was invested in a boutique resort in Costa Rica founded by a friend of Pildes, the indictment said.Pildes "donated only a small fraction" of the approximately $2.7 million raised by SantaCon for his nonprofit group, Participatory Safety, to charity, according to the indictment.Prosecutors said he "defrauded tens of thousands of individuals and small business owners who participated in" SantaCon, which annually draws about 25,000 people dressed as Santa Claus and other holiday characters to bars and restaurants in New York City. Tickets for the event cost between $10 and $20.Pildes "promoted SantaCon as an event grounded in charitable giving, but instead of donating the millions of dollars he raised, he ran his own con game," U.S. Attorney Jay Clayton said in a statement. Thousands of revelers who dressed as Santa Claus and other famous characters, participate in the annual SantaCon pub crawl on Saturday, December 13, 2025, in New York City, United States. Selcuk Acar | Anadolu | Getty Images "He took advantage of New Yorkers' generous holiday spirit to finance his lifestyle through personal expenses, big and small," Clayton said.Pildes, who lives in Hewitt, N.J., is charged with one count of wire fraud. He is expected to appear on Wednesday afternoon in Manhattan federal court.The indictment comes more than two years after an analysis by the news site Gothamist found that Participatory Safety raised "raised $1.4 million through SantaCon programming from late 2014 through the end of 2022," but that "less than a fifth of that money has gone to registered nonprofits.""More than a third of the organization's total giving during that period went to groups or individuals who appear connected to Burning Man, the annual weeklong festival in Nevada, including organizations devoted to hula hooping, dance parades, free costumes and more," Gothamist reported.The report said that the largest donation by Participatory Safety went to "a for-profit outfit: $66,340 to Spectaculum Productions, LLC, maker of the documentary film 'At Your Cervix,' an exposé about pelvic exams performed by medical students on unconscious and non-consenting patients."In 2018, Participatory Safety "lost $17,498 worth of investments it made in cryptocurrencies – equal to about a third of its charitable giving that year," Gothamist reported. "More than $832,000 of the money raised from SantaCon programming – or 59% – went to the nonprofit's expenses, not including its charitable grants." Read more CNBC politics coverageKalshi, Polymarket lobby as insider trading, betting eyed by CongressFed nominee Warsh filings detail vast wealth, far exceeding past chairsHouse Republican campaign arm touts tax cuts in new 2026 election adVance says ‘the ball is in Iran’s court’ to move peace talks further, as U.S. blockade takes effect The new indictment against Pildes him said that attendees were told that proceeds from SantaCon would go to various charities.In December 2024, the indictment said, Pildes on his website said ticket money went "directly to Santa's charity drive," and that "your money will be split between the various charities listed on this page as well as local charities along Santa's route."FBI Assistant Director in Charge of the New York Field Office James Barnacle, Jr. said Pildes "allegedly stole Christmas from tens of thousands of victims and deprived local charities of more than one million dollars.""The FBI continues to root out scrooges that greedily exploit the goodwill of New Yorkers," Barnacle said in a statement.A lawyer for Pildes did not immediately respond to a request for comment. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Even as the industry navigates choppy seas, cruise companies are looking for their next avenues for growth. View More

In this articleRCLCCLNCLHFollow your favorite stocksCREATE FREE ACCOUNT The Carnival Miracle cruise ship is anchored of the Big Island of Hawaii on Jan. 14, 2024.Kevin Carter | Getty Images The global cruise industry is reporting record demand and renewed consumer enthusiasm, but the leaders helming the world's largest cruise companies say the sector is also facing some of the most complex challenges it has seen in decades."We are not an alternative vacation anymore. We are a vacation," Carnival Corp. CEO Josh Weinstein said during a keynote panel Tuesday at Seatrade Global, a cruise industry conference. As demand rises, passengers are getting younger; one-third of cruise travelers are now under 40, according to the 2026 State of the Cruise Industry report released by Cruise Lines International Association, or CLIA. One-third of trips are multigenerational, often families traveling together. And nearly a third of cruisers take vacations by ship multiple times a year, according to the report. The cruise industry hosted 37 million passengers worldwide last year and anticipates reaching 42 million annually by 2029, CLIA found."That mainstream demand sets us up very well for volatility," Weinstein said. A resilient business in an uncertain world At least six cruise ships remain stranded in the Persian Gulf by the impasse at the Strait of Hormuz. One of them is the MSC Euribia.Though roughly 1,500 passengers were safely evacuated amid Dubai airport shutdowns and missile warnings after the U.S. and Israel launched an attack on Iran in late February, there are still some crew on board to maintain the vessel."Obviously, we live day by day. The situation is very fluid," said MSC Cruises Executive Chairman Pierfrancesco Vago during the Seatrade Global keynote. Already, the shutdown of marine traffic in the Strait has disrupted itineraries in the Middle East and southern Europe. Threats of blockades, mines on the sea floor and on-again, off-again negotiations are keeping cruise executives guessing about when they can move their ships. "Morning is one thing, lunchtime is another, dinner is another again," Vago said of the numerous and often conflicting announcements from government leaders. "We need to stay cool and actually be ready to move out as soon as the possibility and opportunity comes back."Despite these challenges, cruise executives argue the industry has never been better positioned to absorb shocks."Every crisis we've faced — financial, geopolitical or health-related — we adapted," Carnival's Weinstein said. "There's no reason to believe it will be different this time." Fuel costs, sustainability and the push to use less Fuel price volatility has once again put energy strategy front and center for the cruise industry, particularly for Carnival, which does not hedge fuel prices."Nobody asks us about hedging when prices are low," Weinstein said. "But our strategy has been consistent: use less fuel." The cruise industry aims to have net-zero emissions by 2050, but CEOs agree that they can't achieve that goal solely by conserving fuel. Industry leaders see biofuels, green methanol and synthetic liquid natural gas (produced by combining captured carbon with hydrogen) as the most promising solutions to meet their fuel needs. watch nowVIDEO7:4007:40Fincantieri CEO Pierroberto Folgiero on ship building in AmericaNews Videos Royal Caribbean Group CEO Jason Liberty said cruise lines are already investing hundreds of millions of dollars annually in technology and energy innovation, but availability of alternative fuels remains the bottleneck."It's not about what we want to use," Liberty said. "It's about what's scalable and available." "We're going to have heavy competition with other sectors for those fuels as well. There's no guarantee we get them," added Bud Darr, CLIA's president and CEO. Tail winds for growth Even as the industry navigates choppy seas, cruise companies are looking for their next avenues for growth. Technological advances in artificial intelligence are being used to reduce food waste, plot routes and itineraries and increase efficiency. Cruise line executives say the most important application is to reduce friction in the guest experience. "A more flexible work environment has been a big demand driver for us," Liberty said. Most Royal Caribbean ships now host a Starlink connection for fast internet aboard. Private destinations, the exclusive ports or islands owned or controlled by a cruise line, continue to be a priority for investment. Royal Caribbean, for instance, currently has three private destinations on its itineraries but will have eight by 2028.It's developing a major land-based hub in Puerto Williams, Chile, to reduce or eliminate the amount of time passengers to Antarctica have to spend transiting the punishing seas of the Drake Passage. And the luxury segment, though a small percentage of the overall industry, is growing rapidly. Customers are increasingly interested in exploring health, wellness and longevity — and those trends are showing up in their vacation habits, too. Smaller ships and river cruising accommodate specialized interests in ecotourism, off-the-beaten-path locales — those not yet discovered by social media influencers — and culinary or art aficionados. Social media driven demand in tourism has also sparked backlash from some destinations overwhelmed by the crowds. The cruise industry is working with destinations on what it calls managed, predictable tourism.Vago said MSC worked with Dubrovnik, Croatia, for example, to coordinate the flow of visitors to the medieval town, which wants the tourism spending but without destruction of quality of life for residents."Many of these coastal communities actually appreciate that. We plan in advance. We create itineraries three years in advance," Vago said."The strength of this industry is its ability to evolve without losing its soul," Liberty said. "That soul is hospitality." Leadership change and fresh perspective At Norwegian Cruise Line Holdings, the challenge for new CEO John Chidsey is righting the ship. In his first earnings call, just days after he took the helm in February, Chidsey acknowledged the company had committed numerous missteps. Margins are under pressure. Shares have been volatile. Critics have questioned a push to expand cruise itineraries in the Caribbean before Norwegian's private island destination was completed. Earlier this year, Elliott Investment Management took an activist stake in Norwegian, which may have provided impetus for the board to make a leadership change.Chidsey told CNBC that Elliott's goals align with his own and that he intends to create a culture of accountability and urgency where teams are working together rather than separated into silos. watch nowVIDEO5:1105:11New Norwegian Cruise Line CEO John Chidsey on taking the helmNews Videos The Seatrade conference was a cruise industry debut for Chidsey, formerly the CEO of Subway, Burger King and Avis. When asked what a "sandwich guy knows about cruising," Chidsey didn't miss a beat, insisting he's a "turnaround guy not a sandwich guy.""I knew nothing about fast food when I went there. I think having a fresh set of eyes is really what Norwegian needs," he said. "And it's all about execution." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Oil tanker traffic through the Strait of Hormuz remains at a trickle as the U.S. enforces a retaliatory blockade of Iranian ports. View More

U.S. Vice President JD Vance, right, speaks during a news conference after meeting with representatives from Pakistan and Iran, as U.S. President Donald Trump's son-in-law Jared Kushner, left, and U.S. Special Envoy to the Middle East Steve Witkoff watch, in Islamabad, April 12, 2026.Jacquelyn Martin | AFP | Getty Images The U.S. and Iran will likely return to Pakistan next week for a second round of peace negotiations, two senior Pakistani officials told MS NOW on Wednesday.The latest sign of the countries' continuing efforts to reach a diplomatic end to the war came from officials who are involved in finalizing decisions with the U.S. and Iranian teams, but did not want to be named because of sensitivities around negotiations, MS NOW reported.The step toward resuming the stalled peace talks came as tensions in the Persian Gulf continued to rise, further imperiling a shaky two-week ceasefire between the U.S. and Iran.Oil tanker traffic through the Strait of Hormuz remains at a trickle as Iran continues to pose threats to passing vessels and the U.S. enforces a retaliatory blockade of Iranian ports.President Donald Trump, who said last week that the ceasefire agreement was subject to the strait being fully reopened, had complained about the lack of activity in the vital shipping route prior to announcing the blockade.On Wednesday, Iranian state news outlet Fars reported that Tehran was suspending all petrochemical exports until further notice. U.S. Vice President JD Vance, left, speaks with Pakistani Prime Minister Shehbaz Sharif ahead of their meeting on Iran amid the US-Iran peace talks in Islamabad, April 11, 2026.Jacquelyn Martin | AFP | Getty Images Still, the White House said Wednesday it is optimistic about a possible peace agreement coming into view. "Discussions are being had," and "we feel good about the prospects of a deal," press secretary Karoline Leavitt told reporters at a White House briefing, while cautioning that the next round of in-person talks hasn't yet been made official.Leavitt also said those talks would "very likely" be held in Islamabad, "the same place as they were last time." Pakistan has facilitated communications between the warring powers. Read more CNBC politics coverageKalshi, Polymarket lobby as insider trading, betting eyed by CongressFed nominee Warsh filings detail vast wealth, far exceeding past chairsHouse Republican campaign arm touts tax cuts in new 2026 election adVance says ‘the ball is in Iran’s court’ to move peace talks further, as U.S. blockade takes effect The first round of negotiations last weekend — a marathon 21-hour session led on the the U.S. side by Vice President JD Vance and special envoys Steve Witkoff and Trump's son-in-law Jared Kushner — ended in no deal.Pakistan is "the only mediator in this negotiation," Leavitt said as she praised the regional power for its help so far.Leavitt also said it is "not true" that the U.S. has requested an extension of the ceasefire, which is set to expire next Tuesday.A senior U.S. official told CNBC on Wednesday morning, "The United States has not formally agreed to an extension of the ceasefire. There is continued engagement between the U.S. and Iran to reach a deal." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The Bitcoin blockchain itself has never been hacked and has operated securely and without interruption since 2009. The Mythos threat probably won't change that. View More

In this articleBTC.CM=COINGEMIBLSHHOODFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO6:2606:26How Anthropic's Mythos can threaten crypto industry securityMarkets and Politics Digital Original Video There's a saying in crypto: not your keys, not your coins. It's typically a warning that it's safer to keep your crypto in an offline wallet that's harder to attack than an online exchange where you don't have control over the keys to the wallet housing the funds.So far, however, the complexity of learning how to self-secure and custody crypto has been prohibitive to many prospective crypto investors, which has allowed exchanges like Coinbase and Gemini Space Station – two of the earliest in the game – to thrive. But with money now being more digital than ever and AI getting stronger, that narrative may be flipping. AI like Anthropic's Mythos, which is built to find software vulnerabilities at extreme speed with unprecedented accuracy, could help usher a new wave of attacks on companies built on and around crypto – an industry already working to overcome a years-long reputation of hacks, scams, and exploits. Some investors in crypto – whose universe of investable assets has quickly grown beyond coins to include ETFs and equities covering various crypto themes – can take comfort in the fact that the Bitcoin blockchain itself has never itself been hacked and has operated securely and without interruption since 2009. The threat of Mythos-like AI probably won't change that."Bitcoin is fundamentally secured by cryptography and a set of shared rules," said Yan Pritzker, chief technology officer at Swan Bitcoin. "The cryptography itself isn't affected by AI, and the shared rules are enforced by a network of people running Bitcoin nodes all over the world. So while AI can influence how those people think in some way, it really is very difficult to modify the rules of the network without really full consensus from the network."Exchanges like Coinbase, Robinhood, Gemini or Bullish, on the other hand, are perhaps the most at-risk areas due to the large amounts of personal identifiable information and money they handle."Any other system that deals with money in a real-time basis is going to be a place that we try to look for cyber security holes," said Cosmo Jiang, general partner at Pantera Capital. "While the threat factor exists for everyone, it's most likely that financial services companies or exchanges are going to be the ones that are targeted first."Owen Lau, an analyst at Clear Street, said to consider the reputational risk AI agents pose to crypto exchanges when assessing downside risk. Specifically, he said, they can generate large volumes of scam emails and create synthetic identites, building detailed profiles that pull information from the exchanges or other retail platforms. A double-edged swordWhile AI can create new kinds of threats, the biggest exchanges argue it also presents an opportunity for them to improve security for their users. Coinbase and Binance both said they're keen to invest in and use AI to make their platforms more secure."Mythos, and future models like it, will enable even deeper testing of software and systems at scale," Philip Martin, chief security officer at Coinbase, said in a statement shared with CNBC. "This will accelerate digital threats as well as digital defense." He also said that although Mythos "is a highly restricted model not available to the public, Coinbase is in close communication with Anthropic."Similarly, Binance's chief security officer Jimmy Su said the company is evaluating "how advances in AI can create new opportunities to strengthen cybersecurity while also introducing new risks. As part of that work, we are experimenting with AI to help us identify vulnerabilities faster and more broadly across our systems."Lau said the threat of a Mythos-like AI isn't yet clear or specific enough to make him reconsider his bullish ratings or his price targets, and he cautioned against letting short-term fear and uncertainty drive investors away from the sector."Near term, it will become a negative narrative for these kinds of companies," he said of crypto exchanges. "But longer term, I would see them as one of the first batches that comes out and can protect against these AI agents." watch nowVIDEO1:4601:46How AI is creating risks for cryptoMoney Movers Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Office of Management and Budget Director Russell Vought testified before the House Budget Committee on Wednesday. View More

White House Office of Management and Budget Director Russell Vought testifies before the House Budget Committee at the U.S. Capitol on April 15, 2026.Andrew Harnik | Getty Images White House Office of Management and Budget Director Russell Vought told lawmakers he could not estimate the total cost of the Iran war and that the Trump administration hadn't yet come up with a supplemental funding request to send to Congress."We're not ready to come to you with a request; we're still working on it. We're working through to figure out what's needed in this fiscal year versus next fiscal year," Vought told members of the House Budget Committee on Wednesday."Do you have a ballpark? Will it be more than $50 billion?" Rep. Veronica Escobar, D-Texas, asked."I don't have a ballpark for you, congresswoman," Vought said.Professor Linda Bilmes, a public policy professor at Harvard University's Kennedy School, published an analysis this month that found the war could cost taxpayers $1 trillion. Read more CNBC politics coverageKalshi, Polymarket lobby as insider trading, betting eyed by CongressFed nominee Warsh filings detail vast wealth, far exceeding past chairsHouse Republican campaign arm touts tax cuts in new 2026 election adVance says ‘the ball is in Iran’s court’ to move peace talks further, as U.S. blockade takes effect Vought was testifying on President Donald Trump's fiscal 2027 budget request, which calls for $1.5 trillion in defense spending — a 44% increase — and a 10% cut to nondefense spending.More than a month into the war, its total cost is still unclear, though the Trump administration is likely to request additional funds from Congress for the ongoing conflict. The Washington Post reported last week that the White House could seek between $80 billion and $100 billion, down significantly from the $200 billion the Pentagon initially proposed to the White House in March.Defense Secretary Pete Hegseth said at the time, "It takes money to kill bad guys." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.