Meta reaches landmark $18 billion settlement with states in trial over teen social media addiction
OAKLAND, Calif. (AP) — Meta has agreed to pay up to $18 billion and add stronger child-safety measures to its Facebook and Instagram platforms as part of a landmark legal settlement. The deal announced Wednesday ends a trial over teen social media addiction and settles claims with 48 states and some U.S. territories. The settlement resolves a pivotal case years in the making that sought to hold the tech giant accountable for the role its platforms played in undermining children’s mental health. The effort targeted features designed to hook young people’s attention. If approved by the court, it will stop an avalanche of litigation by states against Meta.
Meta joins a list of corporations that have settled cases for billions of dollars
Tech giant Meta has agreed to pay $17 billion as part of a settlement to end a landmark trial over teen social media addiction, state attorneys general announced Wednesday. While the settlement is a fraction of Meta’s 2025 revenue of $201 billion, it’s still among one of the biggest corporate settlements ever. Here’s a look at some other large corporate settlements.
Strong AI chip demand fuels Nvidia's Q2 results well beyond Wall Street's expectations
Nvidia’s latest quarterly results once again blew past Wall Street’s expectations as revenue for the computer chip company’s high-end artificial intelligence chips soared, the latest sign that AI infrastructure spending remains strong. The company on Wednesday reported net income of $59.69 billion, or $2.46 per share, for the May-July period. Excluding certain items, earnings were $2.22 per share, well above the $2.09 per share consensus forecast by Wall Street analysts, according to FactSet. Revenue more than doubled from a year earlier to $96.22 billion, surpassing analysts’ average forecast of $92.27 billion.
Canada is bolstering its defense industry as US relations fray. A boom is on for local contractors
TORONTO (AP) — Canadian military spending is surging, with companies expanding into defense contracting. Wuxly, known for luxury parkas, is now making high-tech military gear. The Canadian government is investing billions to reduce reliance on American suppliers. This shift is partly due to pressure from the U.S. to contribute more to NATO and strained relations between Washington and Ottawa. The defense plan includes $60 billion in additional funding over five years. It aims to boost domestic defense capabilities and create jobs. Canadian startups are also developing innovative technologies for military and civilian use, like drones and robotics.
Key inflation gauge remains elevated during Iran conflict and ongoing US trade fights
WASHINGTON (AP) — An inflation measure closely watched by the Federal Reserve was unchanged last month in the latest sign that many Americans are still struggling with higher costs. The Commerce Department’s Wednesday report showed that prices rose 3.7% in July compared with a year earlier. Inflation has worsened since the Iran war began in late February, when it stood at 2.9%. Stubbornly high prices are shaping up to be a key issue in the midterm elections, particularly as the Iran war keeps gas prices high, President Donald Trump is threatening new tariffs on Canada and China, and spending on AI infrastructure has pushed up the cost of computers, gaming consoles, and semiconductors.
Dolly Parton's love of the Great Smoky Mountains helped transform her hometown
SEVIERVILLE, Tenn. (AP) — Dolly Parton didn’t just sing about her Tennessee mountain home. She helped transform it. Her deep devotion to rural Sevier County inspired her music and sparked a tourism boom. News of Parton's death has been profoundly personal for her neighbors. Parton was a beloved country music star and Tennessee's favorite daughter. She co-owned Dollywood, Tennessee’s most visited tourist attraction, and founded The Dollywood Foundation, which helped reduce high school dropout rates in Sevier County. Her Imagination Library has distributed over 330 million books worldwide. Parton's generosity, especially after the 2016 wildfire, changed lives and shattered Appalachian stereotypes.
Trump says the US doesn’t need Canada. The economy says otherwise
TORONTO (AP) — President Donald Trump says the United States doesn't need Canada. But every day, roughly 4 million barrels of Canadian crude oil flow south, helping fuel American cars, trucks and airplanes and supply the U.S. industry. Canada also supplies aluminum, potash for U.S. farms, auto parts and electricity. Those ties underscore how deeply the two economies remain intertwined even as Trump escalates a trade war with Canada. The contradiction is especially stark in aluminum. Trump has imposed a 50% tariff on Canadian metal while acknowledging this week that the U.S. “desperately needs” aluminum and gets most of it from Canada. Further escalation could put more of those economic links at risk.
Fed governor Lisa Cook slams Trump's renewed threat to fire her
WASHINGTON (AP) — Federal Reserve governor Lisa Cook says the Trump administration has no legal basis to remove her from the central bank’s governing board. Her response to renewed threats from the White House came in a letter late Wednesday. Trump first sought to fire Cook a year ago over allegations that she committed mortgage fraud, which she denies. The charge has not been proven or considered in court. The Supreme Court ruled that Cook could remain in her position while the case is litigated. The justices also said Trump could try to fire her again if he provided proper notice and a chance to contest it.
US-Canada animosity could impede an end to a trade war neither country wants
WASHINGTON (AP) — The U.S. and Canada have ramped up their trade war, hitting each other with steep new tit-for-tat tariffs. Despite the bravado coming from both sides of the border over the past few days, though, analysts suspect the longtime allies will eventually strike a deal to end a conflict neither really wants. The prospects for compromise looked bleak Tuesday, with Canadian Prime Minister Mark Carney reacting to new 50% U.S. tariffs on certain Canadian goods by responding in kind on about $20 billion worth of American imports, including steel, dairy products, appliances and farm equipment. With the breakdown threatening to harm one of the world’s largest trading relationships, experts say there’s still time to avoid an even bigger trade war.
Wall Street holds mostly steady following the latest update on inflation
NEW YORK (AP) — The U.S. stock market drifted through a quiet day of trading after a report said inflation last month was a touch worse than economists expected. The S&P 500 edged down by less than 0.1% Wednesday and remains near its all-time high set earlier this month. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite slipped 0.1%. Treasury yields ticked higher following the update on inflation, which has traders still mostly betting the Federal Reserve will hike the federal funds rate by the end of this year. Oil prices slipped following some more swings up and down throughout the day.
