Donald Trump, Bernie Sanders and Sam Altman are all talking about public ownership in AI
WASHINGTON (AP) — OpenAI CEO Sam Altman has met with Sen. Bernie Sanders to discuss public ownership in AI companies — a meeting that highlighted the tension between AI powerhouses and policymakers. President Donald Trump also expressed interest in the idea, showing how the two politicians, fueled by populism, are embracing the concept. But concerns about AI's impact are growing, with backlash over data centers in local communities and job prospects. Policymakers are exploring AI regulation, with bipartisan efforts in Congress and oversight from the Trump administration.
FACT FOCUS: Is inflation a red state vs. blue state issue? It's increasing no matter how you cut it
WASHINGTON (AP) — Inflation is rising again, squeezing budgets and making essentials harder to afford. Inflation hit 3.8% in April, the highest in three years. Larry Kudlow asked Kevin Hassett about this on Fox Business. The director of the National Economic Council claimed inflation is “on a deep downward dive,” especially if blue states are excluded. However, experts say this is false. Inflation is high across all regions, driven by rising gas prices from Middle Eastern conflicts. The Labor Department’s data shows both blue and red states experiencing high inflation. Core inflation is also rising, contradicting Hassett’s claims of a downward trend.
A new exchange of fire with Iran in the Gulf tests the fragile ceasefire
CAIRO (AP) — Iran has fired ballistic missiles and drones toward Bahrain and Kuwait. That's according to Bahrain’s government. The U.S. said Saturday that it intercepted several aimed at Gulf allies and the Strait of Hormuz. Bahrain called on Tehran to stop what it called a “serious escalation.” Iran said it targeted the U.S. military and its foreign ministry accused the U.S. of attacking surveillance facilities on Qeshm Island. Tehran called it a violation of the fragile ceasefire. The U.S. military reported no harm to personnel. Tensions continue as the Trump administration pushes for a deal with Iran to end the war.
China can build humanoids at scale. The hard part is finding enough buyers
HONG KONG (AP) — Chinese humanoid robots are making waves with their ability to do backflips, direct traffic and even make coffee. As such robots become more advanced, Chinese companies are looking for ways to profit from them. The government helped support their development, and startups say they have thousands of orders from both public and private companies looking to deploy them as China grapples with an aging population and rising labor costs. China’s domestic market appears to show strong demand for robots in various sectors from industrial to retail. While the U.S. excels in development of AI-powered robot “brains,” China leads in mass production and hardware and soon may be able to cut prices sharply.
Fuel prices are shaping summer plans as US boaters get ready to hit the water
DEXTER TOWNSHIP, Mich. (AP) — Motorists and airline passengers aren't the only travelers thinking about high fuel prices as summer vacations near. Recreational boaters are feeling a pinch from the Iran war too. The ethanol-free gasoline that many boats prefer is even more expensive than regular gas. So is diesel fuel, which also powers some boats. The National Marine Manufacturers Association says its conversations with boaters indicate that most still plan to head out on the water this year but fuel costs are curtailing some people's plans. Businesses like fishing charters are deciding whether to add fuel surcharges to make up for their higher costs.
Lebanon inaugurates René Mouawad Airport as its second international airport
BEIRUT (AP) — Lebanon’s government has inaugurated the country’s second international airport which is expected to open to the public within weeks. A jet carrying Prime Minister Nawaf Salam landed on Saturday at René Mouawad Airport where he led the ceremony. Beirut’s Rafik Hariri International Airport has been working at near full capacity over the past several years especially during Syria’s conflict. The new airport is about 100 kilometers or 60 miles and 5 kilometers or 3 miles from the Syrian border in the coastal village of Kleiat. Transportation Minister Fayez Rasamny said that the goal is for the airport to start flights to Istanbul, Mersin, Turkey and Dubai, United Arab Emirates soon. Future plans include flights to Athens, Greece, Cairo and Medina, Saudi Arabia.
Anthropic urges industry coordination to allow for a 'pause' in AI development if risks grow
Anthropic is proposing that top AI companies coordinate a way to pause the development of advanced AI systems if they become too dangerous. The company behind the Claude chatbot says the technology is improving so quickly that there's a risk humans could lose control. In a blog post Thursday, Anthropic suggests giving the world an “option” to slow or temporarily pause AI development. The company plans to research ways to implement this pause, noting that AI models are getting faster, doubling their task capabilities every four months. This rapid advancement could lead to AI designing its own successors, raising control concerns.
Treasury warns banks of 'red flags' tied to customers in the US illegally
WASHINGTON (AP) — The Treasury's financial crimes unit is warning banks about the risks of serving people living in the country illegally. This is part of the Trump administration's efforts to tighten immigration controls. The Financial Crimes Enforcement Network, or FinCEN, issued guidance Friday following an executive order by President Trump in May. The order requires banks to scrutinize customers' citizenship more closely. However, it is less aggressive than initially expected, as it does not mandate collecting citizenship information. Treasury Secretary Scott Bessent emphasized preventing illegal aliens from exploiting financial institutions. Banks are urged to watch for red flags like identity theft and payroll fraud.
Operator of S&P 500 decides against fast-tracking 'MegaCap' IPOs into its stock indexes
S&P Dow Jones Indices has decided not to change its guidelines for including large "MegaCap" companies in its stock indexes. The index committee announced Thursday that it considered feedback from market participants but chose to maintain its current criteria for the S&P 500, S&P MidCap 400, and S&P SmallCap 600. Unlike Nasdaq, which recently updated its guidelines to quickly add large companies after their IPOs, S&P believes its approach offers substantial market coverage and sector balance. This decision comes as major AI companies in the U.S. prepare for significant IPOs.
Stocks slump as Big Tech sinks and a strong May jobs report boosts odds for higher interest rates
The U.S. stock market had its worst day since October as a sell-off in big technology companies weighed down the broader market. Bond yields surged as a strong jobs report boosted expectations that the Federal Reserve will be forced to hike interest rates at some point this year. The S&P 500 slumped 2.6% Friday, finishing with its first losing week in the last 10. The Dow Jones Industrial Average fell 695 points, or 1.4%. The Nasdaq composite fell 4.2%. Nvidia and Broadcom were among the heaviest weights on the market. The Labor Department reported that employers added 172,000 jobs in May, roughly double what forecasters had expected. Oil prices fell.
