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Arm Holdings CEO Rene Haas told CNBC's Jim Cramer he is increasingly confident the company can meet Wall Street's loftier revenue expectations for its new data center chip, dubbed the AGI CPU. "We're feeling good about it. We're feeling really good about it," Haas said on "Mad Money" from San Francisco. The comments are significant because demand hasn't been the primary question surrounding Arm's first in-house central processing unit for data centers. Investors have instead been focused on whether the company can secure enough supply to turn that demand into revenue as chipmakers compete for limited manufacturing capacity during the artificial intelligence boom. That execution is particularly important because the Arm's CPU marks a major expansion of its business model. The company has historically made money licensing its chip designs to customers, while the CPU represents its push into selling a complete chip of its own.
Swiss food giant Nestle said Friday it's weighing its options after the Kremlin moved to place the Russian assets of its business under temporary external administration, as part of a renewed push against Western businesses still operating in the country amid the Ukraine war. The maker of Nescafé coffee and KitKat chocolate bars said that it took note of the Russian presidential decree, which was published on the country's official legal portal on Thursday, and is "assessing the situation." Russian President Vladimir Putin's surprise move is widely regarded as the first step toward passing the assets into the hands of Kremlin-friendly investors. "Nestlé is committed to taking all necessary steps to protect its rights and ensure continuity of business operations in the interests of all stakeholders, particularly its employees," the company said in a statement.
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President Donald Trump can now impose tariffs of up to 100% on countries purchasing oil from Russia, putting China and India squarely in the crosshairs. The U.S. House passed a sweeping Russia sanctions bill, paving the way for Trump to tariff major purchasers of Russian energy. The move comes close on the heels of the BRICS Summit, where Russian President Vladimir Putin and leaders from the Global South, including China and India, condemned unilateral economic sanctions and secondary sanctions, without naming the U.S. All five top purchasers of Russian energy will be "extremely worried" about the potential application of this bill, said Deborah Elms, head of trade policy at Hinrich Foundation. The new statutory authority could give Trump the power to "strike hard and quickly at any time for any reason."
Los Angeles Dodgers owner Mark Walter is selling his minority stake in Chelsea Football Club to Clearlake Capital, Chelsea said in a statement Wednesday night. Clearlake, which already held a 61.5% stake in the club, is also acquiring the stake of Chelsea Chairman Todd Boehly, giving it full control of the storied club, according to Chelsea. Boehly, who is a co-owner of the Dodgers, and Walter each held about 12.8% of the club. The Financial Times reported that the two men will receive a combined £950 million, or $1.27 billion, for their stakes in the deal, which values Chelsea at £5 billion. Boehly is departing as the club's chairman.
Oil prices extended their decline to Thursday as concerns over disruptions to supply, following attacks on the Saudi Arabia's key East-West pipeline, eased. Brent futures, the international benchmark, was slightly lower at $105.81 per barrel, while U.S. crude oil was down 0.22% at $102.14 a barrel. Saudi Arabia is making additional crude cargoes available to Asian refiners through ship-to-ship transfers near Oman's Sohar port, helping cushion the impact on global supplies from attacks on the kingdom's East-West pipeline to the Red Sea, Reuters reported, citing sources familiar with the matter. U.S. Energy Secretary Chris Wright told CNBC Tuesday that the East-West pipeline outage was a "brief and temporary interruption" that "will be measured in days," easing supply concerns.
The Federal Reserve on Wednesday delivered a much-expected interest rate hike, and Chairman Kevin Warsh followed with a notably terse news conference at which he stressed policymakers' staunch commitment to tackling inflation. "This is unlikely to be the end of Fed rate hikes …. It's hard to look at roughly 4% unemployment and a core PCE forecast of 3.5% and say the Fed shouldn't be focused on inflation. But monetary policy looks like a really costly way to solve this problem right now." — Mike Madowitz, principal economist at the Roosevelt Institute, a liberal think tank. "Risk assets were not enamored with the outcome of today's FOMC. Hopes of limited hikes ahead faded in the face of the Fed's resolve to address inflation. Still, after the initial reset, we believe Chair Warsh's clear messaging could actually help support Treasury prices further out the curve." — Andrzej Skiba, head of the BlueBay U.S. Fixed Income team at RBC Global Asset Management. "Warsh's press conference was coherent, confident and consistently hawkish without coming across as crazily so. He balanced a stern but disciplined message on inflation with an upbeat take on growth which he said has been strengthening since the start of the summer." — Krishna Guha, head of economics and central bank strategy at Evercore ISI.
Amazon was granted warrants to buy up to $340 million worth of Generac stock as part of a deal to supply backup power generators for its data centers. Shares of Generac soared more than 40%.
OpenAI CEO Sam Altman plans to attend President Donald Trump’s state dinner for Chinese President Xi Jinping’s visit to Washington next week, CNBC has learned. The event comes as policymakers and tech leaders debate how to regulate AI following warnings about safety and calls for a slowdown. AI will likely be a major talking point during Trump and Xi’s meeting.
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European Commission President Ursula von der Leyen said EU is opening the door for Canada to become the first associate member of the 27-member bloc. Trump threatened to impose tariffs on the European Union or halt trade with the bloc entirely if it proceeds with the plan. The proposal signals a significant shift in the EU, which had been lukewarm to Germany’s proposal in May of an associate membership for Ukraine.
The House of Representatives voted overwhelmingly in favor of the Ratepayer Protection Act, a bipartisan bill aimed at preventing rising utility costs related to data center development. The action comes as data center backlash grows into an important election issue ahead of the 2026 midterms, in which Republicans are hoping to defend narrow majorities in both the House and Senate. The legislation received broad, bipartisan support, though some environmental and anti-data center groups argued it doesn’t go far enough to rein in developers. The Senate has not yet taken action on the bill.
President Donald Trump demanded the Federal Reserve slash interest rates to 1% “or less,” hours after the central bank announced its first rate hike since 2023. “LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!” Trump wrote on Truth Social. Trump has rekindled his pressure campaign against the Fed, which had temporarily subsided after Kevin Warsh succeeded Jerome Powell as chairman.
