Nvidia shares were slightly higher in premarket trading on Friday as investors navigate the fallout from Jensen Huang's resignation after reports of at least two affairs. It follows a wild day for the stock on Thursday, which dropped sharply before recovering to close just over 4% lower. Huang resigned as CEO of Nvidia on Thursday after The New York Times reported that Huang had a romantic relationship with Kimberly Powell, vice president of health care at Nvidia. Huang was already under scrutiny following an investigation by the board into his relationship with a businesswoman who intelligence agencies say is a Chinese spy.
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Elon Musk’s rocket and artificial intelligence company has spent billions to develop the giant warehouses full of computer servers that power the technology. SpaceX said on Thursday that it planned to invest $74 billion to build new data center campuses in Arizona and Texas as the company continued to pour money into the global artificial intelligence race. The projects, proposed by Elon Musk’s rocket and A.I. company, would be among some of the largest data center projects in the United States. In Texas, SpaceX plans to invest $24 billion in a data center campus on 444 acres of company-owned land near the Starbase rocket site in the Rio Grande Valley. The data center in Texas will generate its own power rather than rely on the public grid, the company said in its announcement. It is not immediately clear whether the project needs any further regulatory approvals.
The IRS has announced new retirement account contribution limits for 2027. In its release on Thursday, the agency increased the 401(k) employee deferral limit to $25,500 next year, up from $24,500 in 2026. The change applies to 401(k)s, 403(b)s and most 457 plans, along with the federal Thrift Savings Plan. The IRS also unveiled 2027 catch-up contribution limits for savers age 50 and older, new individual retirement account savings limits and higher income thresholds for Roth IRA contributions. Starting in 2027, the 401(k) catch-up contribution limit will rise to $8,500 for savers 50 and older, up from $8,000 in 2026. But investors aged 60 to 63 can instead save an extra $11,750, based on changes enacted via Secure 2.0. That figure is up $500 from 2026. Both amounts are in addition to the $25,500 deferral limit for 2027.
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Sen. Tom Cotton, R-Ark., is urging the Trump administration to take a harsher stance towards Chinese memory maker ChangXin Memory Technologies. "CXMT, one of Communist China's national memory chip champions, poses a growing risk to our economic prosperity and military superiority," Cotton wrote in a letter sent Thursday to Commerce Secretary Howard Lutnick. "The U.S. must take action to prevent CXMT from gaining a stronger foothold in the global market." CXMT is the world's fourth-largest producer of DRAM – or dynamic random access memory – which powers many basic functions of computers and smartphones. Cotton, in a letter first obtained by CNBC, is asking Commerce Secretary Howard Lutnick to push CXMT onto the department's Bureau of Industry and Security Entity List, which would significantly restrict U.S. firms' ability to do business with the company.
Ukrainian defense technology company UFORCE has raised $700 million in a funding round valuing it at $6 billion, as investor interest grows in autonomous weapons systems tested on the battlefield in Ukraine. UFORCE, which develops unmanned aerial, maritime, and land systems as well as AI software used to coordinate them, raised $50 million at a valuation of around $1 billion in March. The Series A round was co-led by Valor Equity Partners and the U.K.'s National Wealth Fund, with participation from investors across Silicon Valley, Europe and Asia, the company announced Thursday. UFORCE CEO Oleg Rogynskyy told CNBC that the company's bookings have more than doubled over the past year, from a base of several hundred million dollars, but declined to disclose more exact figures.
Kalshi traders give Ian Buck, who oversees Nvidia’s hyperscale and high performance computing business, a 35% chance of replacing Huang. The fresh odds come after Nvidia CEO and co-founder Jensen Huang resigned Thursday.
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Nvidia CEO Jensen Huang resigned Thursday follow revelations that he had extramarital affairs.Nvidia has made substantial financial commitments to AI infrastructure companies, including cloud-service purchases and project guarantees. The Federal Reserve and other financial institutions are examining how leverage and interconnected financing could amplify an AI downturn.
Financial experts distinguish potential losses for technology investors from the more serious risk of losses spreading through banks and credit markets.
Nvidia shares fell on Thursday after the company's board met to decide whether to remove Jensen Huang as CEO following reports that he has had two extramarital affairs. On Sunday, Huang admitted to having an affair. The CEO was romantically involved with Alice Huang, an executive at cloud company Megaspeed, according to The Financial Times, who U.S. intelligence officials believe is a spy for China. The New York Times on Wednesday reported that Huang had another extramarital relationship with Kimberly Powell, vice president of health care at Nvidia. Powell reports to Huang, according to the Times. CNBC confirmed that the Nvidia board met on Wednesday to discuss whether to oust Huang as CEO.
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U.S. Treasury yields edged higher Thursday as bond trading resumed after the Veterans Day closure and investors looked ahead to fresh inflation and housing data for clues about the economy and the Federal Reserve's next move. The yield on the 10-year U.S. Treasury note — the benchmark for mortgages, auto loans and credit card debt — was up 2 basis points at 5.0100%. The 2-year Treasury note yield, which is more sensitive to short-term Federal Reserve interest rate decisions, was 5 basis points higher at 4.7800%. The longer-dated 30-year Treasury note yield — which often moves on geopolitical developments — was steady at 5.3503%. One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
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U.S. authorities are accusing the two top officials of a Canadian company of operating a long-running scheme to illegally import prescription drugs into the U.S., according to court records filed Tuesday. John Thomas Howard, treasurer and a director of the company, CANARX, was arrested Sunday on smuggling and conspiracy charges, according to the records. Bob Howard, his brother, who is president and a director of CANARX, is also wanted in the federal investigation, according to an affidavit from Dustin Dobbs, a special agent with the Food and Drug Administration's Office of Criminal Investigations. He has not yet been taken into custody. Besides conspiracy and smuggling, the arrest warrant said John Thomas Howard was charged with introducing misbranded drugs into interstate commerce and illegal drug importation. No plea has been filed.
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Canada's ambassador to the U.S. warned Wednesday that President Donald Trump's tariffs are driving up investment costs and discouraging business expansion, as new Federal Reserve research points to more price hikes for American consumers next year. "Uncertainty increases your cost of capital," Ambassador Mark Wiseman said at the B20 summit, a gathering of global business leaders in Washington hosted by the U.S. Chamber of Commerce. "If you're going to build a new plant, add a new ship, spend money on R&D, the more certainty you have, the more likely you're going to do that," said Wiseman, a former BlackRock executive who became Canada's ambassador in February. His warning comes as Washington and Ottawa struggle to resolve a tariff quarrel affecting one of the U.S.'s largest trading relationships. The two countries exchanged roughly $570 billion in goods during the first nine months of 2026, according to U.S. Census Bureau data. That's an increase from the same period in 2025, the first year of Trump's second term, but lower than the comparable nine months during the previous three years, when Joe Biden was president.
American Airlines said Wednesday it's bringing small, fresh "bites" to first class on flights between its hubs in New York and Chicago, the carrier's latest effort to win over higher-spending customers. The changes start this month. Customers will be able to pick between two options, which include prosciutto and melon or apple cinnamon chia pudding for breakfast and a Thai noodle salad or mezze plate for lunch and dinner, American said Wednesday. American last offered fresh food for first class on these routes in 2019, a spokeswoman said. Currently, customers in first class on these flights get a smaller, packaged snack. Airlines largely have limited food options for shorter flights, even in first class. American has fallen behind Delta Air Lines and United Airlines in profits and investments in premium options. The airline has been working to step up those premium offerings in recent years with new cabins, lounges and plans for seatback screens on its narrow-body fleets.
Social Security's taxable payroll, which provides most of the revenue for the program that pays monthly benefits to millions of Americans, has fallen as a share of gross domestic product over the past four decades, according to a new report from the AARP Public Policy Institute. Had payroll tax revenue kept up with GDP, the program could pay full benefits until 2059, according to the research — an additional 25 years beyond the latest projected depletion date of 2034 for the program's combined funds. The AARP Public Policy Institute provides policy research, analysis and development at AARP, a nonprofit, nonpartisan organization that represents Americans ages 50 and over. "Social Security's finances have weakened not simply because America has grown older, but because the economy has changed, while the program's revenue system has not," Richard Johnson, vice president of financial security at the AARP Public Policy Institute, said during a Tuesday press briefing on the research. "America's economy is larger and more productive than it was four decades ago, but Social Security is receiving support from a smaller share of that economy," Johnson said.
Nissan Motor plans to expand exports of vehicles developed in China to help compete against Chinese rivals globally, CEO Ivan Espinosa told CNBC on Wednesday. The export push comes as intensifying competition in the world's largest auto market forced the company to cut its annual sales forecast for a second time in months. Espinosa said Nissan would rapidly increase its exports of China-developed vehicles from two models to five, targeting 12 regional market clusters in the "very near term." The Japanese automaker is responding to intensifying competition in China by developing vehicles specifically for Chinese consumers, using local technology, lower costs and faster development processes, he said.
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