Intel shares plunged by as much as 17% on Friday after the chipmaker admitted it was struggling to meet demand for its high-powered AI chips.The Santa Clara, Calif.-based firm, which makes chips needed for data centers, is in the midst of a turnaround effort as it looks to capitalize on surging demand from tech giants who need chips and servers to power the artificial intelligence boom.During a call with investors, Intel executives, including chief financial officer David Zinser, admitted that supplies had ...

Core Viewpoint - Tesla has discontinued its basic driver-assistance system, Autopilot, in Canada and the US, pushing customers towards the more advanced Full Self-Driving (FSD) technology, which will now only be available through a monthly subscription model priced at $99 [1][4]. Group 1: Changes in Driver-Assistance Features - Tesla's new vehicle configurations now only include Traffic Aware Cruise Control, which maintains speed and follows traffic at a safe distance, while Autosteer is no longer a standard feature [2][3]. - The California Department of Motor Vehicles has imposed a 60-day deadline for Tesla to revise its marketing practices, including ceasing the use of the "Autopilot" name, which regulators argue misleads consumers regarding the system's capabilities [3]. Group 2: Subscription Model and Market Strategy - The subscription price for FSD is expected to increase over time as the software's capabilities improve, positioning it as a key profit driver for Tesla [4][7]. - Currently, only 12% of Tesla customers have opted to pay for the FSD software, indicating a potential area for growth as the subscription model becomes more accessible [7].

Amazon is planning a second round of job cuts next week as part of its broader goal of trimming some 30,000 corporate workers, according to two people familiar with the matter.The company in October cut some 14,000 white-collar jobs, about half of the 30,000 target first reported by Reuters. The total this time is expected to be roughly the same as last year and could begin as soon as Tuesday, the people said, who asked not to be identified because they were not authorized to discuss Amazon’s plans.An Amazo ...

JPMorgan Chase said Thursday its longtime CEO Jamie Dimon’s 2025 pay package climbed about 10% to $43 million.His compensation included a base salary of $1.5 million and $41.5 million in incentives.Jamie Dimon’s compensation included a base salary of $1.5 million and $41.5 million in incentives. Getty Images for America Business ForumThe head of the largest US lender received $36 million in pay for 2023 and $34.5 million in both 2021 and 2022 against the backdrop of economic uncertainty, geopolitical tensio ...

Beleaguered carrier Spirit Airlines may get a lifeline out of bankruptcy.The low-budget carrier is in talks with Castlelake, a global alternative investment firm with approximately $33 billion in assets under management, about a potential takeover, according to CNBC.The airline has long struggled to compete with rival carriers that offer various levels of service and fly to more destinations. Its financial situation became so perilous that the airline was forced into bankruptcy twice in one year. In August, ...

E-commerce giant Amazon is trying to gain an edge over its big-box rivals, with plans to open its largest-ever retail store on a 35-acre plot sitting in the Chicago suburbs.The company is aiming to build a sprawling 230,000-square-foot property in Orland Park, which could open as soon as next year following proper approvals.Half of the store would sell a combination of groceries, general merchandise and prepared food, while the other half would be used for fulfillment of online and in-store orders.The store ...

Clothing retailer Under Armour is investigating a recent data breach that purloined customers’ email addresses and other personal information, but so far there are no signs the hackers stole any passwords or financial information.The breach is believed to have happened late last year, and affected 72 million email addresses, according to information cited by the cybersecurity website Have I Been Pwned. Some of the records taken also included personal information that included names, genders, birthdates and ...

Core Viewpoint - Bank of America and Citigroup are considering offering credit cards with a 10% interest rate in response to President Trump's demand for a cap at that level for one year, aimed at benefiting consumers burdened by high interest rates [1][4]. Group 1: Company Actions - Bank of America and Citigroup are separately evaluating credit card options with a 10% interest rate [1][3]. - Shares of Bank of America and Citigroup increased by 1.2% and 1.8%, respectively, following the news [3]. - Bank of America CEO Brian Moynihan indicated that the bank is working on solutions to address affordability concerns while discussing the implications of a 10% cap [5]. Group 2: Industry Reactions - Financial executives from Citigroup and Wells Fargo expressed concerns about the potential negative effects of a 10% cap on credit card interest rates, with JPMorgan's Jamie Dimon warning it could lead to reduced credit availability for many consumers [7][8]. - The 10% cap is part of Trump's broader efforts to address the affordability crisis in the U.S., which includes other measures like a $200 billion mortgage bond-buying initiative [10]. Group 3: Market Context - The proposal for a 10% cap on credit card interest rates is seen as a response to consumer complaints about high rates, which can range from 20% to 30% [4]. - New York-based startup Bilt recently introduced credit cards with a 10% APR for the next 12 months, indicating a shift in the market towards lower rates [9].

The Federal Reserve’s preferred inflation gauge ticked up in November in the latest sign that prices remain stubbornly elevated, while consumers spent at a healthy pace.Consumer prices rose 2.8% in November from a year earlier, the Commerce Department said Thursday, up from a 2.7% annual pace in October. Excluding the volatile food and energy categories, core prices also increased 2.8% in November from a year ago, slightly higher than October’s 2.7%.Consumer prices rose 2.8% in November from a year earlier, ...

President Trump has followed through on his threat to sue JPMorgan Chase and CEO Jamie Dimon for $5 billion, accusing the nation’s largest bank of politically motivated “debanking” after Jan. 6.The suit, filed Thursday in Florida state court in Miami, claims JPMorgan severed Trump’s banking ties in early 2021 for political reasons, abruptly closing multiple accounts tied to the president and his businesses after decades-long relationship.Trump’s attorney, Alejandro Brito, alleges the bank acted “without war ...