In race to attract data centers, states forfeit millions in tax revenue to tech companies
Pippa Stevens joins CNBC's 'Squawk on the Street' to discuss the tax breaks states are offering to Big Tech to build data centers, the debate around whether the tax breaks are a fair trade, and more.
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GOP senators reach deal on AI regulation ban
Sen. Marsha Blackburn (R-Tenn.) said Sunday that she reached a deal with Senate Commerce Chair Ted Cruz (R-Texas) on new text for a provision in President Trump's sweeping tax package that seeks to bar states from regulating artificial intelligence (AI).The updated text would enact a 'temporary pause,' banning states from regulating AI for five years if they want access to $500 million in AI infrastructure and deployment funding included in the bill. The original provision, which Blackburn opposed, sought to limit state legislation for a 10-year also includes new exemptions for state laws seeking to regulate unfair or deceptive practices, children's online safety, child sexual abuse material and publicity rights.'For decades, Congress has proven incapable of passing legislation to govern the virtual space and protect Americans from being exploited by Big Tech, and it's why I continue to fight to pass federal protections for Tennesseans and Americans alike,' Blackburn said in a statement.'To ensure we do not decimate the progress states like Tennessee have made to stand in the gap, I am pleased Chairman Cruz has agreed to update the AI provision to exempt state laws that protect kids, creators, and other vulnerable individuals from the unintended consequences of AI,' she has been a key proponent of legislation seeking to protect kids online. She reintroduced the Kids Online Safety Act (KOSA) last month alongside Sen. Richard Blumenthal (D-Conn.), Senate Majority Leader John Thune (R-S.D.) and Senate Minority Leader Chuck Schumer (D-N.Y.).'I look forward to working with him in the coming months to hold Big Tech accountable — including by passing the Kids Online Safety Act and an online privacy framework that gives consumers more power over their data,' she added. 'It's time to get the One Big Beautiful Bill Act to the President's desk so we can deliver on our promise of enacting the America First agenda.'It's unclear whether Blackburn and Cruz's deal on the AI provision will resolve the concerns of other lawmakers who have previously voiced opposition to the measure, including Sens. Ron Johnson (R-Wis.) and Josh Hawley (R-Mo.) and Rep. Marjorie Taylor Greene (R-Ga.).The provision survived scrutiny from Senate Parliamentarian Elizabeth MacDonough last week, who ruled that the AI moratorium did not violate the Byrd rule and can remain in the reconciliation Senate is expected to move forward with a series of votes on the package Monday morning, as they race to get the bill across the finish line before Trump's self-imposed deadline of July 4. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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PTC Industries shares up 1.8% on strong military partnership outlook
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European stocks to start the week higher, buoyed by positive global sentiment
The London skyline on Sept. 15, 2023. Yui Mok - Pa Images | Pa Images | Getty Images Welcome to CNBC's live blog covering all the action in European financial markets on Monday, and the latest regional and global business news, data and earnings. Futures data from IG suggests a positive start for European markets, with London's FTSE looking set to open unchanged at 8,794, Germany's DAX up 0.3% at 24,104, France's CAC 40 up 0.3% at 7,709 and Italy's FTSE MIB up 0.2% at 39,911. The positive start for Europe comes after similar sentiment in Asia-Pacific markets overnight, as investors parsed details on trade negotiations and data points, including Japan's industrial output figures for May and China's manufacturing activity for June. Meanwhile, U.S. stock futures rose early Monday as investors look to cap an exuberant month for stocks, despite uncertainty over global trade negotiations. — Holly Ellyatt Market watchers in Europe will be looking at the latest inflation data out of Italy and Germany on Monday, as well as German retail sales, for signs of inflationary pressures and a hit to consumer confidence. Traders will also be digesting data out of China earlier that showed manufacturing activity contracted for a third straight month in June, despite Beijing's stimulus efforts helping to stabilize certain aspects of the industrial sector. — Holly Ellyatt
