NHTSA contacts Tesla on robotaxi issues seen in online videos, Bloomberg News reports
The National Highway Traffic Safety Administration is seeking information from Tesla after seeing online videos of issues on robotaxi after its debut, Bloomberg News reported on Monday.
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CNA
3 hours ago
- CNA
Nvidia insiders sold over $1 billion in stock amid market surge, FT reports
Nvidia insiders sold over $1 billion worth of company stock in the past year, with a notable uptick in recent trading activity as executives capitalize on surging investor interest in artificial intelligence, the Financial Times reported on Sunday. More than $500 million of the share sales took place this month as the California-based chips designer's share price climbed to an all-time high, the report said. Jensen Huang, Nvidia's chief executive, started selling shares this week for the first time since September, the SEC filing showed. Nvidia's stock hit a record on Wednesday, and the chipmaker reclaimed the crown as the world's most valuable company after an analyst said the chipmaker was set to ride a "Golden Wave" of artificial intelligence. Its latest gains reflect the U.S. stock market's return to the "AI trade" that fueled massive gains in chip stocks and related technology companies in recent years on optimism about the emerging technology. Nvidia did not immediately respond to a Reuters request for comment. Nvidia's shares have rebounded over 60 per cent from their closing low on April 4, when Wall Street was reeling from President Donald Trump's global tariff announcements. U.S. stocks, including Nvidia, have recovered on expectations the White House will reach trade deals to soften the tariffs.
CNA
4 hours ago
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US Senate opens debate on Trump's controversial spending Bill
WASHINGTON: US senators on Saturday (Jun 28) began debating Donald Trump's " big beautiful" spending Bill, a hugely divisive proposal that would deliver key parts of the US president's domestic agenda while making massive cuts to social welfare programmes. Trump is hoping to seal his legacy with the "One Big Beautiful Bill," which would extend his expiring first-term tax cuts at a cost of US$4.5 trillion and beef up border security. But Republicans eyeing 2026 midterm congressional elections are divided over the package, which would strip health care from millions of the poorest Americans and add more than US$3 trillion to the country's debt. The Senate formally opened debate on the Bill late Saturday, after Republican holdouts delayed what should have been a procedural vote - drawing Trump's ire on social media. Senators narrowly passed the motion to begin debate, 51-49, hours after the vote was first called, with Vice President JD Vance joining negotiations with holdouts from his own party. Ultimately, two Republican senators joined 47 Democrats in voting "nay" on opening debate. Trump has pushed his party to get the Bill passed and on his desk for him to sign into law by Jul 4, the United States' independence day. Democrats are bitterly opposed to the legislation and Trump's agenda, and have vowed to hold up the debate. They began by insisting that the entirety of the Bill be read aloud to the chamber before the debate commences. The Bill is roughly 1,000 pages long and will take an estimated 15 hours to read. "Republicans won't tell America what's in the Bill," said Senate Democratic Leader Chuck Schumer. "So Democrats are forcing it to be read start to finish on the floor. We will be here all night if that's what it takes to read it." If passed in the Senate, the Bill would go back to the House for approval, where Republicans can only afford to lose a handful of votes - and are facing stiff opposition from within their own ranks. DIVISIVE CUTS Republicans are scrambling to offset the US$4.5 trillion cost of Trump's tax relief, with many of the proposed cuts to come from decimating funding for Medicaid, the health insurance programme for low-income Americans. Republicans are split on the Medicaid cuts, which will threaten scores of rural hospitals and lead to an estimated 8.6 million Americans being deprived of health care. The spending plan would also roll back many of the tax incentives for renewable energy that were put in place under Trump's predecessor Joe Biden. On Saturday, key Trump ally Elon Musk - with whom the president had a public falling out this month over his criticism of the Bill - called the current proposal "utterly insane and destructive". "It gives handouts to industries of the past while severely damaging industries of the future," said Musk, who is the world's richest person, and owns electric vehicle company Tesla and space flight firm SpaceX, among others. Independent analysis also shows that the Bill would pave the way for a historic redistribution of wealth from the poorest 10 per cent of Americans to the richest. The Bill is unpopular across multiple demographic, age and income groups, according to extensive recent polling. Although the House has already passed its own version, both chambers have to agree on the same text before it can be signed into law.
Business Times
5 hours ago
- Business Times
Billionaire Michael Dell reaps US$1.2 billion from stock sale
[NEW YORK] Dell Technologies chief executive Michael Dell sold US$1.2 billion worth of shares in his namesake computer company, reducing his stake by about 3 per cent, according to a Friday (Jun 27) filing. Dell, 60, is the 12th-richest person in the world with a fortune of US$135.4 billion, according to the Bloomberg Billionaires Index. Even after the sale, in which he offloaded 10 million shares, he still owns a stake in the computing giant worth nearly US$39 billion. About a third of the billionaire's fortune is in Dell Technologies stock, including shares held by his wife's trust, while the remainder is primarily held in Broadcom stock and cash proceeds from prior share sales. The sale follows a familiar pattern for Dell, who also sold two blocks of 10 million shares in September, generating more than US$2.3 billion. His company's stock is up more than 9 per cent since May 29, when it gave a profit outlook for the year that beat estimates. It also told investors it had seen a significant increase in orders for servers to run artificial-intelligence (AI) networks. Round Rock, Texas-based Dell Technologies has been undergoing a renaissance as of late, gaining more than 50 per cent last year and rejoining the S&P 500 Index after a decade-long absence off the back of a surge in revenue tied to its AI server business. BLOOMBERG
