S&P 500 Has Worst Day Since June 2020 as Trade War Sets Off Slump
The S&P 500 fell almost 5 percent on Thursday, its worst drop since June 2020, as President Trump’s higher-than-expected tariffs set off another round of economic worry.
Air Conditioning, Not Data Centers, Driving Global Energy Demand Growth
Air conditioning will contribute more to rising global energy demand than data centers through 2030, according to an International Energy Agency. While attention has focused on computing power consumption, the IEA projects data centers will account for less than 10% of increased energy demand by 2030, significantly less than space cooling requirements. Global cooling degree days, a measure of air conditioning need, were 6% higher in 2024 than 2023 and 20% above the long-term average for the first two decades of the century.
China, India and the United States saw particularly sharp increases. Air conditioning represented 7% of global electricity consumption in 2022, with some U.S. regions reporting that cooling can comprise over 70% of residential energy use during peak periods. The number of air conditioning units worldwide could nearly triple from fewer than 2 billion in 2016 to approximately 6 billion by 2050, creating a growing challenge for power grids.
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US Stock Markets See Worst Day Since Covid Pandemic
U.S. stock markets suffered their worst day since the Covid pandemic after Donald Trump announced sweeping new tariffs, triggering a global selloff and wiping out $470 billion in value from tech giants Apple and Nvidia. From a report: The tech-heavy Nasdaq fell 6%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively. [...] Meanwhile, the US dollar hit a six-month low, going down at least 2.2% on Thursday morning compared with other major currencies and oil prices sank on fears of a global slowdown. Though the US stock market has been used to tumultuous mornings over the last few weeks, US stock futures -- an indication of the market's likely direction -- had plummeted after the announcement. Hours later, Japan's Nikkei index slumped to an eight-month low and was followed by falls in stock markets in London and across Europe.
Multiple major American business groups have spoken out against the tariffs, including the Business Roundtable, a consortium of leaders of major US companies including JP Morgan, Apple and IBM, which called on the White House to "swiftly reach agreements" and remove the tariffs. "Universal tariffs ranging from 10-50% run the risk of causing major harm to American manufacturers, workers, families and exporters," the Business Roundtable said in a statement. "Damage to the US economy will increase the longer the tariffs are in place and may be exacerbated by retaliatory measures."
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Tufts Student Held by ICE Asks Court to Return Her Case to Massachusetts
After being picked up in Massachusetts, Rumeysa Ozturk was moved to a detention center in Louisiana, where the government wants to argue its case to deport her.
Judge Blocks H.H.S. From Terminating $11 Billion in Public Health Grants
A coalition of states sued over the Trump administration’s unexpected move to cut off the funds, which they said imperiled everything from childhood vaccination programs to opioid addiction treatment.
Intel, TSMC Tentatively Agree To Form Chipmaking Joint Venture
Intel and Taiwan Semiconductor Manufacturing Co. have reached a preliminary agreement to form a joint venture operating Intel's chipmaking facilities, with TSMC taking a 20% stake, The Information reports [non-paywalled source]. Intel and other U.S. semiconductor companies would hold the majority of shares in the proposed venture. Instead of capital investment, TSMC has discussed sharing chipmaking methods and training Intel personnel.
The talks face internal opposition from some Intel executives concerned about widespread layoffs and the abandonment of Intel's own technology, according to the report. The deal could help TSMC neutralize a struggling competitor while potentially giving Taiwan more leverage with the U.S. administration, which recently imposed tariffs on Taiwanese goods excluding chips.
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Trump Administration Probably Violated Court Order on Deportations, Judge Says
The judge, James E. Boasberg, said he was likely to wait until next week to rule on whether the White House was in contempt of court for having ignored his order.
Microsoft's Miniature Windows 365 Link PC Goes On Sale
An anonymous reader shares a report: Microsoft's business-oriented "Link" mini-desktop PC, which connects directly to the company's Windows 365 cloud service, is now available to buy for $349.99 in the US and in several other countries. Windows 365 Link, which was announced last November, is a device that is more easily manageable by IT departments than a typical computer while also reducing the needs of hands on support.
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What’s His Age Again? Blink-182’s Mark Hoppus (Now 53) Looks Back.
The band’s singer and bassist recounts his personal struggles and the dramatic ins and outs of the trio’s history in a new memoir, “Fahrenheit-182.”
How Might the Trump Administration Target D.E.I. in Public Schools?
A letter from the administration promised to withdraw funding from schools that allow certain D.E.I. programs. But what counts as D.E.I. may prove murky.
With the Worst U.S. Stock Market In Years, Try Some Old-Fashioned Investments
People have avoided huge losses by holding old-fashioned, well-balanced investments, an approach our columnist is banking on for the future.
How Trump’s Tariffs Will Impact Wine Drinkers and Producers
American consumers are likely to see fewer choices on the shelves, and small producers may be the hardest hit.
Israeli Strike Kills Dozens at Gaza City Shelter, Officials Say
The Israeli military said it was looking into reports about the deaths at a school-turned-shelter, which came as Israel was intensifying its offensive in Gaza to pressure Hamas to release hostages.
Oracle Tells Clients of Second Recent Hack, Log-In Data Stolen
An anonymous reader shares a report: Oracle has told customers that a hacker broke into a computer system and stole old client log-in credentials, according to two people familiar with the matter. It's the second cybersecurity breach that the software company has acknowledged to clients in the last month.
Oracle staff informed some clients this week that the attacker gained access to usernames, passkeys and encrypted passwords, according to the people, who spoke on condition that they not be identified because they're not authorized to discuss the matter. Oracle also told them that the FBI and cybersecurity firm CrowdStrike are investigating the incident, according to the people, who added that the attacker sought an extortion payment from the company. Oracle told customers that the intrusion is separate from another hack that the company flagged to some health-care customers last month, the people said.
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The Job Market Has Been Resilient. The Trade War Could Be Its Undoing.
The U.S. economy has largely withstood inflation and high interest rates. But tariffs could bring new price increases and put a damper on hiring.
Climate Crisis On Track To Destroy Capitalism, Warns Top Insurer
The climate crisis is on track to destroy capitalism, a top insurer has warned, with the vast cost of extreme weather impacts leaving the financial sector unable to operate. From a report: The world is fast approaching temperature levels where insurers will no longer be able to offer cover for many climate risks, said Günther Thallinger, on the board of Allianz SE, one of the world's biggest insurance companies. He said that without insurance, which is already being pulled in some places, many other financial services become unviable, from mortgages to investments.
Global carbon emissions are still rising and current policies will result in a rise in global temperature between 2.2C and 3.4C above pre-industrial levels. The damage at 3C will be so great that governments will be unable to provide financial bailouts and it will be impossible to adapt to many climate impacts, said Thallinger, who is also the chair of the German company's investment board and was previously CEO of Allianz Investment Management. The core business of the insurance industry is risk management and it has long taken the dangers of global heating very seriously. In recent reports, Aviva said extreme weather damages for the decade to 2023 hit $2tn, while GallagherRE said the figure was $400bn in 2024. Zurich said it was "essential" to hit net zero by 2050.
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Climate Firm That Partnered With Meta, Microsoft Goes Bankrupt
Climate startup Aspiration, which boasted a roster of celebrity backers and arranged carbon credits for Meta Platforms, Microsoft and other large companies, filed bankruptcy weeks after its co-founder was arrested on fraud charges. From a report: CTN Holdings, as the company is now known, has about $170 million in debt. The goal of the bankruptcy is to sell its assets as quickly as possible in order to repay creditors, chief restructuring officer Miles Staglik said in a court filing. The pool of potential bidders is small and the nature of the CTN's ventures will likely require more cash and "long term horizons before any potential value could be realized for creditors," Staglik said.
The bankruptcy was filed after co-founder Joseph Sanberg was charged by federal prosecutors with conspiring to defraud two investor funds of at least $145 million, according to a US Department of Justice announcement earlier this month. The charges involve his personal conduct and don't implicate CTN or its affiliates "in any criminal activity," said Staglik, a managing director at CR3 Partners that's been hired as CTN's restructuring adviser.
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Intel Refreshes Iconic Brand
Intel has unveiled a refresh of its iconic brand identity, introducing the slogan "That's the power of Intel Inside" to reconnect with consumers and highlight the chipmaker's role in modern computing. The new campaign resurrects the familiar "Intel Inside" theme that helped transform the company into a household name in the 1990s, when Intel's marketing strategy directly targeted consumers rather than system designers.
Brett Hannath, Intel's chief marketing officer, said the message reflects the company's belief that its products can unlock potential for employees, customers, consumers and partners. The original "Intel Inside" campaign, launched in 1991, revolutionized tech marketing by making processors a key selling point for PCs with its recognizable sticker and five-note jingle. The strategy helped Intel differentiate itself from competitors like AMD and Cyrix during the PC market explosion.
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AV1 is Supposed To Make Streaming Better, So Why Isn't Everyone Using It?
Despite promises of more efficient streaming, the AV1 video codec hasn't achieved widespread adoption seven years after its 2018 debut, even with backing from tech giants Netflix, Microsoft, Google, Amazon, and Meta. The Alliance for Open Media (AOMedia) claims AV1 is 30% more efficient than standards like HEVC, delivering higher-quality video at lower bandwidth while remaining royalty-free.
Major services including YouTube, Netflix, and Amazon Prime Video have embraced the technology, with Netflix encoding approximately 95% of its content using AV1. However, adoption faces significant hurdles. Many streaming platforms including Max, Peacock, and Paramount Plus haven't implemented AV1, partly due to hardware limitations. Devices require specific decoders to properly support AV1, though recent products from Apple, Nvidia, AMD, and Intel have begun including them. "In order to get its best features, you have to accept a much higher encoding complexity," Larry Pearlstein, associate professor at the College of New Jersey, told The Verge. "But there is also higher decoding complexity, and that is on the consumer end."
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Netanyahu Arrives in Hungary, Finding a Rare Welcome in Europe
The visit comes as the Israeli prime minister faces an arrest warrant against him by the International Criminal Court.