Tariff-induced stockpiles could mean lower pricesBillionaire Mark Cuban says consumers could soon
see lower prices since companies have stockpiled goods, and will be quick to get rid of them, amid tariff uncertainty. “You do all you can to clear out inventory and get back to cash. And take your chances on tariffs not being as big as you feared,” Cuban wrote in a post on X.
Chime Financial sets price range for IPOChime Financial has
set a price range of $24 to $26 for the 32 million shares it’s set to debut on the Nasdaq on Thursday. That represents a valuation of roughly $11 billion, which is more than 50% less than the $25 billion valuation the neobank earned in 2021.
Meta plans to replace certain workers with AIInternal Meta documents reviewed by NPR indicate that the tech giant plans to
replace the workers that review privacy and societal risks with AI. The technology can automate up to 90% of that work, according to the documents.
OECD marks down global growthThe OECD warned Tuesday that the
global economy is heading into its weakest growth since the COVID-19 slump as President Donald Trump’s trade war drains momentum in major economies—including the U.S., which it says will slide from 2.8% last year to just 1.6% in 2025.
Ukraine-Russia talks end with no ceasefireNegotiators for Ukraine and Russia met in Istanbul but
talks ended after an hour, with no major ceasefire agreement. That's perhaps unsurprising, as Russia is demanding Ukraine retreat from parts of the country Russia does not occupy—and Ukraine just destroyed a chunk of Moscow's long-range bomber fleet.
FEMA scraps new hurricane planFEMA officials are scrapping a hurricane-response plan that its new leader had said was almost completed, and returning to last year's. Some in FEMA wonder if that's possible, as the agency had eliminated key programs and slashed its workforce. The
Wall Street Journal reports that the new FEMA head suggested he recently learned there was an annual hurricane season.
Music companies negotiate AI rightsUniversal, Warner, and Sony are
negotiating licensing deals with startups that could set a precedent for how songs are used and artists are paid for AI-generated remixes. The music companies want the startups to develop fingerprinting and attribution technology to track when and how a song is used. Bloomberg first
reported the talks.
Trump administration won’t garnish Social Security for nowThe Department of Education is pausing its plan to garnish people’s Social Security benefits if they are in default on their student loans, CNBC
reports. The Trump administration had announced in April that it would restart collection activity on the country’s $1.6 trillion student loan portfolio.
