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'Godspeed my friend': Inside the final hours at Spirit Airlines

Spirit Airlines kiosks at New York's LaGuardia Airport on May 2, hours after the carrier shut down.Leslie Josephs/CNBCBALTIMORE/NEW YORK — Spirit Airlines was hours away from its final flights Friday afternoon. Jeremiah Burton was hours away from his first."It's my first time flying," Burton, a 45-year-old air conditioning and heating technician, told CNBC at Baltimore/Washington International Thurgood Marshall Airport on Friday, shortly before he was scheduled to depart for New Orleans to visit his daughter and her newborn twins."To tell you the truth, I just went online and Googled the cheapest airline ticket," he said, adding that he paid about $500 for the trip late last month. He was scheduled to return on May 6.While Burton waited for his flight, Spirit was making final preparations to shut down overnight, ending a three-decade run that brought discount air travel to millions across the United States and as far away as Peru. Spirit canceled international flights on Thursday, to start, so travelers, planes, and flight crews wouldn't be stranded. The airline said it flew more than 50,000 people the day leading up to its collapse.Spirit bondholders rejected an 11th-hour bailout proposal from the Trump administration that could have included up to $500

Airfare amid Iran war: Buy now or wait out the conflict? Experts weigh the risks

Travelers in Terminal 1 at John F. Kennedy International Airport in New York, March 1, 2026.Michael Nagle | Bloomberg | Getty ImagesAs airfare continues to climb amid the Iran war, prospective travelers may be wondering: Should I buy my plane ticket now or wait to see if things improve? Travel experts say the best bet is generally to buy sooner rather than later. "Regardless of whether you're looking to travel in two weeks, two months or even looking ahead to fall travel, waiting to buy airfare ... in hopes the conflict will end soon is honestly riskier than some of the fashion choices we made as teens: Our future self is not going to be happy about it," said Katy Nastro, a travel expert at Going, a travel deal website. In short: "If it fits in your budget now, don't put it off," Nastro said. Airfare has risen, especially for international routesA technician prepares to refuel a Delta Airlines aircraft at the Austin-Bergrstrom International Airport on April 10, 2026 in Austin, Texas. Brandon Bell | Getty Images News | Getty ImagesAirline ticket prices generally creep upward as the high-demand summer travel season approaches. But prices have climbed more sharply than

Netflix’s 'Beef' highlights a $5,000 deductible — how to handle your own healthcare costs

A still from Netflix's 'Beef.'Courtesy: NetflixIn the new season of the Netflix comedy-drama, "Beef," Ashley, played by Cailee Spaeny, lands in the hospital due to an ovarian cyst. The waiting area is bleak, with gray decor and patients who look like they've been stranded there for years. Ashley's partner, Austin, played by Charles Melton, returns from the reception desk with some bad news: "You have a super high deductible — $5,000," Austin says. "Oh wow. We can deduct $5,000?" Ashley says. "What if it costs less? Do they give us the difference?" "It's kind of the opposite," Austin replies. That's correct — your deductible is the amount you need to pay before your health insurance coverage kicks in. But the Emmy-winning series' second season, which launched April 16, highlights a common confusion. Just over 1 in 4 Gen Z adults could correctly identify the insurance term "deductible," according to a 2024 survey from the National Association of Insurance Commissioners. Read more CNBC personal finance coverageTreasury announces new Series I bond rate of 4.26% for the next six monthsSocial Security benefits can be reduced for retirees who work. How that may changeFed keeps interest rates unchanged in April: What that means

The U.S.-Iran war is coming for your credit score and mortgage application

Pedestrians walk along Wall Street outside of the New York Stock Exchange (NYSE) in New York, US, on Monday, April 6, 2026.Michael Nagle | Bloomberg | Getty ImagesThe closure of the Strait of Hormuz has caused a worldwide economic ripple effect, hiking prices of everything from gas to pharmaceuticals and causing shortages of everything from jet fuel to helium. That is impacting big companies in the market in a variety of ways, from the oil majors to the airlines. But the closure may also be impacting something else: your credit score. The stalemate between the U.S. and Iran over the heavily mined strait, which some CEOs say may not be fully open for another year, isn't causing your credit score to drop, but it is causing banks and other lending institutions to monitor consumer credit more closely and tighten their approval processes. "Nobody's credit score dropped because of Iran. But try getting approved for a mortgage right now with a 670 FICO and see what happens," said Alexander Katsman, CEO and founder of Credit Booster AI, an AI-powered credit improvement platform. The types of credit events that bankers talk about publicly are the ones that are theoretical in nature, like

Weight loss and hair loss: The growing hair treatment market from GLP-1s

watch nowWhen Branneisha Cooper first began taking GLP-1 injection Mounjaro in late 2022, she heard online that she could experience temporary hair thinning and prepared for the worst.But it would take about a year before she began noticing her hair falling out in clumps. Cooper said it was especially shocking because she has always had thick hair."I was really hoping it wouldn't happen," Cooper, 29, told CNBC. "What my provider had told me is that since you're on the medication that's allowed you to lose weight at a faster rate, that's what can cause hair loss."Desperate to counteract the side effect, Cooper said she began prioritizing protein in her diet, taking vitamins intended to help her hair and investing in haircare products meant to stimulate the scalp to foster growth.She's one of a growing number of GLP-1 users experiencing temporary hair loss from the drugs, creating a new market for hair treatment products amid the weight-loss drug craze.Cooper took to social media for support, where she found scores of other GLP-1 users experiencing the same thing. While the discourse was less frequent at the beginning of her weight-loss journey, the rise of GLP-1s has meant that more people are flocking

Musk testimony dominated first week Musk v. Altman. 'You can't just steal a charity'

Elon Musk arrives to court at the Ronald V. Dellums Federal Building on April 30, 2026 in Oakland, California. Benjamin Fanjoy | Getty ImagesA week into the Musk v. Altman trial, which features two towering figures in the tech industry facing off in a case that could have major implications for OpenAI, the plaintiff has made his central message clear to the jury. "You can't just steal a charity," Elon Musk, the world's richest person, said repeatedly during his time on the stand at a federal courthouse in Oakland, California. Musk's testimony was the centerpiece of the trial's first week. It comes two years after the Tesla and SpaceX CEO first sued OpenAI CEO Sam Altman and Greg Brockman, the company's president, alleging they went back on their promises to keep the artificial intelligence startup a nonprofit and to follow its charitable mission.Musk, who helped start OpenAI in 2015 as a nonprofit, claims that the roughly $38 million he donated to the project was used for unauthorized commercial purposes. OpenAI, now valued at over $850 billion by private investors, has called Musk's allegations "baseless." Musk left OpenAI's board in 2018, and five years later started xAI as a competitor, before

Spirit Airlines could shut down overnight. Here's what travelers need to know

Spirit Airlines check-in Kiosks sit idle at Oakland International Airport on August 13, 2025 in Oakland, California. Justin Sullivan | Getty ImagesSpirit Airlines could shut down as early as 3 a.m. ET Saturday, according to people familiar with the matter. The carrier has failed to secure a financial lifeline to continue operating, though it hasn't commented on the potential shutdown or its plans.About 290 Spirit flights are scheduled for Saturday, according to aviation site Flightradar24. Another 381 are scheduled for Sunday.Travelers with Spirit tickets could be understandably rattled. While there have been some U.S. airlines to shut down in recent years, the budget carrier is larger than most recent airline failures and links major cities like New York, Miami, Detroit and Los Angles — and many others in between — with its Airbus jets.Here's what travelers need to know:You have a Spirit ticket. What should you do?Immediately? Nothing. Travelers who are booked on a Spirit flight, like this CNBC reporter is for later this month, are likely to receive a refund if they purchased tickets with a credit card. If the ticket was bought with a debit card or with loyalty points, however, the chances of recovering funds are slim

Bard College President Leon Botstein retiring after Jeffrey Epstein ties detailed

FILE PHOTO: President of Bard College Leon Botstein speaks during the "Changing Landscapes: From the Digital Classroom to the Global Campus" panal during the TIME Summit On Higher Education on Oct. 18, 2012 in New York City. Jemal Countess | Getty ImagesBard College President Leon Botstein announced Friday that he will retire at the end of June after 51 years leading the prestigious New York liberal arts school, a day after a law firm retained by its Board of Trustees delivered a critical report about his relationship with the late notorious sex offender Jeffrey Epstein."Nothing that President Botstein did in connection with his relationship with Jeffrey Epstein was illegal," WilmerHale attorney Jamie Gorelick wrote in a summary to those trustees, which CNBC obtained."But President Botstein made decisions in the course of that relationship that reflect on his leadership of Bard," wrote Gorelick, who served as a deputy attorney general in the Clinton administration.Bard retained WilmerHale in February to review its 79-year-old president's relationship with Epstein after details about their communications were made public with the release by the Department of Justice of documents, which made clear they were more extensive than previously known.Botstein, who is a renowned orchestral conductor, had

Cautious optimism: Berkshire investors weigh future under new CEO Greg Abel

Greg Abel, CEO of Berkshire Hathaway, meets with shareholders at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, May 1, 2026.David A. Grogan | CNBCOMAHA, Nebraska — At the shareholder shopping day that kicks off Berkshire Hathaway's annual meeting, the mood in the air was cautiously optimistic as new and returning investors weighed the company's direction under a new chief executive.Shareholders in a noticeably thinner crowd Friday expressed skepticism that Greg Abel, who took over as CEO in January, will command the stage with the same storytelling and wit that Warren Buffett and Charlie Munger used to enrapture tens of thousands of attendees for decades. At the same time, they also expressed confidence in Buffett's pick to take over the conglomerate, as the billionaire investor has been effusive in his praise for Abel over the years."I spent a lot of time studying Greg," said Robert Hagstrom, chief investment officer at EquityCompass Investment Management. "I think he's not only the right guy — and he's been vetted for so many years by so many people — but he's the right guy at the right time."Hagstrom, who wrote on Buffett's investing principles in "The Warren Buffett Way," has said that Abel

Berkshire Hathaway’s shopping extravaganza draws lighter crowds as spotlight shifts to Greg Abel

Squishmallow display at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, May 1, 2026.Sarah Min | CNBCOMAHA, Nebraska — At the cavernous exhibit hall inside CHI Health Center Omaha, the annual "Berkshire Bazaar of Bargains" is still stocked with fan-favorite deals, just with a bit more breathing room this year.The 20,000-square-foot shopping event tied to Berkshire Hathaway's annual meeting features its usual lineup: Warren Buffett-themed gear from Brooks Sports and chocolate coins from See's Candies, alongside merchandise from dozens of subsidiaries. But unlike past years, lines were shorter and the crowds noticeably thinner.The event came as Buffett, the 95-year-old chairman who has defined the gathering for decades, is no longer expected to headline the marquee Q&A session in the same way, ceding the spotlight to Greg Abel, who took over as CEO at the beginning of 2026. Abel made a point of stopping by every booth in the hall, greeting employees and shaking hands with shareholders. Lines of shareholders formed as he made his way through the hall. Greg Abel, CEO of Berkshire Hathaway, meets with shareholders at the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, May 1, 2026.David A. Grogan | CNBCSquishmallows — the plush toy phenomenon

Trump's new executive order, with help from Congress, could increase U.S. retirement wealth up to 77%, researchers find

President Donald Trump signed an executive order Thursday to create a new way to save for retirement for workers who don't currently have access to a 401(k) or another workplace plan.Roughly 56 million Americans lack access to an employer-sponsored retirement plan at work, according to 2025 research from the Pew Charitable Trusts, an independent public policy nonprofit.The order calls for the launch of a new website next year, TrumpIRA.gov, where workers could research, compare and enroll in private-sector individual retirement accounts through which, if eligible, they could collect a matching contribution from the federal government."You'll then be able to access the same type of retirement accounts that federal employees enjoy through the Thrift Savings Plans, which are incredible, as part of the federal Saver's Match program," Trump said at a White House press conference. "Low-income Americans will be eligible to receive up to $1,000 per year in matching funds deposited directly into their accounts."The accounts will be integrated with the Saver's Match, a provision from 2022 legislation known as Secure 2.0, which provides matching contributions of up to $1,000 for lower-income Americans saving for retirement. Now, the Trump administration hopes to work with Congress to pass legislation that will expand

Six months out, control of the Senate is a dead heat, traders on Kalshi say

U.S. flags at the Washington Monument, the dome of the U.S. Capitol can be seen in the background. Sebastian Gollnow | Picture Alliance | Getty ImagesControl of the U.S. Senate in this year's midterms remains a tossup just over six months from election day, according to traders on prediction markets platform Kalshi. Traders give both Republicans and Democrats a 50% chance of winning control of the upper chamber. While traders have Democrats as favorites to flip control of the House of Representatives, odds in the Senate have narrowed in 2026. Republicans saw their odds of maintaining their majority fall from 67% on January 1 throughout that month and February, but the declines intensified in March as traders priced in the political consequences of the U.S.-Iran war. Since the start of the conflict, President Donald Trump's approval rating has fallen to its lowest levels of his second term in many polls. Democrats have an uphill climb to flip control of the Senate, as the party will have to win multiple states that Trump won in 2024 by double-digits — like Ohio, Iowa, Texas or Alaska — to have a shot at a majority. However, in the middle of April, Democrats were

Why you won't find Kentucky Derby bets on prediction platforms

watch nowThe biggest horse race in the country, the Kentucky Derby, takes place Saturday in Louisville. If you're looking to make a wager on Kalshi, Polymarket or another prediction platform around the event — you're out of luck. There are no Kentucky Derby event contracts offered on the major prediction platforms, which host contracts on everything from sports outcomes to geopolitical events to reality TV show moments, but not horse racing. Bill Carstanjen, CEO of Churchill Downs, which owns the Kentucky Derby and the racetrack where it's held, told CNBC it's unlikely that horse racing will ever show up on prediction markets because the race track owners don't want it."You need to actually go to us, those who own the race tracks, to cut a deal," Carstanjen said in an interview this week. "And from our perspective, that's not something we're interested in doing."watch nowHorse racing has long been something of its own little fiefdom. Betting on the races, America's original form of sports betting dating back to the colonial era, enjoyed special status even before the Supreme Court in 2018 struck down a law that prevented states other than Nevada from offering sports betting. By law, under the Interstate

Exxon Mobil CEO expects higher oil prices due to Iran war: ‘The market hasn’t seen the full impact’

watch nowExxon Mobil CEO Darren Woods warned Friday that the market has not absorbed the full impact of the unprecedented oil supply disruption triggered by the Iran war and the closure of the Strait of Hormuz. The disruption has been mitigated by the large number of loaded oil tankers that were in transit during the first month of the war, Woods told investors on Exxon's first-quarter earnings call. Strategic petroleum reserves have also been released and commercial inventories drawn down, the CEO said.One of these supply sources will become exhausted as the conflict goes on, Woods said. Oil prices will then increase as the strait remains closed, he said. "It's obvious to most that if you look at the unprecedented disruption in the world supply of oil and natural gas, the market hasn't seen the full impact of that yet," Woods said. "There's more to come if the strait remains closed," the CEO said. Oil futures trading has been volatile during the war. Prices have soared on the risk of escalation and then plunged on hopes for peace before repeating the cycle. U.S. crude oil fell more than 3% Friday to $101.38 per barrel, while international benchmark Brent was down

Pirro keeps pressure on Fed's Powell despite dropping probe

Jeanine Pirro, U.S. attorney for the District of Columbia, speaks during a news conference at the Department of Justice in Washington, Feb. 6, 2026.Aaron Schwartz | Bloomberg | Getty ImagesU.S. Attorney for the District of Columbia Jeanine Pirro may have suspended her criminal investigation into outgoing Federal Reserve Chair Jerome Powell, but she and her office remain at the center of the power struggle over the influential central bank. How she handles an imminent appeal will help determine the extent of President Donald Trump's influence on the Fed.Pirro has until Monday to appeal District of Columbia Chief Judge James Boasberg's rulings quashing her subpoenas to the Fed.What her office says in the filing will be critical in determining how long Powell stays on the Fed after his chairmanship ends, and therefore when Trump is able to appoint a new Fed governor to replace him. It could also determine whether the effective ceasefire between Trump and the Fed settles in or if hostilities recommence, potentially unsettling markets. The Department of Justice didn't respond to requests for comment. The Fed declined to comment.Pirro said on April 24 she would close the investigation while Fed Inspector General Michael Horowitz looked into the renovation

Trump says he's raising EU auto tariffs to 25%

watch nowPresident Donald Trump said he would increase tariffs charged to the European Union for cars and trucks to 25%, without saying what authority he would use to raise the levies."Based on the fact the European Union is not complying with our fully agreed to Trade Deal, next week I will be increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States," he wrote on Truth Social on Friday. "The Tariff will be increased to 25%. It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF."The Supreme Court ruled in February that a large part of Trump's tariff agenda was illegal. The president's "reciprocal" tariffs were invoked using a novel reading of the International Emergency Economic Powers Act, or IEEPA, but the high court said in a 6-3 majority that the law that undergirds those import duties "does not authorize the President to impose tariffs."Shortly after the Supreme Court ruling, Trump said he signed an executive order imposing a new 10% "global tariff" rate to effectively replace the IEEPA duties, though those tariffs came with a 150-day time limit under Section 122 of

Spirit Airlines shuts down after failing to reach a bailout deal, ending discount travel era

Spirit Airlines airplanes sit parked at Fort Lauderdale - Hollywood International Airport, in Fort Lauderdale, Florida, April 23, 2026.Marco Bello | ReutersSpirit Airlines has shut down.Before dawn Saturday, the carrier ceased operations after failing to secure an agreement with bondholders on an 11th-hour bailout from the Trump administration.That sealed the fate of the iconic U.S. budget airline known for its bright yellow planes, cheap fares and no-frills service and fees for everything else that had become a punchline though it had pioneered discount air travel in the U.S. and made flights more affordable for millions."We regret to inform you that all Spirit Airlines flights have been canceled, effective immediately," read a message when opening Spirit's app.Grasping for a chance at survival in its second bankruptcy filing since November 2024, Spirit's shuttering marks the end of the South Florida airline's yearslong struggle with a host of problems: a failed merger, shifting consumer tastes, surging competition and soaring costs — most recently for jet fuel.Spirit said 17,000 direct and indirect employees have lost their jobs.Time had been running out. The airline's lawyer, Marshall Huebner, told a bankruptcy court in New York on April 23 that Spirit's cash "is not going to last

Apple's stock gains as company execs cite iPhone, Mac demand in boosting guidance

CHENGDU, CHINA - MARCH 18: Apple CEO Tim Cook attends a special event marking Apple's 50th anniversary at the Apple Taikoo Li Chengdu store on March 18, 2026 in Chengdu, Sichuan Province of China.VCG | Getty ImagesApple shares jumped more than 3% on Friday after the iPhone maker reported better-than-expected quarterly results and issued revenue guidance for the current period that sailed past analysts' estimates. CEO Tim Cook, who is preparing to step down in September after 15 years at the helm, touted the company's performance in the face of significant supply constraints due largely to the global memory crunch. The company said late Thursday that revenue in the fiscal third quarter, which ends in June, will increase between 14% and 17% from a year earlier, while analysts were projecting growth of 9.5%. Apple is seeing continued demand from the iPhone 17 family, which Cook called the "most popular lineup in our history," as well as for a number of Mac models. In March, Apple released a lower-cost computer called the MacBook Neo, and Cook said late Wednesday that customer response "has just been off the charts, with higher-than-expected demand."Analysts sought clarity from Cook, who said the company would "look

Trump tells Congress hostilities in Iran 'have terminated' as war powers deadline hits

President Donald Trump speaks to the media before boarding Marine One on the South Lawn of the White House on April 16, 2026.Anna Moneymaker | Getty ImagesPresident Donald Trump told Congress on Friday that hostilities in Iran "have terminated" since he imposed a two-week ceasefire on April 7 that has been extended.Trump's claim came on what would have been a deadline under the War Powers Resolution of 1973 for him to ask Congress to officially declare war against Iran or authorize the use of military force against that country.Friday marks 60 days since the war began, in late February. Under the War Powers Resolution, a president must seek authorization from Congress for military force within 60 days of the start of hostilities.Congress has not authorized U.S. military action against Iran. Trump's letters to congressional leaders Friday are a volley aimed at discouraging lawmakers in Congress from restricting military action against Iran.Senate Minority Leader Chuck Schumer, D-N.Y., in a post to X on Friday called the president's claim "bulls---.""This is an illegal war and every day Republicans remain complicit and allow it to continue is another day lives are endangered, chaos erupts, and prices increase, all while Americans foot the bill,"

Bitcoin surged in April, but weak buyer demand makes the rally vulnerable

Chesnot | Getty ImagesBitcoin surged in April, but its run could be on shaky ground, according to crypto data provider CryptoQuant.The flagship crypto coin gained 12.7% for the month, registering back-to-back monthly gains and its best month since April 2025. It eked out a nearly 2% gain in March, following five consecutive down months. Ether gained 8% in the same period, also its second up month in a row and best month since August.Perpetual futures — the dominant source of leveraged crypto trading activity — was the "sole driver" of the rally, however, according to CryptoQuant. The firm's apparent demand metric, which tracks the 30-day change in outright purchases of bitcoin, stayed negative throughout April while futures demand rose.The two trends combined are often a warning sign, according to Julio Moreno, head of research at CryptoQuant. They suggest the upward price action is fueled by speculation rather than fundamentals. "This divergence – rising futures demand alongside contracting spot demand – suggests price appreciation is driven by leverage rather than fresh coin accumulation," Julio Moreno, head of research at CryptoQuant, said in a report Thursday. "Historically, such configurations lack the structural foundation required to sustain price gains and typically resolve via

Alphabet is winning the AI revolution. Here's how Mike Khouw is trading it

watch nowAlphabet (aka "Google") is clearly firing on all cylinders, more cylinders perhaps than the Street even realized it had. The quarter was frankly a blowout. Surging cloud revenue and raised capital expenditure (capex) guidance demonstrate that the company's enormous investments are potentially paying off more quickly than many—perhaps even many within the company—had anticipated.The takeaway could not have been clearer: Alphabet isn't just surviving the AI revolution — in many ways, it's leading it.Why? Because while their investments are enormous, this company is making money now in this space. Cloud and artificial intelligence were the undisputed stars of the quarter. Google Cloud continues to grow rapidly, capturing enterprise workloads as businesses accelerate their AI buildouts. Demand for Gemini-powered services and AI infrastructure is outpacing even the most optimistic forecasts. In a sign of supreme confidence, management raised full-year capex guidance to as much as $190 billion — a jaw-dropping figure that signals Alphabet is playing for generational dominance, not quarterly optics.Stock Chart IconStock chart iconAlphabet, YTDSo how do you make money on it now using options?THE TRADE:• Buy August 400-Strike calls• Sell June 350/420 Strangle• Level of difficulty: AdvancedI favor buying the August $400 strike calls which capture the

UK exports to U.S. plunge by 25% after Trump's 'liberation day' tariffs blitz

US President Donald Trump (L) shakes hands with British Prime Minister Keir Starmer as they speak to reporters after meeting during the Group of Seven (G7) Summit at the Pomeroy Kananaskis Mountain Lodge in Kananaskis, Alberta, Canada on June 16, 2025. Brendan Smialowski | Afp | Getty ImagesU.K. goods exported to the U.S. plunged around 25% following President Donald Trump's "liberation day" tariff blitz and have remained muted since, official data shows. Goods exports to the United States, excluding precious metals, fell by £1.5 billion, or 24.7%, following the introduction of tariffs, the Office for National Statistics (ONS) said Friday.The statistics body added that car exports from the U.K. to the States have also fallen since then and now languish below pre-tariff levels in the 12 months since April 2025.While U.K. exports of goods have stayed low, imports of goods increased at the start of 2026, leading to a trade deficit with the country's largest trading partner for three months in a row. Last year, the U.K. became the first country to secure a trade deal with the Trump administration after the president's so-called liberation day tariffs were unveiled, which upended global markets in turn. The terms of the deal

Lutnick gets grilling on Nvidia chip sales to China in letter from Sen. Chris Coons

U.S. Commerce Secretary Howard Lutnick testifies during Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies hearing on fiscal year 2027 budget requests on Capitol Hill in Washington, DC, on April 22, 2026. Saul Loeb | AFP | Getty ImagesSen. Chris Coons, D-Del., pressed Commerce Secretary Howard Lutnick about allowing Nvidia's H200 chips for artificial intelligence to be sold to China in a letter first reported by CNBC. The letter follows Coons questioning Lutnick at a Senate Appropriations subcommittee hearing last week. Lutnick said it was his understanding the U.S. had not sold any H200 to Chinese companies. "We have not sold them any chips as of yet," Lutnick said in response to a question from Coons at the April 22 hearing.Lutnick's statement contradicted remarks from Nvidia CEO Jensen Huang, who told reporters in March that Nvidia had gotten approvals from both the US and Chinese government to sell H200 chips to China."Your statements before the committee appear to contradict Huang's comments," Coons said in the letter sent Thursday. Coons, who is also a member of the Senate Foreign Relations Committee, sent his letter weeks before President Donald Trump is scheduled to travel to China to meet with Chinese

Atlassian stock soars 29% after earnings show strong cloud, data center growth

watch nowAtlassian shares jumped more than 29% on Friday after the software company topped Wall Street's expectations for the fiscal third quarter, reporting strong cloud growth and data center revenue. Here's how the company did compared with LSEG estimates: Earnings per share: $1.75 adjusted vs. $1.32 expectedRevenue: $1.79 billion vs. $1.69 billion expectedAtlassian's stock has been among the hardest hit by the "SaaS-pocalypse" this year, with shares down more than 45% year to date. The phrase refers to the sell-off in technology stocks following the release of software built on top of artificial intelligence models from companies like OpenAI and Anthropic. Software executives have responded by saying core business metrics have not deteriorated.In March, Atlassian laid off about 10% of its workforce, or roughly 1,600 jobs, saying the move would allow it to "self-fund further investment in AI and enterprise sales, while strengthening our financial profile." Atlassian CEO Mike Cannon-Brookes told CNBC on Thursday that the company saw "incredible strength" in its business during the quarter and that the concerns plaguing the broader software sector may be overblown.Read more CNBC tech newsApple CEO Cook warns of extended memory crunch: 'We'll look at a range of options'Japan Airlines to trial humanoid

A major shift could soon happen in the Mag 7

watch nowQuietly, shares of Google-parent Alphabet are on the verge of topping $5 trillion, and overtaking AI-leader Nvidia as the world's most valuable company. And according to options prices, it may happen sooner rather than later.The breakout in shares of Alphabet after a 10% surge on Thursday brings the company's 1-year gain to 140% and a market capitalization over $4.6 trillion. The company reported revenue Wednesday that beat analyst estimates and Google Cloud revenue that surpassed $20 billion.At the same time, the world's biggest company — AI Kingpin Nvidia, now trading with a market cap under $4.9 trillion — is down more than 6% in two days following a Wall Street Journal report that business partner OpenAI missed internal revenue and growth estimates.If Nvidia doesn't rally into or after its report on May 20 — and the stock has indeed fallen after four of its last five earnings reports — the options market says odds are Alphabet will trade as the world's biggest company as early as May 15.Here's the math: for Alphabet to achieve Nvidia's current market cap, the stock needs to rally another 4% or so, to roughly $401 per share.Based on the premiums paid for call contracts

Fed dissenters explain 'no' votes, saying they disagreed with hinting next move would be a cut

watch nowFederal Reserve officials who voted this week against the post-meeting statement said they didn't think it was appropriate to signal that the next interest rate move would be lower.Regional presidents Neel Kashkari of Minneapolis, Lorie Logan of Dallas and Beth Hammack of Cleveland released statements explaining their votes, offering similar rationale regarding the verbiage in the statement — but not over the decision to keep a hold on rates form their current position.Kashkari said the statement contained "a form of forward guidance about the likely direction for monetary policy. Given recent economic and geopolitical developments and the higher level of uncertainty about the outlook, I do not believe such forward guidance is appropriate at this time."Instead, he said the Federal Open Market Committee statement Wednesday should have indicated the next move could be a cut or a hike. This was the third consecutive pause for the committee after it cut three times in the latter part of 2025.Similarly, Hammack said she didn't agree with the decision to indicate an "easing bias around the future path for monetary policy.""I see this clear easing bias as no longer appropriate given the outlook," she said. Hammack noted that inflation pressures "continue to

Pentagon tech chief says Anthropic is still blacklisted, but Mythos is a separate issue

watch nowDepartment of Defense CTO Emil Michael on Friday said Anthropic is still a supply chain risk, but that Mythos, the company's artificial intelligence model with advanced cyber capabilities, is a "separate national security moment.""I think the Mythos issue that's being dealt with government-wide, not just at Department War, is a separate national security moment where we have to make sure that our networks are hardened up, because that model has capabilities that are particular to finding cyber vulnerabilities and patching them," Michael told CNBC's "Squawk Box" on Friday.Michael's comments come after a heated clash between the DOD and Anthropic spilled into public view earlier this year. The DOD declared Anthropic a supply chain risk, which means its technology purportedly threatens U.S. national security, after the two sides failed to agree on how Anthropic's models could be used by the agency.Because of the supply chain risk designation, defense contractors have to certify that they do not use Anthropic's Claude models in their work with the military. Anthropic sued the Trump administration in March to try to reverse the Pentagon's blacklisting. It is not clear how the DOD could use Anthropic's Mythos model without violating the supply chain risk designation.Michael said

Apollo Sports Capital and Tom Dundon make landmark $225 million investment in pickleball

Ben Johns comes over to the right side to hit a dink shot against Anna Bright and Hayden Patriquine in the 2026 PPA Carvana Mesa Cup finals match of the Pro Mixed Doubles Division at Arizona Athletic Grounds on February 22, 2026 in Mesa, Arizona. Bruce Yeung | Getty ImagesPickleball Inc., the new parent company of Major League Pickleball and the PPA Tour, said Friday it has raised a record $225 million in new investment, as the paddle sport continues its rapid growth trajectory. The latest investment comes from Apollo Global Management's newly created sports fund, Apollo Sports Capital, and Dundon Capital Partners, owned by billionaire Tom Dundon. Dundon is an owner of the Portland Trail Blazers NBA team and the Carolina Hurricanes NHL team and was an early investor in pickleball. The fresh funds bring the total investment in Pickleball Inc. to $315 million, as investors continue to look at emerging sports as a place to park their money. The raise values Pickleball Inc. at $750 million, according to a person familiar with the matter, who asked to remain unnamed because they were not authorized to speak publicly about the company's valuation. The deal also includes rolling up several

Engine trouble ahead? How the Strait of Hormuz standoff threatens luxury auto giants

Ferrari SF90 XX Spider limited edition plug in hybrid supercar parked on the pavement as a red Ferrari passes on Bond Street on 4th January 2026 in London, United Kingdom.Mike Kemp | In Pictures | Getty ImagesA global base oils shortage is starting to filter through to drivers of luxury cars, with analysts and industry groups warning that stocks could soon run dry if the Iran war drags on.Ongoing disruption through the strategically vital Strait of Hormuz has triggered what the International Energy Agency has described as "the biggest energy security threat in history," although the supply shock stretches far beyond crude oil, fertilizer and helium.Base oils are the primary component used to produce high-performance lubricants for engine oils and industrial fluids.Group III and Group IV base oils, such as polyalphaolefins (PAO), are key feedstocks for synthetic finished lubricants used for automotive purposes, with PAO particularly important for luxury vehicles.Stocks are going to run dry in a month if nothing comes in and that will just cut finished lubricant production.Gabriella Twininghead of base oils pricing at Argus MediaThe Gulf region accounts for as much as 20% of global Group III base oils capacity and accounts for 72% and 47% of

Inside the Fed: Powell vows he won't be a 'shadow chair,' but a Warsh clash will be tough to avoid

Federal Reserve Chairman Jerome Powell, and Federal Reserve Nominee, Kevin Warsh.ReutersWhen the Federal Open Market Committee gathers again in mid-June, it will mark the first time in nearly 80 years that a sitting and former chair conduct business together, a historic overlap that comes at a sensitive time for the central bank.While the scenario could look something like the clash of the policy titans, the meeting with the incoming Chair Kevin Warsh and outgoing Jerome Powell likely will be less antagonistic — though still carrying high stakes."Both Kevin and Jay will be able to interact, and I think the rest of the FOMC will be able to interact, although I grant that it may be challenging," said Loretta Mester, who served as Cleveland Fed president until 2024 and knows what happens behind the doors of the committee meetings well. "They're all adults, and they all know what the mission of the Fed is, and I'm very confident that that's what will drive decision making, not any of these other things that people are worried about."Though Mester and other observers expect the collegial reputation of the Fed to prevail, the potential for drama is unmistakable. The unusual situation raises the possibility