U.S. President Donald Trump arrives with incoming Federal Reserve Chair Kevin Warsh for Warsh's swearing-in ceremony at the White House in Washington, D.C., U.S., May 22, 2026. Jonathan Ernst | Reuters A strange thing may happen in the coming days. Federal Reserve Chair Kevin Warsh may do exactly what his predecessor Jerome Powel l had done about interest rates — only to get a completely different...
U.S. President Donald Trump arrives with incoming Federal Reserve Chair Kevin Warsh for Warsh's swearing-in ceremony at the White House in Washington, D.C., U.S., May 22, 2026. Jonathan Ernst | Reuters A strange thing may happen in the coming days. Federal Reserve Chair Kevin Warsh may do exactly what his predecessor Jerome Powel l had done about interest rates — only to get a completely different response from President Donald Trump . Trump's unexpected comments Wednesday on the latest inflation figure may give Warsh some space on interest rates. "I love the inflation," he said in the Oval Office hours after the Bureau of Labor Statistics revealed that annualized inflation jumped by 4.2% . If the president is unconcerned with the highest inflation in three years, that may buy Warsh a reprieve from expectations to quickly lower interest rates. The president spent years railing against and t rying to undermine Powell for what Trump saw as a stubborn refusal to cut interest rates faster and deeper than the Fed was willing to go. But now that Warsh has been confirmed as chair, and faces his first rate-setting Fed meeting next week, Trump is starting to send signals that he won't object if Warsh doesn't cut right away. Read more CNBC politics coverage Trump family got about $500M from crypto venture — but investors saw steep losses Trump repeats claims that Iran deal is only 'days' away, despite recent strikes USDA Secretary Rollins calls Texas ag chief 'unserious' amid screwworm threat Trump nominates Todd Blanche for attorney general amid controversy over DOJ fund Market odds overwhelmingly favor the Fed to hold its short-term interest rate steady at 3.5%-3.75%, as it has since December. The Iran war has since March raised energy prices, as tankers remain largely unable to transit the Strait of Hormuz chokepoint between the oil-rich Persian Gulf and the wider world. That has a number of Fed officials, including Dallas Fed President Lorie Logan and Cleveland Fed Presid...
Training a foundation LLM from scratch costs millions and requires internet-scale data — which is why most enterprises don't bother. Sapient thinks it has a cheaper path. To overcome this brute-force scaling dogma, researchers at Sapient developed HRM-Text , which replaces standard Transformers with a highly sample-efficient Hierarchical Recurrent Model (HRM), an architecture they first introduced...
Training a foundation LLM from scratch costs millions and requires internet-scale data — which is why most enterprises don't bother. Sapient thinks it has a cheaper path. To overcome this brute-force scaling dogma, researchers at Sapient developed HRM-Text , which replaces standard Transformers with a highly sample-efficient Hierarchical Recurrent Model (HRM), an architecture they first introduced last year . HRM decouples computation into slow-evolving strategic and fast-evolving execution layers. Instead of brute-force autoregressive prediction on raw text, HRM-Text trains exclusively on instruction-response pairs. This is close to real-world enterprise settings, where users usually expect a targeted answer to a specific task. The researchers were able to train a 1B-parameter HRM-Text from scratch at a fraction of the cost and tokens of normal LLMs. Their model achieved performance competitive with much larger open models on key industry benchmarks. For real-world AI applications, this means foundational pretraining is no longer restricted to highly resourced institutions. With HRM-Text, organizations can affordably pretrain their own highly capable reasoning models from scratch and pair them with external knowledge stores. The training bottleneck When we train an LLM, we don't actually care if it has memorized the exact sequence of words in a random 2014 Reddit thread. What we want is for the model to develop a deep, underlying understanding of human language, logic, facts, and reasoning. The current approach is brute force: scrape the internet, run next-token prediction trillions of times, and assume the model has developed a working internal model of the world. Basically, this means that we waste millions of dollars of computing power forcing models to memorize everything collected from the internet, just so they can indirectly learn how to think. For example, standard decoder-only models spend valuable compute assigning loss to reconstruct the prompt itself, e...
Ben Hylak, founder and CTO of AI monitor Raindrop, says that the ability for AI to fix its own mistakes is the last 'big problem to solve' for humanity and that his company's role is to help companies 'raise the floor' of how AI models work in their system. Hylak, a former SpaceX and Apple engineer, also commented on the upcoming IPO, saying that SpaceX is one of the most 'mission driven' companie...
Ben Hylak, founder and CTO of AI monitor Raindrop, says that the ability for AI to fix its own mistakes is the last 'big problem to solve' for humanity and that his company's role is to help companies 'raise the floor' of how AI models work in their system. Hylak, a former SpaceX and Apple engineer, also commented on the upcoming IPO, saying that SpaceX is one of the most 'mission driven' companies he's been a part of. (Source: Bloomberg)
In this article .SPX C Follow your favorite stocks CREATE FREE ACCOUNT A Citibank logo is displayed on a sign at one of their branches on Nov. 7, 2025 in Encinitas, CA. Kevin Carter | Getty Images Citigroup outperformed the broad market as well as some other major bank stocks Wednesday after President Donald Trump lauded the bank and its CEO Jane Fraser in a social media post. At 9:30 a.m. ET, Tru...
In this article .SPX C Follow your favorite stocks CREATE FREE ACCOUNT A Citibank logo is displayed on a sign at one of their branches on Nov. 7, 2025 in Encinitas, CA. Kevin Carter | Getty Images Citigroup outperformed the broad market as well as some other major bank stocks Wednesday after President Donald Trump lauded the bank and its CEO Jane Fraser in a social media post. At 9:30 a.m. ET, Trump praised Citigroup on Truth Social , writing: "Wow! CITI was ranked Number 1 in topping M&A Advisory Market by Value in Q1. Congratulations to Jane F and ALL of her great people. They've worked really hard! BIG comeback for CITI!!! President DONALD J. TRUMP" The president's post went up just as the stock market was opening, and at one point Citigroup shares touched a high of $137.12, up almost 1.8%. By the end of the day, however, Citi fell 1%, still less than JPMorgan and Goldman Sachs and the S&P 500 . It wasn't immediately clear which investment banking league rankings President Trump was referring to. So far in 2026, for example, Goldman Sachs, JPMorgan, Morgan Stanley and BofA Securities all rank ahead of Citigroup in the latest Global M&A Advisor Ranking on Dealogic, a leading financial analytical platform. While Goldman Sachs was the lead advisor on 196 deals worth a combined $992.3 billion this year, Citi was the lead on 97 deals worth $285.3 billion. In fact, according to Dealogic, Citigroup has fallen to number 5 among leading mergers and acquisitions advisors in 2026, down from number 4 in 2025. Leon Kalvaria, Citigroup's global chair for banking, appeared on Fox Business News early Wednesday, where he was asked about Citi's position as the leading advisor on power sector deals. Citi advised on four deals worth a combined $41.4 billion in the energy industry so far in 2026, according to Global Data Financial Deals Database. What is clear is that Citigroup stock has outperformed the S&P 500 this year, climbing 14.3% against an S&P 500 gain of 6.2%, according to ...
Broadcom (NASDAQ:AVGO) , a semiconductor and infrastructure software supplier, closed Wednesday at $372.1, down 5.12%. The stock fell as investors continued reacting to its recent fiscal Q2 2026 earnings (period ended May 3, 2026), cautious AI guidance, and mixed analyst commentary while watching how AI chip demand and margins evolve. The company’s trading volume reached 37.4 million shares, which...
Broadcom (NASDAQ:AVGO) , a semiconductor and infrastructure software supplier, closed Wednesday at $372.1, down 5.12%. The stock fell as investors continued reacting to its recent fiscal Q2 2026 earnings (period ended May 3, 2026), cautious AI guidance, and mixed analyst commentary while watching how AI chip demand and margins evolve. The company’s trading volume reached 37.4 million shares, which is about 48% above compared with its three-month average of 25.4 million shares. Broadcom went public in 2009 and has grown 22869% since its IPO. The broader markets weakened Wednesday, with the S&P 500 (SNPINDEX:^GSPC) falling 1.61% to 7,266.99 and the Nasdaq Composite (NASDAQINDEX:^IXIC) sliding 1.98% to 25,169.50. Within semiconductors, industry peers Texas Instruments (NASDAQ:TXN) closed at $282.01 (-2.29%) and Analog Devices (NASDAQ:ADI) finished at $392.67 (-2.95%), reflecting pressure across chipmakers. Continue reading
monsitj/iStock via Getty Images Gold futures fell to their lowest levels since November after the latest U.S. data revealed that higher energy costs stemming from the Middle East war are continuing to push up inflation. The U.S. Labor Department reported the Consumer Price Index jumped 0.5% in May and gained 4.2% from a year earlier, while core CPI climbed 0.2% on the month and 2.9% over 12 months...
monsitj/iStock via Getty Images Gold futures fell to their lowest levels since November after the latest U.S. data revealed that higher energy costs stemming from the Middle East war are continuing to push up inflation. The U.S. Labor Department reported the Consumer Price Index jumped 0.5% in May and gained 4.2% from a year earlier, while core CPI climbed 0.2% on the month and 2.9% over 12 months. Higher inflation, combined with signs that the labor market is on a more solid footing, is raising expectations of interest rate hikes, which typically weigh on non-yielding assets like gold. Traders are currently pricing in a ~67% chance of a rate hike from the Federal Reserve in December, according to CME Group's FedWatch tool. Meanwhile, President Trump said Iran was taking too long to negotiate a deal and would now "have to pay the price," and said later that the U.S. would attack Iran "very hard" if no peace deal is finalized. Iran launched missile and drone attacks on U.S. bases in Jordan, Kuwait, and Bahrain earlier in retaliation for American strikes on Iranian targets around the Strait of Hormuz. Gold is now ~20% below its pre-conflict level, with additional selling pressure emerging after the price fell below its 200-day moving average, which represents bearish momentum, MUFG analysts said in a note. Gold and silver both fell for the fourth straight session, with front-month Comex gold ( XAUUSD:CUR ) for June delivery plunging 3.5% to $4,108.20/oz, its largest one-day decline since March 26 and lowest close since November 24, 2025, and front-month Comex June silver ( XAGUSD:CUR ) slipped 0.7% to $64.599/bbl, its lowest settlement value since December 18. ETFs: ( GLD ), ( GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ), ( DUST ), ( RING ), ( BAR ), ( OUNZ ), ( SGDM ), ( SGDJ ), ( SLV ), ( PSLV ), ( SIVR ), ( SIL ), ( SILJ ) More on gold and silver Why The ETF With The Worst Sharpe Ratio Is Our Top Pick A Golden Buying Opportunity O...
Paul Andre Huet, chairman & CEO of Americas Gold & Silver, and Gary Evans, CEO of US Antimony, discussed the impact of war with Iran on US critical minerals supplies and how the ramp up in tech IPOs has increased demand, even as metals prices have slumped in recent days. Huet, speaking on the rise of resources for artificial intelligence IPOs, said that silver is going to be the 'new power revolut...
Paul Andre Huet, chairman & CEO of Americas Gold & Silver, and Gary Evans, CEO of US Antimony, discussed the impact of war with Iran on US critical minerals supplies and how the ramp up in tech IPOs has increased demand, even as metals prices have slumped in recent days. Huet, speaking on the rise of resources for artificial intelligence IPOs, said that silver is going to be the 'new power revolution.' (Source: Bloomberg)
Good morning . The US renews attacks on Iran after Trump accused Tehran of dragging its feet in talks. Chinese delivery apps battle in Brazil. And Japanese companies are hitching their hopes to the country’s World Cup squad. Listen to the day’s top stories . Market Snapshot WTI Crude Futures $90.03 +2.1% Visa $322.96 -0.6% S&P 500 7,266.99 -1.6% Market data as of 05:21 PM ET. Data is subject to pr...
Good morning . The US renews attacks on Iran after Trump accused Tehran of dragging its feet in talks. Chinese delivery apps battle in Brazil. And Japanese companies are hitching their hopes to the country’s World Cup squad. Listen to the day’s top stories . Market Snapshot WTI Crude Futures $90.03 +2.1% Visa $322.96 -0.6% S&P 500 7,266.99 -1.6% Market data as of 05:21 PM ET. Data is subject to provider delays. The US renewed “self-defense” strikes on Iran, according to Centcom, citing “unwarranted and continued aggression.” Donald Trump earlier accused Tehran of dragging out peace talks. Iran had said it would hit new US targets if Washington took action, Tasnim reported. OpenAI and Visa are enabling AI agents to perform online tasks like paying bills and shopping — with users’ permission. Apollo Global Management’s John Zito criticized AI spending on “low-IQ” work like recipe searches. And Microsoft’s Brad Smith said companies must take young people’s fears of AI-driven job displacement seriously. Oracle’s bigger-than-expected capital outlays are raising concerns about AI profitability . SpaceX offers Japanese investors a rare opportunity to get in on the IPO action, following a drought of marquee deals in the country since SoftBank’s 2018 mega-listing. Already more than four times oversubscribed , the rocket maker’s debut has drawn several billion in orders from Middle Eastern wealth funds, according to people familiar with the matter, and it’s got Elon Musk’s ardent fans in a frenzy. Is China’s Property Market Finally Recovering? Listen to the podcast Bank of Japan Governor Kazuo Ueda has been hospitalized and is expected to miss next week’s policy meeting. Deputy Governor Ryozo Himino will serve as acting chair while another deputy will host a post-meeting press conference. Ant International is said to be considering raising about $1 billion , possibly valuing the firm at more than $10 billion, in preparation for a potential Hong Kong IPO. The global unit of th...