Tech

Uber Eats has expanded its partnership with Costco nationwide, now available in all 47 states. This collaboration brings nearly 600 Costco locations to the Uber Eats platform, allowing members to order bulk items and other products for delivery. Shoppers must verify their Costco membership. The partnership also offers potential Uber One discounts and allows for new Costco membership purchases through the app, strengthening Uber Eats’ position in the competitive delivery market.

The Pentagon’s CTO opposes the U.S. government nationalizing AI companies, preferring the government to remain an observer. He views leading AI firms as too large for government intervention and expresses reservations about immediate, intensified regulation, highlighting a tension between proactive regulation and holding companies accountable. While acknowledging security incidents, he questions the effectiveness of regulation and cautions against unchecked faith in executives. He believes there’s a campaign to scare people into irrational decisions regarding AI and suggests developers could voluntarily pause advancements, criticizing “death-cult-like philosophies.” The administration favors market-driven solutions and existing legal frameworks over direct state control.

Today’s market pulse anticipates the Fed’s first interest rate hike in over three years, with all eyes on Chairman Warsh’s guidance. Debates over AI development pace continue, as Nvidia’s CEO opposes slowing innovation, contrasting with a more cautious stance from others. Geopolitical tensions, particularly the Middle East conflict, are impacting energy markets and increasing defense spending. Regulatory uncertainty for cryptocurrency persists as the Clarity Act stalls. In automotive news, Ford lowers F-150 entry prices, while GM enhances in-vehicle software. Economic indicators show rising incomes and decreasing poverty.

Investors are reportedly exploring a new funding round for OpenAI, potentially valuing the company at $1.2 trillion. While no formal talks have begun, this move follows a significant $122 billion raise in March. The discussions coincide with OpenAI’s strong financial position and anticipation of an IPO, possibly in 2027, despite ongoing AI safety concerns and market uncertainties.

SK Hynix is reportedly in talks with Intel for a potential U.S. chip manufacturing deal, which could involve leasing Intel’s Ohio facility or forming a joint venture. This collaboration would boost Intel’s foundry business and support U.S. domestic production goals. SK Hynix, a key player in HBM for AI, aims to expand its U.S. presence, with a new Indiana facility planned as a major HBM hub by 2030.

Grab Holdings is acquiring a majority stake in Singapore-based BNPL platform Atome Financial for an initial $1.49 billion. This strategic move strengthens Grab’s financial services, particularly consumer lending, by leveraging Atome’s extensive merchant network and customer base. The phased acquisition structure aims to mitigate risks and facilitate integration. Grab anticipates this deal will be accretive, boosting its financial services segment and contributing to revised 2028 financial outlooks.

Binance’s Capital Connect platform now welcomes accredited investors with over $1 million in assets, previously exclusive to institutions. This move aims to attract high-net-worth individuals by offering sophisticated investment management, akin to traditional separately managed accounts. The platform supports diverse strategies, including traditional finance instruments, and has seen rapid growth in portfolios and trading teams, signalling Binance’s ambition to diversify beyond core crypto offerings and compete in wealth management.

Nvidia CEO Jensen Huang is reportedly invited to a state dinner for Chinese President Xi Jinping during his Washington visit. This highlights AI’s prominence in bilateral discussions and signals a strategic US administration approach, leveraging tech leaders to foster dialogue and promote American innovation and economic competitiveness on the global stage.

Nvidia CEO Jensen Huang opposes antitrust exemptions for AI companies to slow development, arguing that safety is an engineering problem solvable by the industry itself. He believes existing regulations are sufficient and that AI developers should responsibly test and refine models before release. Huang dismissed imminent existential AI threats, emphasizing global efforts towards responsible AI development and safeguards.

Salesforce CEO Marc Benioff urges responsible AI development, emphasizing ethics and accountability. He warns against repeating past tech missteps, like those with social media, and calls for AI companies to prioritize societal good. This comes as Salesforce integrates advanced AI like Anthropic’s Claude, highlighting the need for careful deployment as the market navigates AI’s potential and risks.