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LONDON — Wherever Nvidia CEO Jensen Huang goes, excitement follows — this time, all the way to London Tech Week.

The Nvidia boss — whom Wedbush analyst Daniel Ives dubs the “godfather of AI” — is more like a rockstar these days, given his wide-spanning effect on the AI industry.

“The amount of infrastructure required for AI wouldn’t be possible without that man,” one attendee at London Tech Week said.

“He’s like Iron Man,” the attendee added, referencing the popular Marvel superhero who is a tech billionaire inventor under the name of Tony Stark.

The lines to get into the Olympia auditorium were already building around 40 minutes before Jensen was set to take the stage alongside U.K. Prime Minister Keir Starmer. Not everyone managed to get in — but there were helpfully screens around the venue where people could catch a glimpse of Huang’s talk.

The Nvidia CEO gave his continued bullish assessment of artificial intelligence, calling it an “incredible technology” and saying it should be seen as infrastructure, just like electricity.

There weren’t any multi-billion-dollar investments touted at London Tech Week. But the biggest win for Starmer and the U.K. by far was Huang’s lavish praise for the country.

Wearing his trademark leather jacket, Huang called the U.K. the “envy of the world” that is in the midst of a “Goldilocks circumstance,” boasting a vibrant venture capital ecosystem, as well as budding AI entrepreneurs from leading firms including Google DeepMind, Synthesia, Wayve and ElevenLabs.

Speaking alongside Huang, Starmer spoke in an animated manner as he touted Nvidia’s investments in the U.K. Earlier in the day, the U.S. chipmaker announced a new “U.K. sovereign AI industry forum,” as well as commitments from cloud vendors Nscale and Nebius to deploy new facilities containing thousands of its Blackwell GPU chips.

Starmer spoke at length about AI’s promise and the ways in which it could ease the burdens faced by the U.K.’s public sector institutions, from hospitals to schools.

Huang added that the U.K. is “such a great place to invest,” noting that Nvidia plans to partner with the country to upskill tech workers and build out domestic AI infrastructure.

“Infrastructure enables more research — more research, more breakthroughs, more companies,” the Nvidia chief said. “That flywheel will start taking off. It’s already quite large, but we’re just going to get that flywheel going.”

Starmer thanked Huang for his point, commenting that “the confidence it gives when you explain it that way is huge.”

“From our point of view, we’re really pleased to be seen that way,” the U.K. leader said.

The pair shook hands at the end.

Altogether, there was a lot of energy in the room. Huang said he was “excited” for London Tech Week, and he was met with a round of applause from the audience.

Huang has become the CEO everyone wants to be seen with. Nvidia has positioned itself as central to the AI revolution, which many commentators say is in the early innings.

Nvidia wants that revolution to be built on its chips. And for countries like the U.K., these moments provide a chance for the country to tout its investment potential and for its leader to publicly share a stage with the man seen as powering the AI push.

London was Huang’s first stop in a broader European tour.

The Nvidia boss will travel to Paris later this week, where the chipmaker will host its GTC conference. Politicians including President Emmanuel Macron, who has driven France’s ambition to become a European AI hub, will also likely want some face time with Huang.

This post appeared first on NBC NEWS

The Freedom Flotilla Coalition (FFC) has said the Israeli military has boarded its Gaza-bound aid ship carrying Greta Thunberg and that communication with the boat has been lost.

The group posted a photo on Telegram early Monday local time, showing members of the crew of the “Madleen” sitting inside the boat wearing lifejackets and with their hands in the air. No Israel Defense Force soldiers can be seen in the image.

In an earlier post, the FFC said the ship had come “under assault in international waters.”

“Quadcopters are surrounding the ship, spraying it with a white paint-like substance. Communications are jammed, and disturbing sounds are being played over the radio,” FFC said on its Telegram channel.

Israel has repeatedly vowed to stop the aid boat from reaching Gaza.

“I have instructed the IDF to ensure that the ‘Madleen’ flotilla does not reach Gaza,” Israeli defense minister Israel Katz said on Sunday.

In a video livestreamed from the boat and posted by the FFC, activist Yasmin Acar showed a white substance on the deck, saying it had been dropped on the vessel. Acar was later heard saying it was affecting her eyes. Before the live stream ended, Acar could be heard saying the Israeli military was communicating with the board

Israel vowed on Sunday to stop the aid boat carrying Thunberg and other activists on board from reaching Gaza.

The “Madleen” is part of the Freedom Flotilla Coalition, an organization that has campaigned against Israel’s blockade of Gaza and tried to break the siege by boat.

Climate activist Thunberg, “Game of Thrones” actor Liam Cunningham and Rima Hassan – a French member of the European Parliament – are among those on the Madleen.

Israel’s Foreign Ministry posted video on X showing a Navy staffer issuing what appears to be a radio message to the vessel.

“The maritime zone off the coast of Gaza is closed to maritime traffic,” the unidentified Navy staff member is heard saying. She is later heard saying aid needs to be delivered through “established channels.”

In a statement, the ministry said “unauthorized attempts to breach the blockade are dangerous, unlawful, and undermine ongoing humanitarian efforts.”

“We call on all actors to act responsibly and to channel humanitarian aid through legitimate, coordinated mechanisms, not through provocation,” the ministry added in a statement on Monday local time.

This is a developing story and will be updated.

This post appeared first on cnn.com

North Korea has moved a new warship damaged in a botched launch to a port near the Russian border, a move analysts say could point to a role for Moscow in repairing the vessel.

Satellite images taken Sunday by Maxar Technologies show the 5,000-ton destroyer, as yet unnamed, in a drydock in the port of Rajin, part of North Korea’s Rason special economic zone, which abuts its short border with Russia.

While not a major shipbuilding facility like the shipyard in the northeastern city of Chongjin where the launching accident occurred, Rajin has facilities for modest repairs and maintenance, said Yu Jihoon, director of external cooperation and an associate research fellow at Korea Institute for Defense Analyses.

And its proximity to Russia “makes it a key node for North Korea’s efforts to deepen economic and potentially military ties with Moscow,” Yu said.

A 2024 report from the Modern War Institute at West Point, the United States Military Academy, calls the Rason economic zone “a significant point of North Korea–Russia cooperation, recently implicated in North Korean arms shipments to Russia for use in Ukraine.”

The warship was damaged on May 21, when during its launch the stern went into the water but the bow stayed stuck on land. The ship turned on its side in the botched maneuver.

North Korean leader Kim Jong Un, who attended the launching ceremony, ordered the destroyer to be repaired by the late-June plenary session of the ruling Workers’ Party, calling it a matter of national honor.

State media reported last week repairs at the Rajin drydock would take seven to 10 days, meeting Kim’s timeline.

Kim said it’s possible the ship’s sonar and depth finders, located on the bow section, were damaged during the botched launch.

Such damage would likely require foreign help to repair, he said.

“North Korea is believed to lack the technology for sonar systems, so they likely imported them from China or Russia,” Kim said.

“The vessel’s external damage doesn’t seem significant, and the main issue seems to be the water flooding into the warship” was the assessment of the South Korean military, Yu said.

Internal spaces of the ship, as well as machinery and electronics, will have to be purged of sea water and dried salt in the repair process, analysts said.

Yu said Russian assistance in the repair process was a possibility, but it would be difficult to verify if it only involved engineers and not the movement of major pieces of equipment.

North Korea is believed to have sent millions of munitions, including missiles and rockets, to Russia over the past year, according to watchdog the Multilateral Sanctions Monitoring Team.

In return, Russia has provided North Korea with valuable weapons technologies, including air defense equipment, anti-aircraft missiles and electronic warfare systems as well as refined oil, the watchdog said last month.

This post appeared first on cnn.com

Israel’s blockade of Gaza may have been partially lifted – and a new US-backed plan to deliver aid has begun. But there are multiple indications that the plight of Gazans is rapidly worsening.

Restrictions imposed by the Israeli military on aid routes, ongoing airstrikes, a lack of security and the continuous displacement of tens of thousands of people are aggravating an already alarming situation, according to the UN and other aid agencies. The supplies that do get in risk getting looted.

“People in Gaza are starving. This demands the urgent opening of all crossings and allowing unimpeded access for humanitarian organizations to deliver aid at scale, through multiple routes,” the UN Office for the Coordination of Humanitarian Affairs (OCHA) said in its latest assessment.

The number of children in Gaza with acute malnutrition is rising, the UN reported Saturday, while a lack of fuel threatens to close hospitals that are still operating.

The Israeli agency handling the inspection of aid going into Gaza, the Coordinator of Government Activities in the Territories (COGAT), said Saturday that 350 trucks containing humanitarian aid had entered the Gaza Strip through the Kerem Shalom crossing in the last week – less than 20 per cent of the volume of goods getting into Gaza before the conflict.

And even the aid that gets in frequently does not make it to the most desperate. UN agencies report continuing difficulties with getting distribution routes within Gaza agreed with the Israeli military. OCHA said that out of 16 truckloads ready for distribution last Thursday, five were rejected, including fuel and water, and six failed to reach their destination.

Additionally, the looting of aid convoys in Gaza has risen sharply in recent weeks.

“Operations have faced unprecedented levels of insecurity and a very high risk of looting, with partners reporting that most looting incidents are conducted by desperate civilians,” according to OCHA.

Nahed Shehaibar, head of the Private Transport Association in Gaza, said on Saturday that transport of aid had been suspended “for the third consecutive day due to repeated attacks on trucks, including gunfire that has damaged and put several trucks out of service.”

Last week the association reported that one driver was killed and another injured while trying to deliver aid, but Shehaibar said on Sunday that 11 trucks of commercial goods had reached merchants in Deir al-Balah in central Gaza successfully.

On Sunday, GHF said it operated three distribution sites – two in southern Gaza and one in central Gaza – to hand out more than 17,000 boxes of food. In addition, GHF said in its daily update that it gave more than 10,000 meals to community leaders north of Rafah in what the organization called a pilot test of “direct-to-community distribution.”

But many people who went to the Netzarim site in central Gaza left empty-handed.

Nader Musleh, who had walked from Al-Mawasi several kilometers away, agreed.

“Some people took five or 10 boxes, and there’s no organization at all,” he said.

Mohammad Abu Akouz was one of several civilians who alleged that some people were injured after coming under Israeli tank fire as they made their way to the site.

GHF said it had been unable to open its sites on Saturday, accusing Hamas of making threats against its operations, including against drivers and Palestinian workers. It said the threats had made it impossible to proceed without putting innocent lives at risk.

The drivers had been scheduled to move 180 employees to the three distribution sites, he added.

GHF said on Friday that it had distributed more than 140,000 boxes of food, with each box intended to feed a family for half a week. The boxes contain pasta, lentils and cooking oil, among other products. GHF says its goal is to distribute boxes containing enough food for 4.5 million meals each day.

After last week’s shootings, GHF appealed to people not to arrive at distribution points “before the official opening time or gather near the gates ahead of schedule. This is for your safety and the safety of others.”

The Israel Defense Forces (IDF) said Saturday in a post on X that gathering outside distribution centers outside of announced hours was “strictly prohibited,” and warned that the areas around the aid hubs were closed military zones between 6 p.m. (11 a.m. ET) and 6 a.m. (11 p.m. ET).

The UN says that the use of the Israeli and American-backed GHF has militarized aid distribution and is inadequate for the huge task of feeding families in Gaza. GHF has no presence in northern Gaza.

In its latest assessment, OCHA said that 90 per cent of families in Gaza lack the cash needed to buy what little food remains available in markets. “Meat, dairy, vegetables and fruit are nearly absent from people’s diets,” it said.

Half of the community kitchens in Gaza have been forced to stop cooking due to lack of supplies or displacement orders, according to OCHA.

The UN Relief and Works Agency (UNRWA) – the main agency for supplying aid in Gaza – said Saturday that a nutrition study had found that the percentage of children under 5 suffering from acute malnutrition had risen from 4.7% in the first half of May to 5.8% in the second half of the month.

UNRWA said the number of children forced to fend for themselves had pushed an increasing number into “dangerous survival strategies. Children are reported working on the streets, participating in looting or gathering within large crowds in search of food supplies at insecure distribution points.”

It’s not just food that is running chronically short.

He added that “a large number of the wounded cannot be treated due to the lack of blood supplies and medical equipment,” and medical staff faced difficult choices about which patients to save.

The Palestinian Ministry of Health said Sunday that Al-Shifa Hospital and the Baptist Ahli Hospital, both in northern Gaza, were at risk of shutting down service within 24 hours. It said that would mean the collapse of what remains of the healthcare system in Gaza City.

In the south, the Health Ministry said the Nasser Medical Complex was operating on a limited fuel supply that will last no more than two days.

This post appeared first on cnn.com

Acclaimed Ukrainian opera singer Vladislav Horay has been killed while on a volunteer mission to the Sumy region, where a frontline battle for territory continues.

Horay was a soloist with the Odesa National Opera, which said in a statement that he was a “world-class tenor” and “Honored Artist of Ukraine,” whose voice was known around the globe.

“Tragic news has shaken the entire artistic community of Ukraine,” the opera house said in a post on Facebook on Sunday. “(Horay) was not only a talented performer — he was an example of strength, dignity, and kindness in life.”

The post did not say how Horay died.

According to a June 5 post on Horay’s Facebook, he was raising money for a Ukrainian naval unit.

Horay joined the Odesa National Academic Theater of Opera and Ballet in 1993 and performed in the USA, Britain, Canada and many other countries, according to its website. He also toured Britain and performed at London’s Royal Albert Hall.

His last performance was just a day before he died, according to the Odesa opera house, which uploaded a video of Horay singing the Neapolitan song “O Sole Mio.”

“Today, we share this video with you. It is not just a performance. It is farewell. It is the last concert. It is the last gift from a singer who lived for the stage and left a piece of his soul there.”

The northeast Sumy region where the Opera house said Horay was killed, has been a fierce battleground in the Russia-Ukraine war. The Opera said he was there on a volunteer mission, but did not elaborate.

Russian forces have in recent weeks made incremental progress advancing towards the capital of the region, also called Sumy.

While capturing the region’s capital is likely beyond what Moscow is setting out to do, the move underlines the pressure Kyiv is under, from the northern border to the Black Sea.

This post appeared first on cnn.com

For more than three years, Russia has used its fleet of bombers to rain hellfire on Ukraine. On June 1, Kyiv responded by going after those bombers.

The operation, codenamed “Spiderweb,” was 18 months in the making. Dozens of hidden drones emerged from trucks parked in Russia, racing to airfields thousands of miles from Ukraine and destroying at least 12 bombers.

Although the operation was a huge boost for Ukrainian morale, many in the country braced for Moscow’s retaliation. Their fears sharpened when Russian President Vladimir Putin told his US counterpart Donald Trump on Wednesday that the Kremlin would “have to respond” to the attack.

Russia’s initial retaliation began Thursday night, in the form of a massive drone and missile strike on Kyiv and across the country. Russia’s Ministry of Defense described the strikes as a “response” to Kyiv’s “terrorist acts.” The attack was punishing, but not qualitatively different to what Ukraine has grown used to over three years of war.

Russia’s response so far to Ukraine’s extraordinary operation has raised questions about Putin’s ability to escalate the war and exact the retribution that many of his supporters have clamored for. And it has left Ukrainians wondering if it has already felt the brunt of Russia’s response, or if the worst is yet to come.

In determining Russia’s retaliation, analysts say, Putin has faced several constraints. One is political: Mounting a large-scale, innovative response to the “Spiderweb” operation would be akin to admitting that Ukraine had inflicted a serious blow against Russia – an impression the Kremlin has been at pains to avoid, said Kateryna Stepanenko, a Russia analyst at the Institute for the Study of War, a think tank in Washington DC.

In a meeting with government ministers on Wednesday, Putin received a lengthy briefing on recent bridge collapses in Kursk and Bryansk, blamed by Russia on Ukraine. Yet, aside from Foreign Minister Sergey Lavrov’s reference to recent “criminal provocations” by Kyiv, there was no mention of the “Spiderweb” operation.

In Russian state media’s coverage of Putin’s call Wednesday with Trump, little was made of the Russian president’s pledge to “respond” to Ukraine’s attack. Instead, the reports focused on the outcome of recent peace talks in Istanbul.

Tit for tat?

Putin has also faced material constraints. Whereas Russia’s near-daily strikes on Ukraine used to involve just dozens of drones, they now routinely use more than 400. A day before Ukraine’s “Spiderweb” operation, on May 31, Russia launched 472 drones at Ukraine – a record in the three-year war, which was surpassed again during Sunday night’s attacks, which used 479 drones.

“Russia’s response is constrained by the amount of force they’re constantly using,” said William Alberque, a former NATO arms control official now at the Stimson Center think tank.

“How would you know if Russia was actually retaliating? What would be more brutal than them destroying apartment flats or attacking shopping malls? What would escalation look like?”

Russia’s pro-war community of Telegram bloggers was not short of ideas. Some prominent channels said that Kyiv’s strikes on Moscow’s nuclear-capable bombers warranted a nuclear strike on Ukraine. Others called for a strike using the Oreshnik ballistic missile, which was unveiled by Putin last year, and has so far been used only once against Ukraine.

Although Putin often praises his new missile, it has limited uses, said Mark Galeotti, a leading Russia analyst.

One target could be Ukraine’s security services, the SBU, which masterminded the “Spiderweb” operation, he said.

“But that’s not something you can do quickly,” he cautioned. “In some ways, Putin has already swept away most of the escalation rungs at his disposal, which means that he doesn’t have the option for clear punishment.”

In a sign that Moscow’s “retaliation” may be ongoing, Russia’s Ministry of Defense said it had struck a Ukrainian airfield in the western Rivne region on Sunday night – a week after Ukraine’s attacks on Russian airfields.

The ministry said the attack was “one of the retaliatory strikes” for Kyiv’s “terrorist attacks” against Russia’s airfields, suggesting there may be more to come. Yuriy Ihnat, a spokesperson for Ukraine’s air force, said the attack on the airfield was “one of the biggest ever carried out by Russia.” Although air defenses “performed very well,” he said it was “impossible to shoot down everything.”

Grinding on

Although Putin may be constrained in his ability to respond to Ukraine’s spectacular operation with one of Russia’s own, this may not matter on the battlefield, said Galeotti.

“From a political perspective… it’s the Ukrainians who demonstrate that they are the nimble, imaginative, effective ones, and the Russians are just thuggish brutes who continue to grind along,” he said. “But from the military perspective, in some ways, that’s fine.”

While Ukraine may have the initiative in terms of headlines and spectacle, Russia still has the initiative on the battlefield. Russian troops have opened a new front in Ukraine’s northern Sumy region and are now just 12 miles from the main city. And on Sunday, Moscow claimed that its forces had advanced into the central Ukrainian region of Dnipropetrovsk for the first time, after months of clashes.

The question is whether “Putin is willing to accept whatever damage happens on the home front, precisely for his slow attrition grind forward,” said Galeotti.

Alberque, of the Stimson Center, said a lot rests on whether Ukraine has been weaving more “Spiderwebs,” or whether its drone attack was a one-off.

“The fact that this operation was a year- and-a-half in the planning – how many other operations are a year-in right now?” he asked.

Two days after the drone attack, Ukraine’s SBU unveiled another operation – its third attempt to blow up the bridge connecting Russia and the occupied Crimean Peninsula. The bridge over the Kerch Strait was not significantly damaged, but the attack reinforced the SBU’s commitment to impressing upon Moscow that there are costs to continuing its war.

If “humiliating” operations like those continue, Putin will come under greater pressure to deliver a response that is different in kind, not just degree, Alberque said.

“Putin is such a creature of strongman politics,” he added. “(The Kremlin) is going to look for other ways to strike back, to show the Russian people that Putin is a great wartime president who is inflicting horrible damage on his enemy, rather than a victim of these spectacular Ukrainian attacks.”

This post appeared first on cnn.com

Procter & Gamble will cut 7,000 jobs, or roughly 15% of its non-manufacturing workforce, as part of a two-year restructuring program.

The layoffs by the consumer goods giant come as President Donald Trump’s tariffs have led a range of companies to hike prices to offset higher costs. The trade tensions have raised concerns about the broader health of the U.S. economy and job market.

P&G CFO Andre Schulten announced the job cuts during a presentation at the Deutsche Bank Consumer Conference on Thursday morning. The company employs 108,000 people worldwide, as of June 30, according to regulatory filings.

P&G faces slowing growth in the U.S., the company’s largest market. In its fiscal third quarter, North American organic sales rose just 1%.

Trump’s tariffs have presented another challenge for P&G, which has said that it plans to raise prices in the next fiscal year, which starts in July. The company expects a 3 cent to 4 cent per share drag on its fiscal fourth-quarter earnings from levies, based on current rates, Schulten said. Looking ahead to fiscal 2026, P&G is projecting a headwind from tariffs of $600 million before taxes.

P&G, which owns Pampers, Tide and Swiffer, is planning a broader effort to reevaluate its portfolio, restructure its supply chain and slim down its corporate organization. Schulten said investors can expect more details, like specific brand and market exits, on the company’s fiscal fourth-quarter earnings call in July.

P&G is projecting that it will incur non-core costs of $1 billion to $1.6 billion before taxes due to the reorganization.

“This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years,” Schulten said. “It does not, however, remove the near-term challenges that we currently face.”

P&G follows other major U.S. employers, including Microsoft and Starbucks, in carrying out significant layoffs this year. As Trump’s tariffs take hold, investors are watching Friday’s nonfarm payrolls report for May for signs of whether the job market has started to slow. While the government reading for April was better than expected, a separate reading this week from ADP showed private sector hiring was weak in May.

Shares of P&G fell more than 1% in morning trading on the news. The stock has fallen 2% so far this year, outstripped by the S&P 500′s gains of more than 1%. P&G has a market cap of $407 billion.

This post appeared first on NBC NEWS

One day after seeing their largest-ever one-day drop, Tesla shares recovered some losses Friday as the spat between CEO Elon Musk and President Donald Trump that exploded into public view Thursday took appeared to take a breather heading into the weekend.

Shares in the electronic vehicle maker gained as much as 5% amid broader market gains following a report showing the U.S. added more jobs in May than forecast.

Even with Friday’s rally, Tesla shares are still down approximately 21% in 2025 — a decline that accelerated last week following Musk’s departure from the Trump administration.

Musk, the world’s richest person and until recently Trump’s cost-cutter-in-chief, said last week he was leaving as the head of his Department of Government Efficiency project to refocus on his businesses.

Those companies — Tesla, the satellite and space-launch company SpaceX, the social media platform X and the brain tech startup Neuralink — have faced growing criticism as Musk oversaw deep cuts to the federal workforce. Tesla sales around the world have fallen sharply this year.

Trump and Musk traded escalating insults Thursday afternoon, with the president threatening on his Truth Social platform to ‘terminate Elon’s Governmental Subsidies and Contracts.’ Yet there was no sign of any follow through on the threat Friday. At the same time, a senior White House official told NBC News that Trump is “not interested” in a call with Musk.

Tesla stock closed more than 14% lower Thursday. The automaker is Musk’s only publicly traded company — and one that the president tried to boost as recently as March, drawing sharp criticism on ethical grounds for turning the White House driveway into a car showroom just as the company’s stock was plunging.

The Trump-Musk rift has dented Tesla’s stock anew after Musk slammed the GOP spending bill as ‘a disgusting abomination” in a post on X last week.

‘Bankrupting America is NOT ok!’ he wrote in another post, part of an ongoing barrage of public ridicule.

Musk began speaking out after an electric-vehicle tax credit that would help incentivize Tesla purchases was not included in the bill, which is estimated to add $2.4 trillion to the national debt over 10 years. Musk has lobbied congressional Republicans for that tax credit, NBC News reported Wednesday.

‘I was, like, disappointed to see the massive spending bill, frankly, which increases the budget deficit, doesn’t decrease it, and undermines the work that the DOGE team is doing,’ Musk told ‘CBS Sunday Morning’ over the weekend.

As Trump spoke about the former DOGE chief in the Oval Office on Thursday alongside German Chancellor Friedrich Merz, Musk began firing off dozens of posts on X.

‘Whatever,’ he wrote. ‘Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill. In the entire history of civilization, there has never been legislation that both big and beautiful. Everyone knows this!’

Trump pushed back further on Musk’s criticism.

“Elon knew the inner workings of this bill better than almost anybody sitting here, better than you people. He knew everything about it. He had no problem with it,” he said during the meeting with Merz. “All of a sudden he had a problem, and he only developed the problem when he found out that we’re going to have to cut the EV mandate because that’s billions and billions of dollars, and it really is unfair.”

As Trump continued speaking, Musk posted another comment: ‘False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!’

Tech analyst Dan Ives said the EV tax credit isn’t the main factor behind Tesla’s stock slide. “The reason Tesla stock’s off the way it is — and I think overdone — is because of the view that this means that Trump is not going to play nice when it comes to regulatory” issues, he told CNBC on Thursday. The feud between the two men is “not what you want to see as a Tesla shareholder,” Ives added.

‘Where is this guy today??’ Musk added Thursday in yet another post, resharing a compilation of Trump’s past tweets including one in which Trump called the federal debt ‘a national security risk of the highest order.’

‘Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,’ Musk added on social media. ‘Such ingratitude.’

Musk is the richest person on the planet, according to the Bloomberg Billionaires index. His net worth of $368 billion is $125 billion more than that of Meta CEO Mark Zuckerberg, who is ranked second. Musk spent $250 million supporting Trump’s most recent campaign.

The president quipped from the White House that he thinks Musk ‘misses the place.’

‘I think he got out there and all of a sudden he wasn’t in this beautiful Oval Office,’ Trump said. ‘He’s got nice offices too, but there’s something about this one.’

The president’s own publicly traded company, Trump Media & Technology Group, has also suffered in the market. Shares of the Truth Social parent company fell more than 8% Thursday and are down over 41% so far this year.

This post appeared first on NBC NEWS

QQQ and tech ETFs are leading the surge off the April low, but there is another group leading year-to-date. Year-to-date performance is important because it includes two big events: the stock market decline from mid February to early April and the steep surge into early June. We need to combine these two events for a complete performance picture.

TrendInvestorPro uses a Core ETF ChartList to track performance and rank momentum. This list includes 59 equity ETFs, 4 bond ETFs, 9 commodity ETFs and 2 crypto ETFs. The image below shows the top 10 performers year-to-date (%Chg). Seven of the top ten are metals-related ETFs. Gold Miners (GDX), Silver Miners (SIL), Platinum (PLTM) and Gold (GLD) are leading the way. The Aerospace & Defense ETF (ITA), Transformational Data Sharing ETF (BLOK) and ARK Fintech Innovation ETF (ARKF) are the only three non-commodity leaders. The message here is clear: metals are leading.

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TrendInvestorPro has been tracking the Platinum ETF (PLTM) and Palladium ETF (PALL) since their big breakout surges on May 20th. The chart below shows PALL with a higher low from August to April and a breakout on May 20th. The ETF fell back below the 200-day SMA (gray line) in late May, but resumed its breakout with a 7.75% surge this week.

The bottom window shows the PPO(5,200,0) moving above +1% on May 21st to signal an uptrend in late May. This signal filter means the 5-day EMA is more than 1% above the 200-day EMA. The uptrend signal remains valid until a cross below -1% (pink line). As with all trend-following signals, there are bad signals (whipsaws) and good signals (extended trends). Given overall strength in metals, this could be a good signal that foreshadows an extended uptrend.

TrendInvestorPro is following this signal, as well as breakouts in other commodity-related ETFs. Our comprehensive reports and videos focus on the leaders. This week we covered flags and pennants in several tech ETFs (XLK, IGV, SMH, ARKF, AIQ, MAGS). Click there to take a trial and get your four bonuses. 

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Procter & Gamble will cut 7,000 jobs, or roughly 15% of its non-manufacturing workforce, as part of a two-year restructuring program.

The layoffs by the consumer goods giant come as President Donald Trump’s tariffs have led a range of companies to hike prices to offset higher costs. The trade tensions have raised concerns about the broader health of the U.S. economy and job market.

P&G CFO Andre Schulten announced the job cuts during a presentation at the Deutsche Bank Consumer Conference on Thursday morning. The company employs 108,000 people worldwide, as of June 30, according to regulatory filings.

P&G faces slowing growth in the U.S., the company’s largest market. In its fiscal third quarter, North American organic sales rose just 1%.

Trump’s tariffs have presented another challenge for P&G, which has said that it plans to raise prices in the next fiscal year, which starts in July. The company expects a 3 cent to 4 cent per share drag on its fiscal fourth-quarter earnings from levies, based on current rates, Schulten said. Looking ahead to fiscal 2026, P&G is projecting a headwind from tariffs of $600 million before taxes.

P&G, which owns Pampers, Tide and Swiffer, is planning a broader effort to reevaluate its portfolio, restructure its supply chain and slim down its corporate organization. Schulten said investors can expect more details, like specific brand and market exits, on the company’s fiscal fourth-quarter earnings call in July.

P&G is projecting that it will incur non-core costs of $1 billion to $1.6 billion before taxes due to the reorganization.

“This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years,” Schulten said. “It does not, however, remove the near-term challenges that we currently face.”

P&G follows other major U.S. employers, including Microsoft and Starbucks, in carrying out significant layoffs this year. As Trump’s tariffs take hold, investors are watching Friday’s nonfarm payrolls report for May for signs of whether the job market has started to slow. While the government reading for April was better than expected, a separate reading this week from ADP showed private sector hiring was weak in May.

Shares of P&G fell more than 1% in morning trading on the news. The stock has fallen 2% so far this year, outstripped by the S&P 500′s gains of more than 1%. P&G has a market cap of $407 billion.

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