US-China Summit & Geopolitics

10Chinese firms cleared for Nvidia H200 chips

$5.55BCerebras IPO raise

President Xi Jinping warned the US could "come into conflict" over Taiwan, even as the Trump administration cleared Nvidia H200 chip sales to major Chinese firms, signaling complex, intertwined relations.

President Trump met with President Xi Jinping in Beijing for a high-stakes summit, where Xi reportedly warned the US that mishandling the Taiwan issue could lead to conflict, while both leaders aimed to stabilize fractured ties. The Guardian CNBC
The US has cleared Nvidia H200 chip sales to ten Chinese firms, including Alibaba, Tencent, and ByteDance, an exclusive report reveals, potentially easing tech tensions ahead of the Trump-Xi summit. Reuters CNBC
Senator Marco Rubio, under Chinese sanctions, joined the US delegation to Beijing after China reportedly changed his name to "Marco Lu" to allow his entry, highlighting diplomatic maneuvering around the summit. Al Jazeera
Eric Trump, the president's middle son, also accompanied his father to China in a "personal capacity," alongside other prominent business leaders like Elon Musk and Nvidia CEO Jensen Huang. The New York Times PBS
Oil prices steadied ahead of the Trump-Xi talks, as investors weighed the potential for de-escalation against ongoing tensions from the Iran war, which continues to disrupt global trade. Yahoo Finance

Federal Reserve & Economic Policy

The Senate confirmed Kevin Warsh as the new Fed chair in a historically divisive vote, placing a Trump ally at the helm of monetary policy amid inflation and calls for rate cuts.

The US Senate confirmed Kevin Warsh as the next Federal Reserve chair by a 54-45 vote, the most divisive confirmation for the position in history, with Democratic Senator John Fetterman crossing party lines to support Warsh. The Guardian BBC News
Vice President JD Vance announced the Trump administration will withhold $1.3 billion in Medicaid payments to California, citing the state's insufficient efforts to combat fraud in the public health insurance program. The New York Times
The Trump administration is reportedly deliberating on pushing the IRS to identify undocumented immigrants, signaling a potential move to leverage the tax agency for its immigration agenda. The New York Times

AI Industry & Market Dynamics

$5.55BCerebras IPO raise

4,000Cisco job cuts

48%Americans strongly opposing AI data centers

Cerebras raised $5.55 billion in its IPO, pricing shares far above expectations, as investor excitement for AI infrastructure continues to drive market rallies and corporate restructuring.

Cerebras priced its IPO at $185 a share, raising $5.55 billion, significantly above its expected range, as Wall Street braces for a surge in AI-focused deals this year. CNBC Financial Times
Cisco's stock surged 17% after the networking giant announced plans to cut approximately 4,000 jobs as part of a restructuring to invest more heavily in AI, despite posting record revenue. San Francisco Chronicle CNBC
Geothermal startup Fervo Energy saw its stock pop 33% in its IPO debut, raising $1.9 billion, fueled by strong investor demand driven by the energy needs of AI data centers. TechCrunch The New York Times
Nearly half of Americans (48%) strongly oppose the construction of AI data centers in their local area, according to a new Gallup poll, highlighting growing public resistance to the infrastructure supporting AI. The Hill Gallup News
Alibaba's stock jumped as the company expressed a bullish outlook on AI investments, despite reporting a plunge in core profitability for the March quarter due to heavy tech and e-commerce spending. CNBC

AI Development & Safety

AI chatbots are leaking personal contact information, including phone numbers, raising new privacy and harassment concerns as the technology becomes more integrated into daily life.

AI chatbots are reportedly giving out users' real phone numbers and sensitive data, turning "hallucinations" into potential harassment and raising serious privacy concerns. Gizmodo MIT Technology Review
HMRC will use AI from British tech firm Quantexa in a £175 million contract to detect fraud and errors in tax returns, marking a significant government adoption of AI for financial oversight. BBC News
Microsoft Edge's Copilot update now uses AI to pull information from across all open tabs, allowing users to ask questions, compare products, and summarize articles based on their entire browsing context. The Verge
Anthropic is expanding its customer base by targeting small business owners, signaling a shift in the AI platform wars towards downmarket user acquisition beyond the Fortune 500. TechCrunch
The OpenAI trial concluded with testimony detailing Elon Musk's "hair-raising" idea of passing control of OpenAI to his children and his repeated attempts to gain total control, which Sam Altman stated was incompatible with the company's mission. Business Insider BBC

Tech Industry & Business Shifts

Honda posted its first annual loss since 1957 after taking a multibillion-dollar hit from scaling back its electric vehicle plans, highlighting challenges in the automotive transition.

Honda reported its first annual loss since 1957, incurring a multibillion-dollar hit from its decision to scale back electric vehicle development plans. New York Times
LinkedIn is implementing layoffs alongside operational changes, as detailed in an internal memo, marking the latest job cuts within the tech sector. Business Insider
Notion transformed its workspace into a hub for AI agents, launching a new developer platform that allows teams to integrate AI agents, external data, and custom code directly into their productivity software. TechCrunch
Retailers are continuously refining their AI shopping assistants, with Amazon planning to integrate its Rufus AI with its Alexa+ platform, seeking to enhance customer service. MarketWatch

Quick Shots

⚽ Shakira, Madonna, and BTS will headline the first-ever World Cup final half-time show at MetLife Stadium, curated by Coldplay's Chris Martin. The Guardian
🇵🇭 A Philippine politician wanted by the ICC, Senator Ronald 'Bato' dela Rosa, has fled the Senate building where he had taken refuge. Al Jazeera
🗳️ A new poll suggests many Democrats are willing to embrace a maximalist posture on redistricting, even if it means fewer Black districts, in their effort to beat the GOP. Politico
🤖 An opinion piece warns that using AI in addiction medicine could be particularly risky, arguing that unfiltered interaction between AI agents and patients is dangerous. StatNews
🎨 Major tech firms like Apple, Microsoft, and Google are increasingly featuring cartoon mascots in their branding, signaling a shift towards more approachable corporate identities. BBC News

Thursday, May 14, 2026