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FTC, states sue Ticketmaster, saying it forces fans to pay more for concerts and events

Summary

  • FTC and state attorneys general, including Virginia, sue and
  • Lawsuit alleges deceptive fees and false ticket-buying limits
  • Brokers use fake accounts to buy and resell tickets at markup
  • Ticketmaster controls 80% of U.S. major concert ticketing
  • Case follows backlash over ‘s Eras Tour sales

The Federal Trade Commission and a bipartisan group of state attorneys general sued Ticketmaster and its parent company Thursday, saying they are forcing consumers to pay more to see live events through a variety of illegal tactics.

Virginia is one of the seven states joining the lawsuit, according to state ‘ office.

The FTC said Live Nation and its subsidiary, Ticketmaster, have deceived artists and consumers by advertising lower ticket prices than what consumers must pay and falsely claiming to impose strict limits on the number of tickets consumers can buy for an event.

In reality, the FTC said, Ticketmaster coordinates with ticket brokers who bypass those ticket limits. The FTC said brokers use fake accounts to buy up millions of dollars worth of tickets and then sell them at a substantial markup on Ticketmaster’s platform. Ticketmaster benefits from the additional fees it collects from those sales, the FTC said.

“Virginians deserve access to tickets at reasonable prices,” Miyares said in a statement. “All too often, however, those tickets are snatched up by bots and brokers for resale, forcing Virginians to pay substantially higher prices for the entertainment they love. Ticketmaster should be preventing this conduct, not enabling it by turning a blind eye to brokers’ illegal ticket harvesting and reselling the tickets for even more profit. Virginia consumers deserve a chance to purchase tickets at prices that are not illegally inflated.”

The Associated Press left messages seeking comment Thursday with Beverly Hills, California-based Live Nation Entertainment.

Ticketmaster controls 80% or more of major U.S. concert venues’ primary ticketing, according to the FTC. Consumers spent more than $82.6 billion buying tickets from Ticketmaster between 2019 and 2024, the agency added.

“American live entertainment is the best in the world and should be accessible to all of us. It should not cost an arm and a leg to take the family to a baseball game or attend your favorite musician’s show,” FTC Chairman Andrew Ferguson said in a statement.

The lawsuit was filed in the U.S. District Court for the Central District of California. Joining the lawsuit were the attorneys general of Colorado, Florida, Illinois, Nebraska, Tennessee, Utah and Virginia.

Ticketmaster has been in lawmakers’ sights since 2022, when it spectacularly botched ticket sales for Taylor Swift’s Eras Tour. The company’s site was overwhelmed by fans and attacks from brokers’ bots, which were scooping up tickets to sell on secondary sites. Senators grilled Live Nation in a 2023 hearing.

But reform in the industry has been slow. The Biden administration took action with a ban on junk fees, requiring Ticketmaster to display the full price of a ticket as soon as consumers begin shopping. That rule went into effect in May.

President has also taken aim at the industry. In March, with Kid Rock by his side in the Oval Office, Trump signed an executive order directing U.S. officials to ensure ticket resellers are complying with Internal Revenue Service rules. The order also directed the FTC to “take enforcement action to prevent unfair, deceptive, and anti-competitive conduct in the secondary ticketing market.”

In August, the FTC sued Maryland-based ticket broker Key Investment Group, alleging it has used thousands of fictitious Ticketmaster accounts and other methods to buy tickets for events, including Swift’s tour.

Virginia Business Deputy Editor Kate Andrews contributed to this story.

Democrats tie $6B Nexstar-Tegna deal to Jimmy Kimmel’s suspension

SUMMARY:

  • Following remarks about the and Charlie Kirk’s assassination, ‘s show has been “indefinitely suspended”
  • Democratic lawmakers say – acquisition was reason for Nexstar’s pulling of Kimmel’s show from its stations
  • chair applauded Nexstar’s move, which led to and parent ‘s decision to suspend

Congressional Democrats, including U.S. Sen. Tim Kaine, are tying ABC late night host Jimmy Kimmel’s indefinite suspension on Wednesday to the $6.2 billion Nexstar-Tegna acquisition, which must be approved by the Federal Communications Commission.

The veteran late-night comic made several remarks on Monday and Tuesday about the reaction to conservative activist Charlie Kirk’s assassination, including saying that “many in MAGA land are working very hard to capitalize on” the fatal shooting. He said Trump’s political supporters were trying to characterize the man charged in the attack “as anything other than one of them.”

ABC, which has aired “Jimmy Kimmel Live!” since 2003, moved swiftly after Nexstar Communications Group said it would pull the show starting Wednesday. Kimmel’s comments about Kirk’s death were “offensive and insensitive at a critical time in our national political discourse,” said Andrew Alford, president of Nexstar’s division.

Nexstar operates 28 ABC affiliates and is seeking to acquire -based Tegna, a $6.2 billion deal that the FCC must approve for it to move forward.

In an appearance on CNBC Thursday, FCC Chairman Brendan Carr cheered the moves by Nexstar and Sinclair, which also agreed to pull the show from its channels. On Wednesday he called Kimmel’s comments “truly sick” and said his agency has a strong case for holding Kimmel, ABC and network parent Walt Disney Co. accountable for spreading misinformation.

While the FCC does not have power over the television networks, it does have the authority to suspend the licenses of their individual stations in local markets.

President chimed in on the social media site Truth Social, writing, “Congratulations to ABC for finally having the courage to do what had to be done.” He previously cheered CBS’ decision to cancel Stephen Colbert’s late-night show, which the network said was for “financial reasons,” but has been subject to speculation connected to Paramount’s deal with Skydance, which was approved by the FCC shortly after Colbert’s cancellation.

Both Colbert and Kimmel have frequently criticized Trump and his administration, as has NBC host Seth Meyers.

“I absolutely love that Colbert got fired,” Trump said in July. “His talent was even less than his ratings. I hear Jimmy Kimmel is next.”

Virginia’s junior Democratic senator, Kaine posted on X on Thursday, “Trump and his friends talk a big game about free speech. But in reality, they only support their own freedom to say things they want or agree with.

“I’m disappointed to see Nexstar, ABC, and Disney execs kowtow to a vindictive administration instead of doing what’s right.”

“This appears to be driven by the network of stations who are part of that ABC network,” U.S. Sen. Mark Warner said Thursday in a media availability, noting that he had not watched the relevant televised clips of the Kimmel show. “I fear this could be a very dangerous path.”

Six Democratic House leaders, including Minority Leader Hakeem Jeffries, issued a statement calling for Carr to resign, accusing him of engaging “in the corrupt abuse of power. He has disgraced the office he holds by bullying ABC, the employer of Jimmy Kimmel, and forcing the company to bend the knee to the Trump administration.”

Both Disney and Nexstar have FCC business ahead of them. Disney is seeking regulatory approval for ESPN’s acquisition of the NFL Network, along with Nexstar’s Tegna deal.

The transaction, if approved, will bring together two major players in U.S. television and the country’s local news landscape. Nexstar oversees more than 200 owned and partner stations in 116 markets nationwide today and also runs networks like The CW and NewsNation. Meanwhile, Tegna, which was formed in 2015 when Gannett Co. spun off its broadcasting and digital business, owns 64 television news stations across 51 markets.

“The initiatives being pursued by the Trump administration offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources,” Nexstar Chairman and CEO Perry Sook said in a statement in August. “We believe Tegna represents the best option for Nexstar to act on this opportunity.”

FCC Chair Carr has long advocated for loosening industry restrictions. On Aug. 7, the FCC announced that it would be repealing 98 broadcast rules and requirements that it identified as “obsolete, outdated, or unnecessary.”

Some of those rules date back nearly 50 years, the FCC said, and apply to “old technology that is no longer used.” Carr maintained that such provisions no longer serve public interest.

In late July, the U.S. Court of Appeals for the Eighth Circuit also vacated the FCC’s “top four” rule, which has long prohibited ownership of more than one of the top four stations in a single market. The ruling is still subject to a monthslong assessment by the FCC, but could significantly clear the way for future mergers in the industry.

In company earnings calls held in early August, before Tegna and Nexstar publicly confirmed merger talks, both Tegna CEO Michael Steib and Nexstar’s Sook pointed directly to this ruling, and applauded Carr’s deregulation agenda as a whole.

“We believe that deregulation is necessary, important and coming,” Steib said in Tegna’s Aug. 7 call, noting that local broadcasters are “up against big tech competitors who have absolutely no encumbrances in how they compete.”

Tegna and Nexstar did not immediately respond to requests for comment.

Pharma packaging plant closing in Mecklenburg

Nipro PharmaPackaging, a division of Nipro Corp. Japan, plans to shutter its location in , just outside the town limits of , by October, according to a town official.

About 30 employees will lose their jobs, Town Manager C.F. “Dusty” Forbes said.

Forbes learned of the plant’s closure in early September, a few days after he was told Butler Human Services Furniture planned to shut down its Chase City operations, leaving 51 employees out of work.

“We’re looking at around 80-plus jobs that are going to disappear in our community of about 2,100 people,” Forbes said. “So, that’s a big hit for us.”

A spokesperson for did not respond to a request for comment.

Before the July Fourth holiday, according to Forbes, Nipro PharmaPackaging took an extended maintenance break due to lack of business. He estimated the company had about 50 employees working at the Virginia facility at that time.

Workers at the plant make vials for medicinal products, according to the Nipro PharmaPackaging website.

“[Companies] had stockpiled so many vials … and [Nipro] just didn’t have the orders,” Forbes said. “They said [they were] going to take an extended maintenance hoping that the orders would return, and [they would] be able to continue with work and production.”

Around the beginning of August, Nipro PharmaPackaging called about 30 employees back to work, according to Forbes. Now, he expects those workers will soon be job hunting.

“They won’t have anywhere else to go because there’s no other plant nearby,” Forbes said.

Forbes isn’t optimistic about the chances of another large manufacturer moving into Chase City.

“That’s just not the nature of things these days,” Forbes said. “But if we could get a couple smaller companies to come in, maybe that employed 20 to 25, that would be something that we would really like to shoot for.”

On Thursday, the Virginia Department of Workforce Development and Advancement, also known as Virginia Works, reported that 3,509 initial unemployment insurance weekly claims were filed
during the week ending Sept. 13. That was a 35.5% increase over the previous week and a 62% increase over a comparable week last year. There were 19,390 continued claims during the week ending Sept. 13. That was a 0.4% decrease from the previous week and a 31% increase over a comparable week last year.

Trump asks Supreme Court to remove fed governor Lisa Cook

Summary

WASHINGTON (AP) — The Trump administration on Thursday asked the Supreme Court for an emergency order to remove Lisa Cook from the Federal Reserve’s board of governors.

The Republican administration turned to the high court after an appeals court refused to go along with ousting Cook, part of President ‘s effort to reshape the Fed’s seven-member governing board and strike a blow at its independence.

The White House campaign to unseat Cook marks an unprecedented bid to reshape the Fed board, which was designed to be largely independent from day-to-day politics. No president has fired a sitting Fed governor in the agency’s 112-year history.

Cook, who was appointed to the Fed’s board by President Joe Biden, a Democrat, has said she won’t leave her post and won’t be “bullied” by Trump. One of her lawyers, Abbe Lowell, has said she “will continue to carry out her sworn duties as a Senate-confirmed Board Governor.”

Separately, Senate Republicans on Monday confirmed Stephen Miran, Trump’s nominee to an open spot on the Fed’s board.

Trump sought to fire Cook on Aug. 25, but a federal judge ruled last week that the removal probably was illegal and reinstated her to the Fed’s board. Trump has accused Cook of mortgage fraud because she appeared to claim two properties, in Michigan and Georgia, as “primary residences” in July 2021, before she joined the board. Such claims can lead to a lower mortgage rate and smaller down payment than if one of them was declared as a rental property or second home.

Cook has denied any wrongdoing and has not been charged with a crime. According to documents obtained by The Associated Press, Cook did specify that her Atlanta condo would be a “vacation home,” according to a loan estimate she obtained in May 2021. And in a form seeking a security clearance, she described it as a “2nd home.” Both documents appear to undercut the Trump administration’s claims of fraud.

U.S. District Judge Jia Cobb ruled that the administration had not satisfied a legal requirement that Fed governors can only be fired “for cause,” which she said was limited to misconduct while in office. Cook did not join the Fed’s board until 2022.

Cobb also held that Trump’s firing would have deprived Cook of her due process, or legal right, to contest the firing.

By a 2-1 vote, a panel of the federal appeals court in Washington rejected the administration’s request to let Cook’s firing proceed.

Trump’s lawyers have argued that even if the conduct occurred before her time as governor, her alleged action “indisputably calls into question Cook’s trustworthiness and whether she can be a responsible steward of the and economy.”

Trump has previously won orders from the court’s conservative majority to fire the presidentially appointed leaders of other independent federal agencies, including the National Relations Board and the Federal Trade Commission, even as legal fights continue.

Those firings have been at will, with no cause given. The Supreme Court has distinguished the Federal Reserve from those other agencies, strongly suggesting that Trump can’t act against Fed governors without cause.

DC Council approves RFK stadium site for Commanders return

Summary

  • D.C. Council approves RFK in 11-2 vote
  • $2.7B from Commanders, $1.1B from city for stadium and mixed-use site
  • Project includes housing, green space and sports complex
  • Team aims to open new in 2030
  • RFK site hosted Commanders’ Super Bowl-era teams of 1980s–1990s

WASHINGTON (AP) — The ‘ plan to return to the site of their former home at RFK Stadium cleared its final hurdle with the local legislature Wednesday when the District of Columbia Council approved the legislation.

The bill passed by an 11-2 vote and can now be sent to Washington Mayor , who negotiated the original plan with Commanders owner in April, with the team contributing $2.7 billion and the city investing roughly $1.1 billion for the stadium, housing, green space and a sports complex on land bordering the Anacostia River.

“It is with great pride that I can say we are officially bringing our Commanders home and turning 180 acres of land on the banks of the Anacostia, on the monumental axis, into jobs and opportunity for DC residents,” Bowser said in a statement after Wednesday’s vote. “This will be the largest project in DC history.”

Shortly before the vote, the Commanders expressed concern with what they described as “last-minute new demands” from the Council, according to a letter to the Council from team president Mark Clouse, a copy of which was obtained by The Associated Press.

When the Council voted Wednesday, most of the proposed amendments were rejected — and the team gave no indication of any lingering issues.

“Today is a historic day for D.C., the Commanders organization, and our fans. With the Council’s approval, we can now move forward on the transformative RFK project that will bring lasting economic growth for our city,” Harris said. “This achievement wouldn’t have been possible without the dedication and collaboration between Mayor Bowser, Chairman (Phil) Mendelson, the Council and the countless community, business and leaders whose voices and input helped shape the process every step of the way.”

The Commanders currently play at Northwest Stadium in Landover, Maryland, but aim to open a new venue in 2030 on the same RFK site where the team played when it won three Super Bowls in the 1980s and ’90s.

Congress passed a bill transferring the RFK Stadium land to the city that was signed by then-President Joe Biden in early January. That paved the way for making it possible to replace the old stadium with a mixed-use development, including the new venue for the Commanders.

“The redevelopment plan for the RFK Memorial Stadium Campus is a BIPARTISAN SUCCESS STORY, and I commend the D.C. Council for taking the final step today to turn this long-awaited vision into REALITY for our nation’s capital,” Rep. James Comer, the Republican chairman of the House Oversight Committee, posted on social media.

The Council gave preliminary approval to the plan last month, but a second vote was required. Although there was plenty of debate Wednesday, particularly regarding ways to hold the team accountable for development commitments, by the time the final vote occurred, the mood was largely celebratory.

One Council member, Democrat Matthew Frumin, switched his vote to yes Wednesday after opposing the bill last month.

“It’s gonna happen,” he said. “Let’s all get shoulder to shoulder and make this as great as it can be.”

US jobless claims drop after hitting 4-year high

Summary

  • fell by 33,000 to 231,000 last week
  • Prior week saw claims spike to 264,000, a 4-year high
  • Fed cut rates by 0.25% to address weakening market
  • BLS revises job gains down by 911,000 for year ending March 2025
  • Growth slowed to 1.3% annual rate in first half of 2025

The number of Americans applying for jobless aid last week retreated significantly after surging to a nearly four-year high a week earlier.

U.S. filings for for the week ending Sept. 13 fell by 33,000 to 231,000, the Labor Department reported Thursday. That’s less than the 241,000 analysts surveyed by the data firm FactSet had forecast.

The previous week, applications surged to 264,000, their highest level since the week of Oct. 23, 2021. Last week’s figure was revised up by 1,000.

Concerns about the health of the American led the to cut its key interest rate by a quarter-point on Wednesday as many expected.

The rate cut is a sign that the central bank’s focus has shifted quickly from inflation to jobs as hiring has grounded nearly to a halt in recent months. Lower could reduce borrowing costs for mortgages, car loans, and business loans, and boost growth and hiring. The problem is that it can also exacerbate inflation, which remains above the Fed’s 2% target.

Last week, the Bureau of Labor Statistics issued a massive preliminary revision of U.S. job gains for the 12 months ending in March, further evidence that the labor market has not been as strong as previously thought.

The BLS’s revised figures showed that U.S. employers added 911,000 fewer jobs than originally reported in the year ending in March 2025, The report showed that job gains were tapering long before President  rolled out his far-reaching tariffs on U.S. trading partners in April.

The department issues the revisions every year, intending to better account for new businesses and ones that had gone out of business. Final revisions will come out in February 2026.

The updated figures came after the agency reported earlier this month that the economy generated just 22,000 jobs in August, well below the 80,000 economists were expecting.

Earlier this month, the government reported that U.S. employers advertised 7.2 million job openings at the end of July, the first time since April of 2021 that there were more unemployed Americans than job postings.

The July employment report, which showed job gains of just 73,000 and included huge downward revisions for June and May, sent financial markets spiraling and prompted Trump to fire the head of the agency that compiles the monthly data.

The various labor market reports have bolstered fears that Trump’s erratic economic policies, including the unpredictable taxes on imports, have created so much uncertainty that businesses are reluctant to hire.

Broader U.S. economic growth has weakened so far this year as many companies have pulled back on expansion projects amid the uncertainty surrounding the impacts of the tariffs. Growth slowed to about a 1.3% annual rate in the first half of the year, down from 2.5% in 2024.

Thursday’s unemployment benefits report showed that the four-week average of claims, which evens out some of the week-to-week volatility, fell by 750 to 240,000.

The total number of Americans collecting unemployment benefits for the previous week of Sept. 6 fell by 7,000 to 1.92 million.

Weekly applications for jobless benefits are considered representative of layoffs and have mostly settled in a historically low range between 200,000 and 250,000 since the U.S. began to emerge from the COVID-19 pandemic nearly four years ago.

Scout Motors invests $300M in South Carolina supplier park

Summary

  •  adds $300M investment in Blythewood
  • New  will create about 1,000 jobs
  • Project boosts total economic impact to nearly $700M
  • Park includes , JIT, and accessories facilities

Scout Motors is putting another huge stake in the ground in the Midlands.

The automaker is making an additional investment of $300 million in South Carolina to build a Supplier Park on the site of its Production Center in Blythewood, according to a news release. This initiative, which does not come with any new government incentives, is expected to support approximately 1,000 additional supplier jobs and represents a critical expansion of the company’s existing investment of more than $2 billion in the state, the release stated..

“This expansion reinforces our long-term commitment to American manufacturing and reflects our continued belief in South Carolina as a hub for automotive innovation and economic growth,” said Scott Keogh, president and CEO of Scout Motors, in the release. “Our on-site Supplier Park will strengthen our production capabilities and help establish a vibrant, resilient supply chain ecosystem that will benefit the region for decades to come.”

Located adjacent to the main Production Center buildings, the Supplier Park spans nearly 200 acres and will feature more than 2.3 million square feet of specialized manufacturing and logistics space across three key centers:

  • Just in Time (JIT) Facility dedicated to sequencing parts for final vehicle assembly.
  • Battery Assembly Building designed for high-volume battery assembly.
  • Accessories Building to support upfitting and installation of vehicle accessories.

In addition to building the physical footprint, Scout Motors is in the process of finalizing supplier contracts that are expected to drive a multiplier effect across the , according to the release. Early estimates suggest that supplier agreements already awarded represent $368 million in investments and are expected to support more than 1,000 new jobs in South Carolina.

“When Scout Motors announced they were coming to South Carolina, we knew it would set off a chain reaction of investment and job creation across our state,” said Gov. Henry McMaster in the release. “This announcement further highlights Scout Motors’ commitment to our continued prosperity and the seemingly limitless economic opportunities they’re creating for our people.”

The Supplier Park will serve as a central logistics and production hub, supporting seamless delivery of parts, batteries, and accessories to Scout Motors’ main assembly operations, the release stated. The size and scope of the park reflect Scout Motors’ strategy to build a fully integrated, domestic supply chain for its trucks and SUVs.

“This supplier park is a major milestone in the Scout Motors project and for , signifying a new era of growth in innovative manufacturing and opportunity,” said Jesica Mackey, co-chair, Columbia Area Development Partnership and chair, Richland County Council, in the release. “Not only does it infuse an immediate investment of capital that further strengthens our community, it sets the stage for other businesses to enter the market that will bring in career opportunities and partnerships.”

The construction contract has been awarded to Evans General Contractors, a nationally respected firm with strong local ties, the release stated. PRP Real Assets is serving as the Project Advisor.

“It has been an incredible opportunity to work with the Scout Motors team on the new plant,” said Paul C. Dougherty, President of PRP Real Assets. “PRP is honored to be a small part of what will be the most thrilling new trucks and SUVs ever produced. We look forward to seeing the new vehicles roll off the assembly line in Blythewood, SC.”

Cygnus supply ship reaches ISS after engine shutdown delay

Summary

  • capsule delivers 11,000 pounds of supplies to
  • Arrival delayed one day due to premature engine shutdown
  • Astronauts used robot arm to capture the capsule
  • Issue traced to conservative software setting
  • Capsule launched from Florida aboard a rocket

A supply ship arrived at the on Thursday after a day’s delay due to a premature engine shutdown.

Astronauts used the space station’s robot arm to pluck ‘s Cygnus capsule from orbit as they soared over Africa.

The 11,000-pound (5,000-kilogram) shipment should have reached the space station Wednesday, three days after blasting off from Florida. But when the capsule tried to climb higher, its main engine shut down too soon. Engineers traced the problem to an overly conservative software setting.

This is the first flight of the extra-large version of the Cygnus, which is packed with food, science experiments and equipment for the space station’s toilet and other systems. holds contracts with Northrop Grumman as well as SpaceX to keep the orbiting lab well stocked. Russia also sends supplies, and Japan is about to resume deliveries as well.

Northrop Grumman named its latest capsule the S.S. Willie McCool after the pilot of the doomed 2003 flight of space shuttle Columbia.

___

Nvidia invests $5b in Intel, forms data center partnership

Summary

  • announces partnership with on custom and PCs
  • Nvidia invests $5 billion in Intel’s common stock
  • Deal is pending regulatory approvals
  • Follows ‘s 10% stake in Intel
  • Intel seeks rebound after falling behind in AI-driven market

NEW YORK (AP) — Nvidia, the world’s leading chipmaker, announced on Thursday that it’s investing $5 billion in Intel and will collaborate with the struggling semiconductor company.

The two companies will team up to work on custom data centers that form the backbone of infrastructure as well as personal computer products, Nvidia said in a press release.

Nvidia said it will spend $5 billion to buy Intel common stock at $23.28 a share. The investment, which is subject to regulatory approvals, comes a month after the U.S. government took a 10% stake in Intel.

“This historic collaboration tightly couples NVIDIA’s AI and accelerated computing stack with Intel’s CPUs and the vast x86 ecosystem — a fusion of two world-class platforms,” Nvidia CEO Jensen Huang said. “Together, we will expand our ecosystems and lay the foundation for the next era of computing.”

The two companies said they will work on “seamlessly connecting” their architectures.

For data centers, Intel will make custom chips that Nvidia will use in its AI infrastructure platforms. While for PC products, Intel will build chips that integrate Nvidia technology.

The agreement provides a lifeline for Intel, which was a Silicon Valley pioneer that enjoyed decades of growth as its processors powered the personal computer boom, but fell into a slump after missing the shift to the mobile computing era unleashed by the iPhone’s 2007 debut.

Intel fell even farther behind in recent years amid the artificial intelligence boom that’s propelled Nvidia into the world’s most valuable company. Intel lost nearly $19 billion last year and another $3.7 billion in the first six months of this year, and expects to slash its workforce by a quarter by the end of 2025.

The U.S. government stepped in last month to secure a 10% stake, making it one of Intel’s biggest shareholders. President made the announcement weeks after he initially criticized the company’s CEO as a conflicted leader unfit for the job. CEO Lip-Bu Tan and Trump later reconciled after meeting in person.

Nvidia, meanwhile, has soared because its specialized chips are underpinning the artificial intelligence boom. The chips, known as graphics processing units, or GPUs, are highly effective at developing powerful AI systems.

The deal between the two chipmakers comes as China moves to be less dependent on U.S. semiconductor technology. This week, Chinese officials reportedly forbade several large domestic technology companies from purchasing Nvidia chips, and Huawei announced that it was expanding its development of AI chips and manufacturing.

In premarket trading, Intel shares jumped 30%. Nvidia shares added 3%.

Amazon boosts worker pay, cuts health plan costs

Summary

  • $1B investment in U.S. fulfillment and transport workers
  • Average pay rising to more than $23 per hour
  • Tenured employees get $1.10–$1.90 hourly raises
  • Full-time employees to see $1,600 more per year
  • Entry health plan lowered to $5 per week and $5 co-pays
  • Cuts weekly health contributions by 34%, co-pays by 87%

NEW YORK (AP) — says it’s investing more than a $1 billion to raise and lower the cost of plans for its U.S. fulfillment and transportation workers.

The Seattle-based company said Wednesday the average pay is increasing to more than $23 per hour. Some of its most tenured employees will see an increase between $1.10 and $1.90 per hour. Full-time employees, on average, will see their pay increase by $1,600 per year.

Amazon also said it will lower the cost of its entry health care plan to $5 per week and $5 for co-pays, starting next year. Amazon said that will reduce weekly contributions by 34% and co-pays by 87% for primary care, mental health and most non-specialist visits for employees using the basic plan.

Amazon has a global workforce of 1.5 million workers.

Last December, seven Amazon facilities went on strike, an effort by the Teamsters union to pressure the e-commerce company for a agreement during a key shopping period.

That same month, Amazon reached a settlement with the Occupational Safety and Health Administration that requires the online behemoth to adopt corporatewide ergonomic measures at facilities across the country. The agency claimed hazardous working conditions led to serious lower back and other musculoskeletal disorders at Amazon facilities.

In January 2024, Walmart, the nation’s largest private employer, said that average wages for hourly workers would exceed $18, up from $17.50. The increase was due to Walmart introducing some higher-paying hourly roles in its Auto Care Centers last year, among other changes, the company said.

Walmart, based in Bentonville, Arkansas, had announced in January 2023 that U.S. workers would get pay raises the following month, increasing starting wages to between $14 and $19 an hour. Starting wages had previously ranged between $12 and $18 an hour, depending on location.

At Minneapolis-based Target, the starting hourly wage ranges from $15 to $24 for workers employed at stores and distribution centers, depending on the location, company spokesman Brian Harper-Tibaldo said.

The average hourly wage for a Target store worker is more than $18, he said.