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<keyword id="24240143" type="General" weightage="20" keywordseo="Chennai-International-Airport" source="keywords" meta.keywordsubtype="org" meta.entityname="Chennai International Airport" meta.hostid="261" meta.entityid="Chennai International Airport">Chennai International Airport</keyword> has been temporarily shut down till 7 PM on Saturday in view of <keyword id="24172195" type="General" weightage="100" keywordseo="Cyclone-Fengal" source="keywords">cyclone Fengal</keyword> making landfall today evening. As heavy rainfall and strong winds intensified ahead of the cyclone, it is expected to cross between Karaikal and Mahabalipuram coasts, near Puducherry tonight. Multiple airlines companies already issued travel advisories and updates on their flight plans due to the continuing heavy rainfall in Chennai Tamilnadu. Earlier, <keyword id="19900374" type="General" weightage="20" keywordseo="IndiGo-airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="IndiGo airlines" meta.hostid="261" meta.entityid="IndiGo airlines">IndiGo airlines</keyword> diverted all flights scheduled to come to Chennai. "Due to the impact of CycloneFengal in Chennai, flights operating to the city are being diverted. Our crew and airport teams are dedicated to providing all possible support &amp; assistance during this time. We sincerely appreciate your patience and understanding," the X post by IndiGo said. Meanwhile, security at the Puducherry coast has also increased as Puducherry Senior Superintendent of Police, Kalaivanan visited the beaches and the coastal roads in the region and inspected them for preparedness. The authorities have advised the public to not visit beaches in Puducherry as well as in Tamil Nadu's Chennai, including Marina Beach, Pattinapakkam and Edward Elliot Beach. The tourist spots in Puducherry have been closed as a precautionary measure, owing to the impending cyclone Fengal. <keyword id="24240138" type="General" weightage="20" keywordseo="Puducherry-police" source="keywords">Puducherry Police</keyword> in a post on X advised citizens, "In view of Cyclone Fengal, we urge you to exercise extreme caution and avoid visiting beaches and coastal areas" The SSP said that 300 police personnel have been deployed on various coastal roads and beaches. "For the last four days, we have been deploying police personnel along the beaches and apart from that we are also informing the fishermen and people living in the low-lying areas to be careful. Fishermen are not venturing into the sea. Since last night, we have closed all beaches. We have deployed nearly 300 personnel across all the beaches of Puducherry and we are coordinating with the NDRF also," the SSP said. The coastal areas of Puducherry witnessed rough sea and gusty winds on Saturday morning due to the impact of the cyclone. Puducherry received moderate rain, as per IMD, in the morning today but the rough sea was seen more than usual.

Cyclone Fengal: Chennai airport shut till 7 PM

Donald <keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> and <keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> have apparently become great friends over recent months. Musk poured millions of dollars into Trump's successful election campaign and has been a vocal and visible supporter of the president-elect. In return, he's been given a new job, in joint charge of the new <keyword id="23593857" type="General" weightage="20" keywordseo="Department-of-Government-Efficiency" source="keywords">Department of Government Efficiency</keyword> (Doge), where he will be tasked with streamlining government operations and reducing bureaucracy. This "department"—actually an advisory group—will aim to cut unnecessary spending and make the general functioning of the US government more efficient. The idea is that within a federal budget of over US$6 trillion, there are opportunities to make some big savings. Musk's appointment—like many things he's involved with—has sparked controversy. The richest man in the world has already said he wants to cut spending by US$2 trillion (£1.6 trillion) and mentioned setting up a "leaderboard for most insanely dumb spending of your tax dollars.". Some are concerned about the impact he could have on public services. Others fear he will use his position to promote his own business interests. On the positive side, Musk has a very impressive CV when it comes to big organisations. He has created (or co-created) multi-billion-dollar businesses, including Paypal, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, and <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>. He has founded startups involved in AI (xAI), tunnelling (the Boring Company), and medicine (<keyword id="19985233" type="General" weightage="20" keywordseo="Neuralink" source="keywords" meta.keywordsubtype="org" meta.entityname="Neuralink" meta.hostid="261" meta.entityid="Neuralink">Neuralink</keyword>). And research suggests that much of Musk's success comes down to a relentless focus on efficiency. He has also been praised for the depth of his analytical thinking and innovative problem solving. Tesla's factory in California went from being the least productive car manufacturing plant in the US when it was owned by General Motors to the most productive under Musk's ownership. SpaceX has vastly reduced costs in the space cargo business. So he has form. And Musk is not the first American business leader to offer private sector expertise to the world of politics. Back in the 1960s, Robert McNamara, former president of the Ford Motor Company, served as secretary of defence under presidents John F. Kennedy and Lyndon B. Johnson. McNamara brought significant innovations to <keyword id="22668770" type="General" weightage="20" keywordseo="government-efficiency" source="keywords">government efficiency</keyword> that drew on his corporate experience. He championed cost-benefit analysis and a data-driven approach to decision-making and was keen on reducing bureaucracy and promoting accountability in complex governmental processes. To achieve this, McNamara recruited a team of experts from the worlds of academia and business. Known as the "Whizz Kids," they brought new perspectives to the White House. In the UK now, the Labour government's minister of state for investment is Poppy Gustafsson, a former venture capitalist and tech founder. Its minister for prisons is James Timpson, former CEO of the Timpson Group, a family firm renowned for hiring ex-offenders. These people—and there are many other examples around the world—were brought into the political sphere because of the knowledge and vision they have demonstrated in the private sector. The hope is their talent and leadership will improve policy and practice. <h2>Data-driven reform</h2>The same must be hoped for Musk: that with his co-leader, Vivek Ramaswamy—a biotech entrepreneur and former Republican leadership candidate—he will bring expertise in cost-cutting and innovative strategies. This will probably include comprehensive audits and data-driven approaches to reform. Critics refer to prior examples of Musk's approach, such as the mass layoffs and aggressive cost-cutting measures at Twitter (now X), with concerns that there could be similarly drastic reductions in the federal workforce and public services. But big job cuts were happening across the tech sector at that time. They came in the wake of reduced revenues and a need to reduce bloated workforces and ineffective functions—not unlike the challenges faced by the US government. Nevertheless, while proponents see Musk as an experienced leader capable of streamlining bureaucracy, sceptics fear the advent of harmful austerity measures that risk disruption to essential public programs. Concerns have also been raised about potential conflicts of interest, as Musk's business empire benefits from government contracts. However, since Doge will operate as an advisory body, concerns over him gaining advantage through any self-dealing seem overblown. Besides, two of Musk's companies (SpaceX and Tesla) have been awarded US$15.4 billion (£12.3bn) in federal contracts in the last decade. Perhaps then, success precedes influence rather than the reverse? Doge will also be governed by the Federal Advisory Committee Act, which maintains legal and ethical guardrails. And Congress will have the final say over any decisions. Fears of the worst possible outcome to Musk's appointment are a natural human response in the face of uncertainty. It is part of the reason that negative headlines get more clicks than positive ones. It is also true that Musk has aligned himself with a politician who divides opinion like few others. By leveraging his billions of dollars and 200 million followers on X to help Trump to victory, he made it clear which side he was on. And in a highly polarised US political landscape, the anguish about his governmental role may be little more than a knee-jerk reaction from the millions of people whose side he did not choose.

Love him or loathe him, Elon Musk is a champion of efficiency and could save the US government a fortune

<ul class="summary-list"><li><keyword id="19912297" type="General" weightage="100" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword>'s stock fell 9.5% due to concerns about AI and the <keyword id="20335130" type="General" weightage="20" keywordseo="US-economy" source="keywords">US economy</keyword>.</li><li>Investors are worried about economic indicators and potential recession signals from the Fed.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-earnings-ai-hype-investors-returns-jensen-huang-big-tech-2024-8">Nvidia</a> has taken two major hits in the last four working days. First, investors punished the company for <a href="https://www.businessinsider.com/nvidia-q2-earnings-ai-investors-expectations-2024-8" target="_blank">not beating expectations enough</a> when it reported earnings on August 28. And on Tuesday, its stock slid 9.5%, shedding $278.9 billion in valuation — the biggest single-day loss ever recorded by a US company. The wipeout is tied to concerns, including the health of AI and the US economy. A metric for manufacturing jobs, released on Tuesday, shrank for the third consecutive month, and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-nasdaq-selloff-nvidia-tech-ism-manufacturing-recession-2024-9">both major indices took a hit</a>. There's also bearish sentiment about a US employment employment report later this week. In just two weeks, analysts expect the Fed to <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-corporate-earnings-federal-reserve-slowdown-trivariate-research-2024-9">announce interest rate cuts</a>, which could be larger than they first expected, sending omens about the chances of a recession. At a company level, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-prediction-nvda-sell-stock-market-inflation-rates-outlook-2024-9?utm_medium=ingest&amp;utm_source=markets">one strategist flagged </a>that Nvidia is flashing a big "sell" sign to investors. Bill Blain, the founder of Wind Shift Capital and a longtime financial strategist, wrote in a note on Tuesday that <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-may-lose-ai-inference-market-groq-cerebras-2024-8">Nvidia's soaring valuation </a>has made many of its employees very wealthy. Citing numbers from a recent poll, Blain said that leaves less than a third of Nvidia's staff with "any real daily financial pressure upon them," which should make investors question their motivation and Nvidia's productivity. There were also renewed warnings about <a target="_blank" class="" href="https://www.businessinsider.com/ai-frontier-crowded-winners-losers-2024-8">AI spending</a> and how it will take time to materialize into results for investors. Michael Cembalest, the chairman of market and investment strategy at JPMorgan Asset Management, said investors are looking past GPU sales and focusing on whether the tech giants on Nvidia's customer list can make money from the hundreds of billions they have spent on AI. Blackrock echoed a similar sentiment: Investors are debating whether the dollars in spending will show up in future bottom lines, and how many years it will take. These concerns explain why <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-talks-invests-openai-microsoft-apple-100-billion-valuation-reports-2024-8">Nvidia</a> was not the only chipmaker that took a hit on Tuesday. Intel fell 8.8%, AMD dropped 7.8%, and Qualcomm fell almost 7%. An overall chip index — VanEck Semiconductor — was down 7.5%. Nvidia's <a target="_blank" class="" href="https://www.businessinsider.com/doj-subpoena-nvidia-antitrust-investigation-heats-up-report-2024-9">stock fell 2.4% after hours</a> after the US Department of Justice subpoenaed the company as part of a probe into whether <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-doj-investigation-runai-big-tech-crackdown-antitrust-acquisition-competition-2024-8">it violated antitrust laws</a>. Nvidia's massive valuation drop comes more than two years after <a target="_blank" class="" href="https://www.businessinsider.com/meta-q4-earnings-largest-ever-one-day-wipeout-190-billion-2022-2">Meta lost $237 billion in market value</a> in a single day in February 2022. Apple, which held the record before that, lost $180 billion in one day in September 2020. The 2022 rout was Meta's second time on the chart. In July 2018, the company <a target="_blank" class="" href="https://www.businessinsider.com/facebook-stock-price-earnings-report-market-value-on-pace-for-record-drop-2018-7">shed $119 billion in market cap</a> in a single day after reporting slowing growth in its second-quarter earnings. It was the largest one-day market cap slump at the time. Correction: September 4, 2024 — Because of an editing error, an earlier version of this story misstated when Nvidia most recently reported its earnings. It was on August 28, not September 28.

Nvidia just recorded the biggest single-day wipeout by a US company

In an unusual development, a teenager in British Columbia has become the first person in <keyword id="19896882" type="General" weightage="20" keywordseo="canada" source="keywords">Canada</keyword> to test positive for <keyword id="95867" type="General" weightage="20" keywordseo="bird-flu" source="Orion">bird flu</keyword>, the provincial health department announced. The youth is currently receiving treatment in a children's hospital for the <keyword id="23932297" type="General" weightage="20" keywordseo="H5-avian-influenza" source="keywords">H5 avian influenza</keyword> strain, with the source of infection and potential contacts under active investigation. According to British Columbia Health Officer Dr Bonnie Henry, the infection likely came from an animal source. "This is a rare event," she noted. "We are conducting a thorough investigation to fully understand the source of exposure here in BC." <div type="Article" hostid="261" msid="109603354" title="Bird flu could jump to humans any day. A former surgeon general says it feels like 2020 again." mstype="2" mssubtype="0"></div>Bird flu, most commonly found in wild birds and poultry, can sometimes infect humans through close contact or contaminated environments. Scientists have voiced growing concerns as avian flu has recently been detected in mammals, and a recent outbreak in US cattle has added to fears. Although human infections remain rare, experts worry that an increased rate of transmission could eventually lead to a virus mutation that allows human-to-human spread. The Canadian case comes shortly after another unusual incident in the United States, where a person in Missouri tested positive for bird flu without any known exposure to infected animals. While cases among farmworkers are known, these isolated incidents without clear animal sources add to the need for vigilance. Despite the isolated cases, there has been no evidence of sustained human-to-human transmission of bird flu to date, which would otherwise signify a more serious public health risk. For now, health authorities in Canada are closely monitoring the situation to prevent further spread. <div type="Article" hostid="261" msid="114819490" title="Bird flu was detected in a pig, and it could be a tipping point threatening more human transmission" mstype="2" mssubtype="0"></div>

Bird flu alert in Canada as teen tests positive; officials launch investigation

<ul class="summary-list"><li>An Intel employee raised concerns about the upcoming US election's impact on CHIPS Act funding.</li><li>Intel invested billions in US factories but hasn't received CHIPS Act grants yet.</li></ul>Intel CEO Pat Gelsinger addressed an employee-submitted question about whether the upcoming US election would affect Intel's CHIPS and Science Act funding at an all-hands meeting on Friday.The US Commerce Department has awarded Intel, the largest recipient of the Act, <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/news/us-chips-act-intel-direct-funding.html">$8.5 billion in grants</a> and $11 billion in loans. The government said it will pay out grants based on how companies meet benchmarks.During the all-hands, Gelsinger responded that the bill was "bipartisan," and the executive team reassured employees that Intel was a key part of the CHIPS Act as the only large-scale chip manufacturer in the US, according to an employee who listened to the meeting. The employee, whose identity Business Insider confirmed, asked to remain anonymous to discuss internal matters.Intel has privately <a target="_blank" class="" href="https://www.intel.com/content/www/us/en/newsroom/news/updates-intel-10-largest-construction-projects.html">invested billions </a>in factory expansions in New Mexico, Arizona, Ohio, and Oregon. It has not yet received the CHIPS grants.Gelsinger publicly addressed this topic in a Thursday <a target="_blank" href="https://www.bloomberg.com/news/videos/2024-10-31/intel-ceo-pat-gelsinger-on-q4-forecast">interview with Bloomberg</a> after the third quarter earnings call."The CHIPS Act was a bipartisan act, and with that strong support from both sides of the aisle, we believe the importance of that in terms of industrial policy. The semiconductor is well-supported by Congress and both parties," Gelsinger said.He also addressed the delay of CHIPS Act funding distribution."We are disappointed by how long and how slow the dispensing of funds has been and it's well over two years at this point. I've invested 30 billion in capital and we've seen $0 of the grants at this point. So we do believe that that has been too slow, and we're somewhat frustrated by that," Gelsinger said in the Bloomberg interview.Policymakers recently in Washington, DC, have discussed whether Intel needs additional help beyond the CHIPS Act funding as <a target="_blank" href="https://www.semafor.com/article/11/01/2024/concerns-grow-in-washington-over-intel">a precautionary measure</a>, as Intel's success is key to evolving American manufacturing policies, Semafor reported.Government leaders are also monitoring the CHIPS Act funding delays. Ohio governor Mike DeWine said Wednesday that he <a target="_blank" href="https://www.10tv.com/article/news/local/intel-hasnt-any-chips-act-money-why-not/530-021a26ac-81cd-4146-852e-2b2172f2c5f7">contacted the White House</a> to ask it to speed up the distribution of funding from the CHIPS Act for its New Albany factory.The CHIPS Act was passed largely in a bipartisan fashion in 2022. Stephen Ezell, the vice president for global innovation policy at the Information Technology and Innovation Foundation and the director of its Center for Life Sciences Innovation, previously told BI he <a target="_blank" href="https://www.businessinsider.com/us-semiconductor-chip-production-continue-harris-trump-presidency-arizona-jobs-2024-10">expects no "considerable change"</a> in approach whether presidential candidates Kamala Harris or Donald Trump are elected.Besides the delay in receiving CHIPS Act funds, Intel has faced a series of setbacks to its business. The S&amp;P Dow Jones Indices said Friday that <a target="_blank" href="https://www.businessinsider.com/nvidia-replace-intel-dow-jones-industrial-average-2024-11">Nvidia would replace Intel </a>in the Dow Jones Industrial Average. This change indicates that Intel is no longer seen as a stable economic indicator.Intel's recent profitability was "negatively impacted" by cost reduction changes as the company is "maniacally focused on improving fab productivity," Gelsinger said during its third-quarter earnings call.Amid a challenging financial adjustment, Intel is relying upon the success of its <a target="_blank" href="https://www.intel.com/content/www/us/en/newsroom/opinion/continued-momentum-intel-18a.html">18A chip</a>. In the past, the company has faced customer losses and delays in its 14-nanometer and 10-nanometer chips due to yield issues.Intel plans to reduce spending with a <a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">cost</a>-<a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9">savings plan</a> and <a target="_blank" href="https://www.businessinsider.com/intel-layoffs-cost-cutting-measures-pay-cuts-reduced-perks-2024-10">has cut staff by 15%</a>.Got a tip about Intel? Contact this reporter at <a target="_blank" href="mailto:hli@insider.com">hli@insider.com</a> or use the secure messaging app Signal with the username hliwrites.99.

In an all-hands, Intel CEO addresses employee concerns about the US election and CHIPS Act funding

<ul class="summary-list"><li>Kamala Harris has stepped up her attacks on Donald Trump, echoing John Kelly's view that he's "a fascist."</li><li>Her focus on Trump carries some risk as polls show voters are still more concerned about the economy.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-presidential-election-swing-state-polls-sun-belt-2024-10">Kamala Harris</a> is trying to escape Joe Biden's unpopular shadow, but she's closing the presidential campaign with what was once his central message.Harris and her allies have seized on former White House chief of staff <a target="_blank" class="" href="https://www.businessinsider.com/john-kelly-says-trump-told-him-hitler-did-good-things-2024-10">John Kelly</a> calling Donald Trump a "fascist." Her campaign already has a TV ad with Kelly's words on the airwaves. Harris is planning a major speech on Tuesday that she will deliver in the same location where Trump pushed debunked claims about the 2020 election on the morning of January 6, 2021, hours before rioters stopped the certification of Trump's defeat. In a scene few could have once predicted, Harris is also relying on Republicans such as former Congresswoman Liz Cheney and conservatives like the noted commentator Charlie Sykes to drive home her pitch to more centrist voters.Her strategy is not without risk."It's a weak message that is not going to work for her, because it has already been tried out by President Biden over the past couple of years," Ron Bonjean, a Republican strategist, told Business Insider. "What she should be doing is continuing to sell herself to the American people who don't know her quite yet, and she's only had 100 days to define herself."For months, polls have shown that <a target="_blank" class="" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5">the economy</a> remains voters' top concern, though democracy is still important. A New York Times-Siena College poll released on Friday found that the economy was the most important issue to 27% of the likely electorate. The state of democracy/corruption was further down the priority list behind abortion and immigration.Harris held a 6 percentage point lead regarding who voters trusted to do a better job handling democracy. But Trump is still more trusted when it comes to handling the economy.Sen. Bernie Sanders of Vermont, who ran twice for the Democratic presidential nomination, told the Associated Press that Harris "has to start talking more to the needs of working-class people." Addressing concerns that she's making the wrong closing argument, Harris told reporters on Friday that voters can process multiple things simultaneously."One of the things that I love about the American people is we can hold many thoughts at once," Harris said.Ryan Williams, who worked on Mitt Romney's 2012 campaign, said Harris' decision to lean further into attacking Trump risks striking the wrong chord with voters."It's a pretty dour and kind of dark closing message, which is pretty different than when she got into the race — this idea that she was running on vibes and joy," Williams told Business Insider. "This is not a joyful ending to the campaign to basically go out and accuse your opponent of being Hitler."In an interview with The New York Times, Kelly, who also once led the Homeland Security Department, said that Trump fell under the definition of being a "fascist" and would essentially govern like a dictator if voters return him to power. In response, Trump wrote on Truth Social that Kelly is "a LOWLIFE, and a bad General."Trump is one of the most well-known presidential hopefuls in history, making it difficult for new attacks to resonate. Polling shows Trump is also more popular now than when he left office in January 2021."Look, we've heard a lot of extreme things about Donald Trump, from Donald Trump, it's kind of par for the course, it's really, unfortunately, with a guy like that kind of baked into the vote at this point," Gov. Chris Sununu of New Hampshire, a Republican, recently told CNN when asked about Kelly's statements.Those outside the Harris campaign say her approach is well-taken. Evan Roth Smith, the lead pollster at BluePrint, pointed to the results of his group's testing of various potential closing arguments. A message pointing out that the vast majority of Trump's Cabinet has not endorsed his 2024 run and how his actions on January 6 endangered then-Vice President Mike Pence scored the highest. Roth Smith said the current messaging is different because some of the harshest criticisms come from those once inside Trump's White House."It's much convincing when Republicans say nasty things about Republicans and not just any Republican, someone, and more than one someone, who were faces of the Trump administration itself," he told Business Insider.

Economic concerns are top of voters' minds, but Kamala Harris is choosing a different path for her closing argument

<ul class="summary-list"><li>TSMC halted shipments to a client after its chips were found in Huawei products, per reports.</li><li>TSMC and other chipmakers are barred from doing business with Huawei without US government approval.</li></ul>Taiwan Semiconductor Manufacturing Company has cut off shipments to a client after the chips it sent were found in products produced by Huawei Technologies — which is under US export control — an unnamed Taipei <a target="_blank" class="" href="https://www.barrons.com/news/taiwan-s-tsmc-stops-shipments-to-client-after-chips-sent-to-huawei-f136ea24">government official told AFP.</a>TSMC notified the US and Taiwanese governments due to the possible violations of US sanctions to restrict tech transfers to the Chinese firm, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-23/tsmc-cuts-off-client-after-discovering-chips-diverted-to-huawei">per Bloomberg.</a> TSMC is Taiwan's largest company and the world's largest dedicated independent semiconductor foundry.TSMC and other chipmakers are barred from doing business with Huawei without US government approval. The sanctions are part of efforts to restrict Huawei's technological capabilities, especially in areas like 5G and AI. The reports raise questions about supply chain transparency and could lead to increased export scrutiny, according to researchers and analysts who spoke with BI. On Wednesday, John Moolenaar, the chairman of the Select Committee on the Chinese Communist Party, slammed the development in a <a target="_blank" class="" href="https://selectcommitteeontheccp.house.gov/media/press-releases/moolenaar-tsmc-chips-huawei-catastrophic-failure-export-control-policy">statement.</a>"Reports that cutting-edge TSMC-manufactured chips have contributed to Huawei's AI development represent a catastrophic failure of US export control policy," he said. "AI accelerators, like the one that these chips fueled, are at the forefront of our technology race with the CCP, and I fear the damage done here will have significant consequences for our national security," Moolenaar added. "Congress needs immediate answers from both BIS and TSMC about the scope and volume of this disaster. The US government must take immediate steps to ensure this does not happen again."TSMC, Huawei, and the Commerce Department did not immediately respond to Business Insider's requests for comments.TSMC told Bloomberg that it stopped all shipments to Huawei after September 15, 2020. It declined to comment on the reports that its chips had ended up in Huawei products. "TSMC is a law-abiding company, and we are committed to complying with all applicable rules and regulations, including applicable export controls," TSMC said in its emailed statement to Bloomberg. "We proactively communicated with the US Commerce Department regarding the matter in the report. We are not aware of TSMC being the subject of any investigation at this time."<h2 id="fe26c08e-cd2e-4e3d-a477-f5211b02bcea">A 'shadow network' of chips</h2>The report adds to US concerns that Huawei is potentially obtaining advanced chips despite being blacklisted since 2020. A US semiconductor association <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2023-08-23/huawei-building-secret-chip-plants-in-china-to-bypass-us-sanctions-group-warns">warned last year</a> that Huawei was building a shadow manufacturing network.Min-yen Chiang, a researcher who focuses on the political economy of semiconductors, told Business Insider the development raises the question of opacity surrounding Huawei's "shadow network" of chips, including how big the web is and the nature of the network.He said public information suggests TSMC has been closely following export controls, but Huawei's network needs to be better understood to improve due diligence."If it remains unclear, what happened with TSMC could happen to other chip manufacturers as they wouldn't know if the chips that they sell would be resold to Huawei," Chiang said. <h2 id="22ca6e98-7cd9-45ff-b108-05b66813c717">Supply chain issues</h2>The situation could also have other implications, including distrust about TSMC's supply chain and more intense regulatory scrutiny, analysts said. Kate Leaman, chief market analyst at AvaTrade, said the wider concern is how Huawei obtained the advanced chips."This raises suspicions about potential loopholes or third-party intermediaries acting on their behalf," she said."If TSMC is found to have breached said export controls, it may face penalties that could restrict its ability to access US technology," she continued, adding this would not only hurt TSMC's operations but also have wider implications for tech giants like Apple and Nvidia that rely heavily on TSMC for chip production.Leaman said the issue could also prompt ever stricter export controls and more intense supply chain scrutiny for companies involved in sensitive technology.<h2 id="d2ebdb77-3001-47e5-8687-80caa672acdd">Export controls </h2><a target="_blank" class="" href="https://www.cna.com.tw/news/afe/202410230090.aspx">On Wednesday,</a> JW Kuo, Taiwan's economic affairs minister, told reporters in Taipei that the island respects US export control measures and will strongly communicate this stance to the industry.A US Commerce Department spokesperson told Bloomberg the agency's Bureau of Industry and Security is "aware of reporting alleging potential violations of US export controls."Xiaomeng Lu, the director of geo-technology practice at the Eurasia Group consultancy, said that the US investigation into TSMC, as reported by <a target="_blank" href="https://affiliate.insider.com?h=1628943e8031fe80dfa61d0e6ee084273a5ef6d19a87aa94de6b6cf0e71168c7&amp;postID=6719b53f434c477c233eacbd&amp;postSlug=tsmc-chips-huawei-export-controls-supply-chain-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fu-s-probes-tsmcs-dealings-with-huawei">The Information</a> on October 17, appears to examine whether the company is following export control rules."This question is slightly different than whether Huawei got restricted chips from TSMC through illegal channels," she told GZERO Media, a subsidiary of the Eurasia Group."If Huawei is doing that, which is a more geopolitically significant development than potential TSMC misconduct — and TSMC proves they are following all US rules and regulations, Huawei should be the one receiving severe penalties. And I am almost certain they will," Lu added.

TSMC chips reportedly ended up at Huawei. It raises concerns about 'shadow networks' bypassing US sanctions. 

<ul class="summary-list"><li>It's been a wild 24 hours at OpenAI.</li><li>And its AI rivals are delighting in — and worried about — the company's chaos.</li></ul>It's been a wild 24 hours at OpenAI, with <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-note-more-staff-exits-barret-bob-2024-9">three high-level execs leaving the company</a> — including CTO <a target="_blank" href="https://www.businessinsider.com/mira-murati-openai-cto-leaving-executive-memo-staff-2024-9">Mira Murati</a> — and reports it's <a target="_blank" class="" href="https://www.businessinsider.com/open-ai-sam-altman-equity-stake-valuation-private-nonprofit-9">restructuring</a> as a for-profit benefit corporation.Speaking at Italian Tech Week Thursday, OpenAI CEO Sam Altman said the executive departures and restructuring talks were unrelated.But on social media, major players in the AI field reacted to the sweeping changes with serious concerns — or outright delight at seeing such serious shake-ups at one of the industry's leading AI firms.CEO Sam Altman's dwindling C-Suite <a target="_blank" href="https://www.businessinsider.com/openai-talent-exodus-joke-tech-world-mira-murati-sam-altman-2024-9">spurred jokes</a> on social media, with some photoshopping old pictures of former execs. Several top researchers and execs have quit the company in recent months after Altman was briefly ousted from OpenAI.Elon Musk likened the OpenAI chief to a <a target="_blank" href="https://www.businessinsider.com/elon-musk-diss-sam-altman-over-openais-high-profile-exits-2024-9#:~:text=Elon%20Musk%20seemed%20to%20diss,cunning%20'Game%20of%20Thrones'%20character&amp;text=Elon%20Musk%20compared%20OpenAI's%20Sam,role%20as%20CTO%20of%20OpenAI.">shifty "Game Of Thrones"</a> character.The changes at the company come as OpenAI is seeking fresh funding that would value it at a staggering <a target="_blank" class="" href="https://www.businessinsider.com/openai-fundraising-150-billion-valuation-new-funding-round-altman-thrive-2024-9">$150 billion</a>, according to <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-11/openai-fundraising-set-to-vault-startup-s-value-to-150-billion?srnd=homepage-asia">Bloomberg</a>.<a target="_blank" class="" href="https://www.reuters.com/technology/artificial-intelligence/openais-stunning-150-billion-valuation-hinges-upending-corporate-structure-2024-09-14/">Reuters previously reported</a> that the sky-high valuation depends on whether OpenAI can restructure and do away with a profit cap. Those plans are now in the works, and would result in the company no longer being nonprofit-controlled while giving Altman an equity stake, <a target="_blank" class="" href="https://www.reuters.com/technology/artificial-intelligence/openai-remove-non-profit-control-give-sam-altman-equity-sources-say-2024-09-25/">according to Reuters</a>.But one expert urged investors to reconsider whether to open their checkbooks for OpenAI.AI analyst and Geometric Intelligence founder Gary Marcus — who has been <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-generative-ai-cant-be-trusted-gary-marcus-openai-2024-8">critical of Altman</a> — <a target="_blank" class="" href="https://x.com/GaryMarcus/status/1839037069307555905">wrote on X</a> that "investors shouldn't be pouring more money at higher valuations, they should be asking what is going on.""GPT-5 hasn't dropped, Sora hasn't shipped, the company had an operating loss of $5b last year, there is no obvious moat," Marcus wrote. "Meta is giving away similar software for free, many lawsuits pending, and people are valuing this company at $150 billion dollars?"Other AI governance experts balked at the for-profit shift.<a target="_blank" href="https://x.com/n_miailhe/status/1839067791099343078">Nicolas Miailhe</a>, a board member of the AI governance nonprofit The Future Society, called it "concerning.""Public interest alignment is key when building such powerful technology with deep consequences on our economies and societies," Miailhe wrote."We're working with our board to ensure that we're best positioned to succeed in our mission," an OpenAI spokesperson told Business Insider in a statement. "The nonprofit is core to our mission and will continue to exist."And in spite of the firestorm, some OpenAI executives were optimistic and doubling down on the future."I've been through enough ups and downs to know it's never wise to bet against us," wrote SVP of research Mark Chen, who will <a target="_blank" class="" href="https://www.lastampa.it/speciale/cronaca/italian-tech-week-2024/2024/09/26/video/italian_tech_week_2024_sam_altman_and_john_elkann_on_innovation_leadership_and_shaping_the_future_-_the_complete_fireside-14666383/">succeed</a> departing executive Bob McGrew.Meanwhile, in a <a target="_blank" class="" href="https://x.com/sama/status/1839096160168063488">note to OpenAI staff on Wednesday</a>, Altman said changes at the top are a "natural part" of a company's life."I obviously won't pretend it's natural for this one to be so abrupt, but we are not a normal company," he wrote.

AI leaders are reacting to OpenAI's wild 24 hours with a mix of schadenfreude and concern

<ul class="summary-list"><li>Hurricane Helene caused at least 6 EV fires in Florida, according to state officials.</li><li>Saltwater can corrode lithium-ion batteries, leading to short-circuits and fires.</li></ul>Soon after Hurricane Helene barreled into northwestern Florida, local government officials <a target="_blank" href="https://www.facebook.com/watch/?v=1886706438505288&amp;ref=sharing">shared footage</a> of an electric vehicle catching fire in a flooded garage.The video, posted by Pinellas County officials on social media, came with a warning for EV owners about the risks posed by salt water, which can corrode lithium-ion batteries and cause them to short-circuit and overheat. Don't "charge, drive, or store your EV or E-bike in your home or garage,"the post said. It recommended they "move the EV or E-bike 50 feet away from any other combustible material" and "have the vehicle towed to a dealership for inspection."Florida officials said on Tuesday that they had <a target="_blank" href="https://myfloridacfo.com/news/pressreleases/press-release-details/2024/10/02/fire-safety-alert-cfo---state-fire-marshal-jimmy-patronis--lithium-ion-batteries-are-ticking-time-bombs-in-wake-of-hurricane-helene">since confirmed 16 lithium-ion-battery fires</a> related to Hurricane Helene's storm surge, six of which were in EVs. Electric golf carts, e-bikes, and other battery-powered devices are also a hazard. The fires led Florida's chief financial officer and fire marshal, Jimmy Patronis, to call on automakers to be more proactive about notifying customers about moving their EVs to higher ground ahead of a storm (as <a target="_blank" href="https://www.businessinsider.com/hurricane-helene-electric-vehicles-evs-owners-fire-risk-safety-tips-2024-10">Gov. Ron DeSantis</a> did before Helene arrived) and about what to do if an EV is flooded."It's not too late for these manufacturers to send out notifications and fire safety information directly to their consumers," Patronis said in a statement, adding that his office was coordinating with emergency responders to make residents aware of the risks.The warnings come at a critical time for the EV industry. Consumer demand for EVs has been slower than expected this year, and Republicans including <a target="_blank" href="https://www.businessinsider.com/jd-vance-elon-musk-tesla-electric-vehicle-tax-credit-oil-2024-7">JD Vance have attacked the industry</a> in the run-up to the presidential election in November. J.D. Power has forecast that EVs will account for 9% of the market this year — a figure the group <a target="_blank" href="https://www.jdpower.com/business/resources/jd-power-revises-ev-retail-share-forecast">revised down from 12% because of slower adoption</a>. Surveys have suggested that <a target="_blank" href="https://www.businessinsider.com/ev-charging-range-improving-americans-still-dont-want-electric-cars-2024-9">Americans are a lot more concerned about finding chargers</a> than safety, but viral videos of EV fires could fuel skepticism.Brent Gruber, the executive director of J.D. Power's electric-vehicle practice, told Business Insider that because of the recent fires, his team planned to begin tracking consumers' concern about EV fires.Some data from the Transportation Department and Tesla suggests EVs catch fire less often than hybrid or gas-powered cars on the road or in crashes. Saltwater storm surges during Hurricanes Ida, Ian, and now Helene pose a risk to lithium-ion batteries, but it's not clear how often EV fires occur during extreme weather events.A spokesperson for the National Highway Traffic Safety Administration said its data on vehicle fires was limited to fires after fatal crashes. The agency said that since Hurricane Ian struck Florida in 2022, it has monitored reports of EV fires during coastal storms in the southeastern and northeastern US and in California. It said reports of EV fires resulting from saltwater flooding came only from Florida."More research is underway to better understand the interaction of high-voltage battery systems and saltwater immersion," the spokesperson said. They added that the agency had proposed updating some safety requirements for EV batteries to reduce the risk of these fires.Albert Gore, the executive director of the Zero Emission Transportation Association, which represents EV makers like Tesla and Rivian, told Business Insider that manufacturers had done a lot of outreach over the past decade to local fire departments about EV-battery safety. He emphasized that the fires seemed to be limited to coastal regions where saltwater storm surge is a risk and argued that EVs in general are much less likely to catch fire than gas-powered vehicles."The most important piece of information to communicate is if you live in an area where there's a risk of hurricanes and storm surge, it's really important to move that vehicle to higher ground," Gore said.Several fire departments along Florida's coastline told Business Insider that they'd been <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-fires-what-to-know-2023-11">educating their emergency responders</a> and the public about how to prevent and put out EV fires since Hurricane Ian in 2022.Kelsey Grentzer, a spokesperson for the government in Pinellas County, which covers St. Petersburg and Clearwater, said that so far during Hurricane Helene, emergency responders in the county had been called out to at least 93 vehicle fires. Grentzer said they were still analyzing the breakdown of how many were gas cars versus EVs.Heather Mazurkiewicz, a spokesperson for the North Collier Fire Control and Rescue District, which covers Naples, didn't have an exact figure for Helene but said the district had been taking the problem seriously."There's no predictability as to how or when a fire will start from the battery compartment. They're extremely volatile," Mazurkiewicz said.Even after an EV battery fire appears to be extinguished, lingering stored energy can cause what's known as a "thermal runaway," a cycle of overheating and over-pressurizing. Putting out the battery fire can require more than 10,0000 gallons of water, Mazurkiewicz added.The volatility was on display in the Pinellas County officials' viral video. The EV owners <a target="_blank" href="https://www.fox13news.com/news/electric-vehicle-catches-fire-garage-destroys-home-during-hurricane-helene">told a local Fox affiliate</a> that they narrowly escaped their home in Siesta Key as it became engulfed in flames and that they didn't know that a small amount of flooding could ignite the EV.

Viral videos of EVs catching fire after Hurricane Helene raise safety concerns in Florida

<ul class="summary-list"><li>A California police department spent at least $140,000 on a Cybertruck, per a Forbes report.</li><li>It bought the pricest model, the Cyberbeast, and spent extra customizing it. </li></ul>A California police department reportedly spent at least $140,000 on buying and customizing the priciest version of Tesla's <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-my-favorite-features-wireless-charging-speed-range-2024-6">Cybertruck</a>.According to <a target="_blank" class="" href="https://www.forbes.com/sites/sarahemerson/2024/09/10/california-police-spent-150000-on-a-souped-up-tesla-cybertruck/">public records obtained by Forbes</a>, Irvine Police Department opted for the $99,990 Cyberbeast and paid an extra $20,000 for the "Foundation Series" package, which includes "premium accessories" such as laser-etched Foundation Series badges and a glass roof sunshade.Another invoice obtained by Forbes showed that the police department also paid Unplugged Performance, a company that offers custom Tesla modifications, $20,000 to add "law enforcement equipment" to its Cybertruck. This included car lighting, radios, and exterior graphics, it wrote.Irvine PD teased the imminent arrival of the Cybertruck on <a target="_blank" class="" href="https://x.com/IrvinePolice/status/1815922681247850591?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1815922681247850591%7Ctwgr%5E1336d67aed5a7f9a2c88d342bddf16e9d5b9c949%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fmuse.insider.com%2Fstory%2F66e2a64078044123bec2d95f">its X account in July</a>. Sergeant Karie Davies of the force told Forbes that the Foundation Series model was the only one available at the time.She added that Irvine's Cybertruck would be used as a publicity tool for the department's Drug Abuse Resistance Education (DARE) program, rather than for active patrolling.The idea of turning the stainless steel-clad Cybertruck into a police vehicle has been around for a while.Oracle founder Larry Ellison, who previously served on Tesla's board of directors, showed off a police Cybertruck concept in 2023. Tesla CEO Elon Musk also <a target="_blank" href="https://www.businessinsider.com/elon-musk-pleased-cybertruck-added-dubai-police-luxury-fleet-2024-6">expressed his approval</a> after Dubai police added the Cybertruck to its fleet of luxury police vehicles. Despite this, it is unclear how effective the Cybertruck, which Musk has previously described as <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cybertruck-apocalypse-inequality-2023-12">"apocalypse-proof,"</a> would be as a police vehicle.Musk has described the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cybertruck-bulletproof-tough-critics-doubts-2023-11">Cybertruck as bulletproof</a>. However, <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-fails-youtubers-bulletproof-test-2024-3">a test by the YouTube channel JerryRigEverything</a> showed that while the pickup can withstand bullets fired by small-caliber guns, larger weapons can seriously damage the vehicle's exterior.The Cybertruck has also faced questions over its offroading ability. A series of viral videos have spread online showing pickup <a target="_blank" rel="" href="https://www.businessinsider.com/cybertruck-tesla-stuck-snow-video-driver-error-ford-viral-2023-12">struggling in the snow</a>, getting <a target="_blank" rel="" href="https://www.businessinsider.com/tesla-cybertruck-apocalypse-vehicle-thwarted-stuck-sand-snow-regulator-recalls-2024-5">stuck</a> on a beach, and having trouble <a target="_blank" rel="" href="https://www.businessinsider.com/tesla-cybertruck-offroading-videos-struggling-climb-steep-hill-2023-11">climbing a dirt hill</a>.The futuristic truck has hit a series of speed bumps since it launched last year. The Cybertruck has been recalled multiple times, including over concerns that the <a target="_blank" class="" href="https://www.businessinsider.com/tesla-recalls-cybertrucks-accelerator-fault-pad-pedal-electric-vehicle-truck-2024-4">truck's accelerator pedal</a> could jam.Irvine Police Department and Tesla did not respond to a request for comment, sent outside normal working hours.

A California police department spent at least $140,000 on a custom Cybertruck: report

<ul class="summary-list"><li>Nvidia stock fell after a report said it received a Justice Department subpoena in an antitrust probe.</li><li>The DOJ is investigating Nvidia's dominance in the AI chip market and potential anti-competitive practices.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> stock extended its weeklong decline on Wednesday after a <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-03/nvidia-gets-doj-subpoena-in-escalating-antitrust-investigation">report from Bloomberg</a> said the company received a subpoena from the Department of Justice. Shares of Nvidia were down as much as 3% in Wednesday morning trades, a day after the stock experienced the largest one-day market value wipeout in history <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-drops-ai-return-on-investment-chips-gpus-2024-9">when it fell nearly 10% on Tuesday.</a>Since the AI darling <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-outlook-buy-q2-earnings-decline-wall-street-2024-8">reported its second-quarter earnings last week,</a> the stock is down 16%, erasing $505 billion in market value.The DOJ's antitrust investigation into Nvidia is another concern for investors who worry about just how long the company's dominance of the AI chip sector can last.Nvidia captured over 90% of the GPU market in 2023, according to estimates from JPMorgan.The DOJ's subpoena includes "legally binding requests" that require recipients to provide information, Bloomberg reported, citing people familiar with the investigation.This step from the government is a common precursor to a formal complaint being levied against a company that's under investigation. The DOJ also sent subpoenas to other technology companies as part of the probe.At issue with antitrust officials is whether Nvidia is making it harder for its customers to switch to competing suppliers, and whether the company punishes customers that don't exclusively use its AI-enabled GPU chips.According to the report, Nvidia's acquisition of RunAI in April is also under scrutiny. RunAI offers software to manage AI computations, and there are concerns that the tie-up will further strengthen Nvidia's ecosystem and make it more difficult for its customers to switch to a competing product.The DOJ's probe into Nvidia was initially launched in June.In its defense, Nvidia said its market dominance of the GPU market is based on the high quality of its products."Nvidia wins on merit, as reflected in our benchmark results and value to customers, who can choose whatever solution is best for them," Nvidia said in a statement to Business Insider.Nvidia's closest competitor in the GPU market is <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a>, which released its own GPU accelerator chip, the MI300, late last year.AMD has said it expects to generate more than $4 billion in revenue from its suite of AI chips this year, which pales in comparison to the $100+ billion in revenue Nvidia expects to generate this year from its AI chips.Nvidia also faces competition from its own customers, as cloud hyperscalers like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta Platforms</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> are internally developing their own AI chips that are specialized in completing inference computations, a key part of the AI workload.

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