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Graphics chip giant <keyword id="113675" type="General" weightage="80" keywordseo="nvidia" source="Orion">Nvidia</keyword> has reportedly scrapped the $40 billion deal to acquire British chip designer <keyword id="134449" type="General" weightage="100" keywordseo="arm" source="Orion">Arm</keyword>, amid anti-trust probes in the US and Europe. According to a report in the Financial Times, citing sources, Nvidia will instead spend up to $1.25 billion to Arm owner SoftBank for failing to go through with the transaction. Arm CEO Simon Segars will reportedly lose his job to Rene Hass, who ran Nvidia's own Arm business many years ago. The companies did not respond to the report that came out late on Monday. The <keyword id="128681" type="General" weightage="20" keywordseo="federal-trade-commission" source="Orion">Federal Trade Commission</keyword> (FTC) in December sued to block Nvidia's $40 billion acquisition of Arm from Softbank on antitrust grounds. The deal faced scrutiny from regulators since it was announced last year. "The proposed vertical deal would give one of the largest chip companies control over the computing technology and designs that rival firms rely on to develop their own competing chips," the FTC had said in an announcement. Arm is a core supplier of architecture technology to most semiconductor companies. Its Arm instruction set is at the core of nearly all mobile processors powering smartphones, including those made by Apple and Android devices that use Qualcomm chips. But the company's role in the chip industry was historical as a neutral supplier, raising concerns that Nvidia could cut off competitors from essential Arm technology. Some of Nvidia's processors also use Arm-designed cores and its Arm architecture, although the company is best known for graphics processors, which use different architecture. FTC Chair Lina Khan, who was appointed by President Joe Biden to lead the agency shortly after her confirmation earlier this year, has signalled an interest in more robust antitrust enforcement. The <keyword id="59149" type="General" weightage="20" keywordseo="european-commission" source="Orion">European Commission</keyword> in October opened an in-depth investigation to assess the $40 billion acquisition of Arm by Nvidia. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/metaverse-stocks-nvidia-and-roblox-fall-as-facebook-parent-metas-web3-business-reports-massive-loss/articleshow/89331147.cms">Metaverse stocks Nvidia and Roblox fall as Facebook parent Meta's Web3 business reports massive loss</a>

Nvidia scraps $40 billion Arm acquisition amid anti-trust probe in US and Europe

<ul><li>Shares of <keyword id="11897493" type="UNKNOWN" weightage="60" keywordseo="nvidia" source="Orion">Nvidia</keyword> jumped as much as 8% on Thursday after the company reported strong second-quarter earnings.</li><li>Shares of the GPU manufacturer reversed early losses of 1% as investors digested the results.</li><li>Nvidia said it expects the ongoing semiconductor shortage to last well into 2022 and remains hopeful its proposed acquisition of Arm will be approved.</li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> surged as much as 8% on Thursday after the graphics card manufacturer reported record <a href="https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-second-quarter-fiscal-2022#:~:text=NVIDIA%20(NASDAQ%3A%20NVDA)%20today,Center%20and%20Professional%20Visualization%20platforms.">second-quarter earnings results</a> that surpassed analyst estimates.The company saw surging demand in its gaming, data center, and professional visualizations business units, and said it is struggling to keep up with demand amid an ongoing semiconductor shortage. Nvidia CEO Jensen Huang expects the chip shortage to last well into 2022. Here were the key numbers:Revenue: $6.51 billion, versus estimates of $6.34 billion Adjusted earnings per share: $1.04, versus estimates of $1.02 Third quarter outlook: $6.80 billion, versus estimates of $6.53 billionOn the crypto front, Nvidia said it expects a decline in the sale of its crypto mining processors, especially as ethereum transitions to EIP-3554, which will make the cryptocurrency essentially unmineable. The company also said it expects the ongoing chip shortage to last well into 2022.Nvidia also said it continues to work through the regulatory process for completing its proposed $40 billion acquisition of Arm, which has not yet closed due to anti-trust concerns."Although some Arm licensees have expressed concerns or objected to the transaction, and discussions with regulators are taking longer than initially thought, we are confident in the deal and that regulators should recognize the benefits of the acquisition to Arm, its licensees, and the industry," Nvidia CFO Colette Kress said.The <a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-2q-earnings-reaction-wall-street-analysts-nvda-2021-8">results impressed Wall Street analysts,</a> with many seeing demand outstripping supply in the immediate future. While that's often a great problem to have in business, it will limit near-term upside in the stock, analysts said.The strong results helped add to Nvidia's year-to-date gains of 51% as of Thursday afternoon. The stock has remained perched near record highs even after it completed its 4-for-1 stock split earlier this year. <div type="image" title="Nvidia stock chart" height="491" width="625" msid="85471490" hostid="261"></div>

Nvidia surges 8% after record earnings results blow past analyst expectations

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! If you're a federal worker in Washington, DC, and you're not headed into the office today, just know that <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-dc-federal-workers-should-go-back-to-office-2024-9">JPMorgan's Jamie Dimon is very disappointed in you</a>.In today's big story, China isn't proving to be the <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-recession-economy-american-companies-profits-trade-war-2024-9">economic promised land US companies once hoped for</a>.What's on deck:<ul><li>Markets: The economy's fate might depend on grandma and grandpa <a target="_blank" href="https://www.businessinsider.com/baby-boomers-recession-us-economy-housing-market-stocks-selloff-spending-2024-9">keeping their cool</a>.</li><li>Tech: Attention millennials: Your services are <a target="_blank" href="https://www.businessinsider.com/millennials-ageism-tech-jobs-gen-z-boomers-2024-9">no longer needed by Big Tech</a>.</li><li>Business: It's America's wealthiest town, but <a target="_blank" href="https://www.businessinsider.com/billionaire-bunker-miami-bezos-tom-brady-ivanka-trump-security-2024-9">don't even think about trying to get in</a>.</li></ul>But first, I think it's time to leave.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Quitting China</h2><div type="image" title="Xi Jinping in front of the American and Chinese flag ripping apart" height="1500" width="2000" msid="113604508" hostid="261" sizebytes="116106"></div>American businesses have worn out their welcome in China.US-China relations have been on shaky ground for a while, to put it mildly. But despite the growing animosity, US corporations' push to sell things to Chinese consumers has been a middle ground everyone can agree on. (As always, money is the great equalizer.)But China's goal of being less reliant on foreign businesses and supporting domestic companies is <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-recession-economy-american-companies-profits-trade-war-2024-9">blowing up one of the country's last good relationships with the US</a>, writes Business Insider's Linette Lopez.It's a marked change from the past few decades when China was the next frontier for US companies. But for US giants like Apple, Starbucks, and Nike, China doesn't offer the same growth opportunities it once did.One issue is domestic competition. Chinese consumers increasingly favor homegrown companies over imports (i.e. <a target="_blank" href="https://www.businessinsider.com/apple-iphone-16-huawei-mate-xt-smartphone-competition-china-market-2024-9">Huawei over Apple</a>).But that's not the only headwind US companies face. China's economy, quite frankly, isn't doing too hot.The great pandemic rebound that Wall Street was banking on never materialized. Instead, slowing industrial growth, a shaky real-estate market, and diminishing consumer demand has China on its heels and at risk of <a target="_blank" href="https://www.businessinsider.com/china-growth-targets-axa-investment-property-sector-industrial-production-2024-9">missing its growth targets</a>.US companies might be missing out on a revenue opportunity, but China is suffering as well. As the dollars dry up, US companies are less incentivized to play mediator between Washington and Beijing.<div type="image" title="Xi Jinping standing on a pile of microchips with the Cinese stars on top" height="1500" width="2000" msid="113604512" hostid="261" sizebytes="554430"></div>Still, China has one massive bargaining chip, literally.The world's economic hopes and dreams are banking heavily on artificial intelligence. And Taiwan, which China claims, plays a key role in that equation.Taiwan Semiconductor Manufacturing Company makes vital hardware components for most the world's chip companies, including industry giant Nvidia. So China's potential invasion of Taiwan, a growing concern, could throw the AI industry into disarray.Nvidia CEO Jensen Huang recently said his company <a target="_blank" href="https://www.businessinsider.com/nvidia-taiwan-tsmc-jensen-huang-china-disruption-2024-9">has a backup plan if things were to kick off in Taiwan</a>. But he also acknowledged concessions would be made."Maybe the process technology is not as great. Maybe we won't be able to get the same level of outperformance or cost, but we will be able to provide the supply," Huang said.That's a scary outcome considering the AI industry has spent the past few months trying to explain to customers and investors the benefits they'll get from their pricey investments in the tech.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Israel's campaign in Lebanon is stepping up, with <a target="_blank" rel="noopener" href="https://www.businessinsider.com/israel-strikes-lebanon-hezbollah-posts-warns-civilians-move-away-2024-9">the IDF warning civilians to move away from Hezbollah targets</a>.</li><li>The lawyer for Trump's new crypto firm was accused of <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trumps-crypto-lawyer-at-previous-firm-2024-9">trying to take over another digital asset company</a>.</li><li>'A complete waste of time': what to avoid <a target="_blank" rel="noopener" href="https://www.businessinsider.com/private-college-scholarship-waste-of-time-trap-strategies-financial-aid-2024-9">when you're hustling to pay for college</a>.</li><li>Here's what Google's new finance chief will need to do <a target="_blank" rel="noopener" href="https://www.businessinsider.com/google-cfo-analysts-ai-subscription-growth-2024-9">to keep investors happy</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Senior couple enjoying a relaxing float in a pool with a downward trending stock line depicted at the bottom of the pool" height="900" width="1200" msid="113604517" hostid="261" sizebytes="180224"></div><ol><li>How baby boomers could make the economy go bust. America's richest generation might upend the economy if they get spooked by a mild correction in the stock market or home prices. <a target="_blank" href="https://www.businessinsider.com/baby-boomers-recession-us-economy-housing-market-stocks-selloff-spending-2024-9">Panic selling and a pullback on spending</a> from a group that's been key to the economy's growth would spell disaster.</li><li>It's not sexy, but life insurance is a great way the ultrarich avoid taxes. Putting an insurance policy inside of a trust means the death benefit is excluded from estate taxes. <a target="_blank" href="https://www.businessinsider.com/rich-life-insurance-estate-taxes-ilit-2024-9">It also protects the remaining assets from lawsuits</a>.</li><li>Trump? Harris? One billionaire investor isn't a fan of either's economic policies. Howard Marks said both presidential candidates are "<a target="_blank" href="https://www.businessinsider.com/trump-harris-presidential-election-housing-price-gouging-tariffs-taxes-debt-2024-9">making promises that ignore economic reality</a>" by either failing to understand the problem or disregarding the costs that come with it. Marks takes issue with Trump's tariff and tax plans and Harris' anti-price gouging policy.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A baby staring at a laptop" height="1500" width="2000" msid="113604515" hostid="261" sizebytes="428926"></div><ol><li>Millennials are facing ageism. They used to be Big Tech's hottest hires, but new data suggests otherwise. The number of US tech workers over the age of 40 is shrinking while tech workers under 25 are becoming more common. This isn't good news, but <a target="_blank" href="https://businessinsider.com/millennials-ageism-tech-jobs-gen-z-boomers-2024-9">it does validate a suspicion</a> many millennials have had for a while.</li><li>Examining a potential Intel-Qualcomm deal. Qualcomm's reported takeover offer comes at a critical juncture <a target="_blank" href="https://www.businessinsider.com/intel-qualcomm-takeover-bid-layoffs-foundry-spin-off-2024-9">for America's fallen tech giant</a>. But the odd-couple marriage won't necessarily solve <a target="_blank" href="https://www.businessinsider.com/intel-qualcomm-odd-couple-wont-solve-us-chipmaking-woes-2024-9">the US' chipmaking woes</a>. Also, Qualcomm isn't alone — <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-talks-investment-apollo-qualcomm-2024-9">Apollo is reportedly eyeing a $5bn investment</a> in Intel.</li><li>TikTok ban? Don't know her. TikTok's days are technically numbered in the US. Try telling that to the advertisers, employees, and creators who are <a target="_blank" href="https://www.businessinsider.com/what-tiktok-ban-marketers-employees-creators-are-not-worried-2024-9">carrying on business-as-usual</a>. The creator economy is exuding confidence, but there are other storms in TikTok's skies: It's losing a big marketing boss as part of <a target="_blank" href="https://www.businessinsider.com/tiktok-marketing-head-is-out-in-leadership-shake-up-2024-9">a shock leadership shake-up</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Photo collage of JD Vance amongst preschool children in a classroom setting" height="1500" width="2000" msid="113604507" hostid="261" sizebytes="125794"></div><ol><li>JD Vance thinks grandparents should be families' childcare plan. Childcare workers think that's "ridiculous." Experts in the childcare industry say Vance's plan is not grounded in "the reality of Americans today." Care workers would rather the government spend more on early-childhood programs — which is <a target="_blank" href="https://www.businessinsider.com/jd-vance-childcare-plan-providers-teachers-criticize-policy-2024-9">the opposite of Vance's plan</a>.</li><li>Welcome to Billionaire Fortress, USA. Indian Creek Village, a private island city in Florida, is America's wealthiest town. Tom Brady and Jeff Bezos are among the island's 89 residents. <a target="_blank" href="https://businessinsider.com/billionaire-bunker-miami-bezos-tom-brady-ivanka-trump-security-2024-9">But good luck getting in</a> — it's also America's most gated community in a country full of gates.</li><li>MrBeast is taking a gamble. The world's biggest YouTuber is launching a new product while remaining tight-lipped about his recent string of controversies. Marketing experts say the release could be a good PR move, but that <a target="_blank" href="https://www.businessinsider.com/mrbeasts-lunchly-launch-during-controversy-may-be-a-good-idea-2024-9">it comes with risks</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Detention hearing for Ryan Routh, the man accused of attempting to shoot Donald Trump on his golf course last weekend.</li><li>G7 foreign ministers meet.</li><li>World Economic Forum holds sustainable development impact meetings.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Jack Sommers, deputy editor, in London. Amanda Yen, fellow, in New York. Grace Lett, editor, in Chicago. Milan Sehmbi, fellow, in London.

China's worsening relationship with US businesses could put AI's chip supply on shaky ground 

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Valentine's Day! Don't worry about trying to grab a last-minute dinner reservation. Wow that special someone with <a target="_blank" href="https://www.businessinsider.com/fancy-date-night-slow-cooker-meals">an easy but delicious homemade meal.</a>In today's big story, we're looking at what a hotter-than-expected inflation report means for <a target="_blank" rel="noopener" href="https://markets.businessinsider.com/news/stocks/inflation-data-cpi-stock-market-federal-reserve-rate-cuts-outlook-2024-2">markets and the econom</a><a target="_blank" href="https://markets.businessinsider.com/news/stocks/inflation-data-cpi-stock-market-federal-reserve-rate-cuts-outlook-2024-2">y.</a>What's on deck:<ul><li>Markets: The stock market has been very kind to <a target="_blank" href="https://www.businessinsider.com/millennials-gen-z-stock-market-baby-boomers-wealth-investing-2024-2">millennials' portfolios in recent years</a>.</li><li>Tech: Target is cracking down <a target="_blank" href="https://www.businessinsider.com/target-self-checkout-closes-early-8-pm-some-stores-2024-2">on self-checkout lanes</a>.</li><li>Business: Instead of a housing bubble, maybe <a target="_blank" href="https://www.businessinsider.com/housing-market-bubble-home-prices-stay-high-crash-real-estate-2024-2">high home prices are just here to stay</a>.</li></ul>But first, guess what's back.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>Inflation issues</h3><div type="image" title="The stock market." height="1000" width="2000" msid="107698097" hostid="261" sizebytes="115196"></div>“Just when I thought I was out, <a target="_blank" href="https://www.youtube.com/watch?v=UPw-3e_pzqU">they pull me back in</a>.”Inflation reared its ugly head again with a <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-consumer-price-index-january-housing-food-energy-prices-2024-2">hotter-than-expected report on Tuesday</a>. The consumer price index rose 3.1% year over year in January and was up 0.3% from the previous month, writes Business Insider’s Madison Hoff. Forecasters had been expecting increases of 2.9% and 0.2%, respectively. The market didn’t take kindly to the hot report. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-hot-inflation-cpi-data-federal-reserve-2024-2">US stocks tumbled early Tuesday and never recovered</a>, with the S&amp;P 500 closing 1.37% lower and the Dow Jones Industrial Average dropping 1.35%. Some analysts were quick to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/inflation-data-cpi-stock-market-federal-reserve-rate-cuts-outlook-2024-2">suggest investors are “overreacting,”</a> BI’s Aruni Soni reports. They pointed out that housing accounted for a big part of the January bump and flagged that there's still a larger narrative of inflation cooling.That silver lining doesn’t address the elephant in the room: What does the latest CPI data mean for interest rates?<div type="image" title="A graph showing consumer price index inflation." height="1092" width="1294" msid="107698100" hostid="261" sizebytes="43666"></div>The hot inflation report comes just a few weeks after some industry experts felt <a target="_blank" href="https://www.businessinsider.com/goldilocks-economy-interest-rate-cuts-federal-reserve-2024-2">the market was in a perfect position</a>.But hopes of a Goldilocks economy — where growth remains high while inflation and unemployment stay low — have dimmed. Instead, we’ve reentered the never-ending economic purgatory of: “Can the Fed pull off a soft landing?”Fed Chair <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-fed-chair-powell-march-rate-cuts-2024-2">Jerome Powell had already signaled</a> the central bank likely won't cut interest rates in March, but Tuesday's CPI flare-up could lead to it kicking the can even further down the road.Stubbornly elevated inflation means Powell might be less willing to cut rates and risk further fueling inflation. But keeping rates high, especially when so many expected relief early this year, is playing with fire. The US could fall into a recession this year if the needle isn’t perfectly threaded.Rates staying elevated for longer <a target="_blank" href="https://markets.businessinsider.com/news/stocks/federal-reserve-interest-rate-cuts-stock-market-outlook-investing-bofa-2024-2">doesn’t necessarily spell disaster for stocks</a>, according to Bank of America. Large-cap US companies with lots of cash on hand could earn significant interest.But not everyone is as lucky, as <a target="_blank" rel="noopener" href="https://www.businessinsider.com/corporate-borrowers-stress-despite-otherwise-strong-economy-cpi-rate-cuts-2024-2">corporate borrowers are “pockets of stress,”</a> according to Apollo Global Management co-president Jim Zelter.It’s particularly painful for smaller companies, which tend to carry floating-rate debt more susceptible to elevated interest rates.Maybe that’s <a target="_blank" href="https://www.businessinsider.com/us-economy-small-business-sentiment-labor-costs-inflation-recession-2024-2">why small business owners’ confidence levels are dropping</a>, with many citing inflation as their main concern, writes BI’s Yuheng Zhan.<h2>3 things in markets</h2><div type="image" title="Photo collage of an image of money (left), and a cell phone (right)." height="500" width="1000" msid="107698103" hostid="261" sizebytes="90074"></div><ol><li>It’s been a good five years for millennial investors. Americans aged 18 to 40 — mostly millennials — <a target="_blank" href="https://www.businessinsider.com/millennials-gen-z-stock-market-baby-boomers-wealth-investing-2024-2">enjoyed an 80% surge in their wealth</a> from early 2019 to late 2023. That was well above the net-worth growth for those over 40, per data from the Federal Reserve Bank of New York.</li><li>A reorg at BlackRock. The world’s largest money manager is <a target="_blank" href="https://www.businessinsider.com/blackrock-reorganizes-financial-strategic-investors-group-2024-2">shaking up its Financial and Strategic Investors Group</a>, which advises big clients like sovereign wealth funds, insurers, and central banks. It’s part of a bid to turn the group into "the most trusted advisor to financial institutions in our industry," according to an internal memo seen by BI.</li><li>It looks like Peter Thiel timed the crypto market perfectly. The billionaire’s Founders Fund <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-ether-peter-thiel-founders-fund-crypto-investing-strategy-vc-2024-2">invested $200 million in bitcoin and ether</a> between late summer and early fall last year, Reuters reported. Since the end of June, bitcoin has jumped over 60% and ether is up more than 30%.</li></ol><h2>3 things in tech</h2><div type="image" title="Nvidia CEO Jensen Huang." height="1331" width="2000" msid="107698105" hostid="261" sizebytes="131400"></div><ol><li>Sam Altman’s $7 trillion chip dreams are off the mark, Nvidia’s CEO says. Jensen Huang questioned Altman's <a target="_blank" href="https://www.businessinsider.com/sam-altman-7-trillion-chip-dreams-off-mark-nvidia-ceo-2024-2">attempts to raise up to $7 trillion</a> to boost GPU chip supply. Building AI data centers won't cost anywhere near that much, he said at a summit in Dubai.</li><li>Some people are already returning their Apple Vision Pros. Customers said the headset's design, blurry screen, and lack of use cases <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-buyers-returning-headsets-design-blurry-screen-price-2024-2">don't justify its $3,500 price tag</a>. One big critic: <a target="_blank" rel="noopener" href="https://www.businessinsider.com/mark-zuckerberg-rips-apple-vision-pro-2024-2">Mark Zuckerberg</a>.</li><li>Jeff Bezos' move to Miami shows just how hard it is to tax the rich. Since leaving his longtime home of Washington, Bezos has started unloading billions of dollars worth of Amazon stock. And thanks to his new address, Bezos could <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-miami-move-shows-challenges-taxing-rich-2024-2">save hundreds of millions of dollars in state taxes</a> this year.</li></ol><h2>3 things in business</h2><div type="image" title="An illustration of colorful homes rising incrementally, as if part of a bar graph." height="1000" width="2000" msid="107698108" hostid="261" sizebytes="130870"></div><ol><li>Sky-high home prices are here to stay. Since home prices began to climb in 2020, doomsayers have warned of a looming housing crisis. But barring a large-scale economic disaster, it doesn't look like <a target="_blank" rel="noopener" href="https://www.businessinsider.com/housing-market-bubble-home-prices-stay-high-crash-real-estate-2024-2">the bubble will pop anytime soon</a>.</li><li>Brace yourselves, self-checkout fans. Target is <a target="_blank" href="https://www.businessinsider.com/target-self-checkout-closes-early-8-pm-some-stores-2024-2">limiting the hours you can use its self-checkout lanes</a> in some stores. Employees told BI that staffing levels and sales volumes are key factors in the decision.</li><li>Government jobs are the ultimate anti-layoff “hack.” Recent waves of layoffs have made Gen Z disillusioned with corporate work. Some TikTokers <a target="_blank" href="https://www.businessinsider.com/gen-z-avoiding-layoffs-want-public-sector-goverment-jobs-2024-2">are now hyping up the public sector</a>, drawn to its solid benefits, early retirement, and student loan forgiveness plans.</li></ol><h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/phoenix-open-waste-management-golf-drunk-bros-party-2024-2">Nine hours at the most unhinged hole in golf</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/house-republicans-impeach-mayorkas-150-years-vote-2-2024">House Republicans have impeached the first Cabinet secretary in almost 150 years</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/democrat-tom-suozzi-wins-new-york-special-election-2024-2">Democrat Tom Suozzi wins New York special election, flips Santos' old seat</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/lyft-typo-projected-profit-10x-better-than-it-really-is-2024-2">Nightmare on Wall Street: A Lyft typo projected profit to be 10x better than it really is</a>.</li></ul><h2>What's happening today</h2><ul><li>Today's earnings: Cisco Systems, Sony, and other companies <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">are reporting</a>.</li><li>Mercedes-AMG and McLaren are set to launch their 2024 F1 cars.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

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<ul class="summary-list"><li>Kevin McCarthy said Nancy Pelosi shouldn't be allowed to write a congressional stock trading ban due to her husband's trades.</li><li>Last week, <a href="https://www.businessinsider.com/nancy-pelosi-stock-trading-husband-congress-2022-7">Pelosi denied</a> that her husband has traded using information she's provided him.</li></ul>House Minority Leader Kevin McCarthy said Friday that Speaker Nancy Pelosi should steer clear of negotiations on curtailing congressional stock trading because her day-trading spouse clouds her trustworthiness."I'm sure she had conversations on the phone about what was going to be on the floor. I'm sure she had conversations about what the chip version finally looked at. I don't know if he was able to hear them or not," McCarthy said Friday, referring to a just-passed semiconductor bill as one example of the advance knowledge about what Congress is working on that Paul Pelosi could be privy to. "I think we need to bring trust back to this institution. McCarthy's barb comes on the heels of House Democrats <a href="https://www.businessinsider.com/congress-stock-trading-house-dems-close-proposing-ban-report-2022-7">announcing</a> their plan to unveil an updated stock trading ban framework in August. The <a href="https://www.businessinsider.com/congress-stock-trading-house-dems-close-proposing-ban-report-2022-7">plan would reportedly force lawmakers</a>, their spouses, and senior staffers to put their investments into a blind trust or sell them altogether.Pelosi's husband, Paul, is a venture capitalist and frequent stock trader. Insider found that he's personally traded millions of dollars in <a href="https://www.businessinsider.com/nancy-pelosi-stock-trades-congress-investments-2022-7">stocks and stock option in 19 companies</a> since 2021.Both Pelosis came under fire recently after <a href="https://www.businessinsider.com/nancy-pelosi-stock-trades-paul-pelosi-nvidia-visa-apple-2022-7">Paul Pelosi exercised 200 call options</a>, or 20,000 shares, of NVIDIA worth between $1 million and $5 million on June 17 — about a month before a congressional vote on the "Chips-plus" bill, which will invest $54 billion in stateside semiconductor manufacturing and research.The criticism led to the <a href="https://www.businessinsider.com/nancy-pelosi-stock-trading-husband-congress-2022-7">speaker denying at a press conference</a> that her husband trades stocks using information she's given him. A week after his wife's press conference appearance, Paul Pelosi <a href="https://www.businessinsider.com/nancy-pelosi-stocks-congress-chips-bill-nvidia-2022-7">dumped all of his NVIDIA</a> stock for a "total loss of $341,365."A previous analysis from Insider estimated that the Pelosis are worth at least $46,123,051, making Nancy Pelosi one of the <a href="https://www.businessinsider.com/wealthiest-members-congress-house-senate-finances-2021-12">25 richest members of Congress</a>. The vast majority of the couple's wealth is derived from stocks, options, and investments made by Paul Pelosi. Pelosi originally <a href="https://www.businessinsider.com/we-are-free-market-economy-pelosi-rejects-stock-ban-congress-2021-12">pushed back</a> against the idea of a ban on congressional stock trading. "We are a free-market economy," she said in a December 2021 press conference. "They should be able to participate in that."She ultimately warmed to the idea after facing sharp criticism from colleagues on both the <a href="https://www.businessinsider.com/ocasio-cortez-pelosi-no-reason-members-congress-trade-individual-stock-2021-12">left</a> and the <a href="https://www.businessinsider.com/trump-says-nancy-pelosi-should-be-barred-trading-stocks-2022-1">right</a>.McCarthy, whose financial portfolio <a href="https://www.businessinsider.com/meet-the-members-of-congress-who-dont-buy-and-sell-stocks-2021-12">doesn't include individual stocks</a>, said policing congressional stock trading would be top priority should Republicans reclaim control of the House this fall. "I think we have to do a thorough investigation and look at what is the proper role for members of Congress and what influence they have," McCarthy said. "And this is something that we will do in the majority."Pelosi spokesman Drew Hammill countered McCarthy's "ridiculous comments" by stating that "insider trading is already a federal criminal and civil violation and the Speaker strongly supports robust enforcement of the relevant statutes by the Department of Justice and the Securities and Exchange Commission." "We look forward to his support of the proposal Chair Lofgren will be circulating soon to ban trading of stocks," Hammill told Insider. Insider's "<a href="https://www.businessinsider.com/conflicted-congress-key-findings-stock-act-finances-investing-2021-12">Conflicted Congress</a>" investigation found <a href="https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9">66 lawmakers</a> who violated the Stop Trading on Congressional Knowledge (STOCK) Act of 2012, a federal stock trading transparency law designed to curb conflicts of interest.The investigation also found dozens more lawmakers whose personal stock trades are discordant with their public responsibilities.This includes members who craft anti-tobacco policy but <a href="https://www.businessinsider.com/congress-tobacco-stocks-philip-morris-altria-vaping-cigarettes-2021-12" target="_blank" rel="noopener">invest in tobacco giants</a> and Democrats who receive plaudits from environmental groups for crafting policy aimed at combating the climate crisis — yet <a href="https://www.businessinsider.com/congress-democrats-with-fossil-fuel-stocks-investments-2021-12" target="_blank" rel="noopener">invest in fossil fuel companies</a>.Numerous Republicans who oppose abortion rights <a href="https://www.businessinsider.com/abortion-republicans-corporations-companies-travel-payments-congress-2022-7">personally invest</a> in companies at the forefront of the abortion-rights movement. A growing number of lawmakers are meanwhile <a href="https://www.businessinsider.com/congress-war-profiteers-stock-lockheed-martin-raytheon-investment-2022-3">trading the stock of defense contractors</a> all while considering massive military spending proposals.

McCarthy says Pelosi should recuse herself from the stock trading ban talks because of her husband's active trading

<ul><li>The husband of House Speaker <keyword id="128640" type="PERSON" weightage="60" keywordseo="Nancy-Pelosi">Nancy Pelosi</keyword> purchased up to $11 million in mega-cap tech stocks in May and June.</li><li>A disclosure form shows <keyword id="3761756" type="PERSON" weightage="60" keywordseo="paul-pelosi">Paul Pelosi</keyword> exercised options to purchase $4.8 million worth of <keyword id="6357623" type="DEFINITION" weightage="60" keywordseo="alphabet">Alphabet</keyword>.</li><li>Pelosi also bought option contracts in <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword>, <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword>, and Alphabet, according to the disclosure.</li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell.</a></li></ul>Paul Pelosi, investment manager and the husband of House Speaker Nancy Pelosi, purchased up to $11 million worth of mega-cap tech stocks in May and June, according to <a href="https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2021/20019004.pdf">a financial disclosure form</a> filed last week.Pelosi's biggest purchase was $4.8 million worth of <a href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> shares on June 18, according to the disclosure. Pelosi exercised 40 call options to buy 4,000 shares at a strike price of $1,200. With shares of Alphabet currently trading at $2,524, that stock position is now worth more than $10 million, representing an unrealized gain of more than $5 million.On May 21, Pelosi purchased up to $1 million worth of call options in <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, along with up to $250,000 in call options on <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>. According to the disclosure form, Pelosi purchased 20 Amazon call options with a strike price of $3,000 and an expiration date of June 17, 2022, along with 50 Apple call options with a strike price of $100 and an expiration date of June 17, 2022.The stock purchases come as Pelosi's wife and the House of Representatives work on anti-trust legislation designed to better regulate the massive multi-trillion dollar tech companies. Apple CEO Tim Cook recently called House Speaker Pelosi <a href="https://www.businessinsider.com/tim-cook-nancy-pelosi-apple-lobby-antitrust-bills-legislation-nyt-2021-6">to voice his opposition to the pending legislation.</a>Finally, Pelosi purchased up to $5 million worth of <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> call options on June 3. According to the disclosure form, Pelosi purchased 50 Nvidia call options with a strike price of $400 and an expiration date of June 17, 2022.The long-dated in-the-money call options give Pelosi leverage to the potential upside moves in mega-cap tech stocks. The trades could be a bet on a continued regime of low interest rates, muted inflation, and slowing economic growth in a post-pandemic recovery, or on the business outlook of the companies themselves.This isn't the first time the investment decisions of Pelosi's husband came into focus. Earlier this year, Paul Pelosi <a href="https://markets.businessinsider.com/news/stocks/nancy-pelosi-discloses-1-million-call-options-tesla-stock-2021-1">purchased up to $1 million</a> of long-dated <a href="https://markets.businessinsider.com/news/stocks/nancy-pelosi-discloses-1-million-call-options-tesla-stock-2021-1">Tesla</a> call options.

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