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Nvidia, CEO Huang face shareholder lawsuit
A shareholder has sued Nvidia and CEO Jensen Huang, accusing them of deceiving investors about Huang's affair with a purported Chinese spy. The lawsuit, filed Monday, claims the affair threatens national security.
President Donald Trump said the FBI is investigating the matter, which Huang has admitted to and apologized for. Concerns have arisen that Beijing may be using the affair to access Nvidia microchips, crucial for AI development but restricted from export to China. The complaint, filed in California, alleges Nvidia misled investors about the affair's impact. Nvidia did not immediately comment. Shares fell about 5.5% on Tuesday.
Trump nominates Justice official to EEOC seat
President Donald Trump has nominated a Justice Department official to an open seat on the Equal Employment Opportunity Commission, signaling the administration's intention to forge ahead with its legal campaign against diversity and inclusion policies.
The White House tapped Matt Zandi to fill a seat previously held by Jocelyn Samuels, one of two Democratic commissioners fired by Trump before the end of their terms. Zandi currently serves as chief of staff for the Justice Department's Civil Rights Division, which has worked closely with the EEOC to investigate and penalize companies for diversity and inclusion policies that allegedly discriminate against white workers and others.
Court limits LinkedIn order in leak probe
A federal judge must narrow an order requiring LinkedIn to divulge journalists' communications on the social media platform to the Trump administration for a leak investigation.
Tuesday's ruling by a panel from the 4th U.S. Circuit Court of Appeals says the government isn't entitled to a "blanket" order for
LinkedIn to disclose a broad array of user records belonging to the journalists. But the three-judge panel concluded that the journalists' First Amendment rights must be balanced against the administration's duty to protect natural security information. The journalists' employer isn't identified in court records. A district judge in Virginia issued the order that LinkedIn challenged.
US stocks slip following discouraging update
The U.S. stock market dipped after a report showed inflation was worse across the country last month than economists expected. The S&P 500 slipped 0.4% Tuesday. The Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite sank 0.7%.
The discouraging report on inflation caused traders to up their forecasts for coming hikes to interest rates by the Federal Reserve. One top Fed official even suggested that it could raise its main interest rate by twice the typical amount at its meeting next month. That caused Treasury yields to jump in the bond market even though oil prices fell again.
Press Forward invests $600M in journalism
Press Forward has completed investing nearly $600 million to strengthen local news outlets, two years ahead of schedule. Executive Director Dale Anglin says the work is far from complete, as the industry undergoes significant transformation.
According to Northwestern University, news deserts have grown by 12% this year. Press Forward has 144 funders and 50 local chapters, which have raised and invested another $87 million to bolster journalism. Press Forward Chicago has seen promise in pooled funds to support specific initiatives. Knight Foundation CEO Maribel Perez Wadsworth emphasizes that local funding is essential for sustainable growth.