Business, page 3
Running the thing: costs, suppliers, staff and the paperwork.
Wednesday, October 21
Elon Musk’s SpaceX posts first operating profit as AI revenue nearly triples
SpaceX just posted a quarterly net income of $4.4 billion. Total revenue jumped 161 percent to $14.6 billion in the third quarter. The new Super Intelligence AI segment brought in $7.56 billion alone. Starlink added 1.6 million new consumer subscribers during the quarter.
New SBA lending rules bring stricter requirements for New Jersey business loans
The U.S. Small Business Administration launched new lending rules on October 1. Smaller 7(a) loans under $350,000 face tougher underwriting standards now. Deals of $3 million or more require independent quality of earnings reports.
Tuesday, October 20
Mark Zuckerberg is betting up to $200 billion on an AI empire
Mark Zuckerberg is betting up to $200 billion on artificial intelligence. Meta, which owns Facebook and WhatsApp, is building its own chips and data centers. The massive gamble aims to free the tech giant from Apple and Google mobile platforms.
Jamie Dimon says JPMorgan Chase financed $230 billion in first national-security year
JPMorgan Chase just poured $230 billion into defense and energy projects. Jamie Dimon, the head of JPMorgan Chase, leads the huge $1.5 trillion push. The bank plans to blow past the original target. This money backs heavy industrial companies and key supply chains.
Larry Ellison loses $6 billion in a day as Oracle stock drops
Oracle co-founder Larry Ellison saw his fortune drop by $6.1 billion in one day. Investors are dumping shares over AI spending and a surging debt load. The company faces a $169 billion debt burden and stalled data centre projects. Cloud revenue is still growing despite the massive market sell-off.
Jensen Huang tells Europe to stop overthinking AI or get left behind
Nvidia CEO Jensen Huang warned Europe to move faster on artificial intelligence. He told German leaders that overregulation will kill the tech industry. For your business, slower tech adoption means your overseas competitors might outpace you.
Bill Ackman pours up to $3 billion into Howard Hughes insurance arm
Jewish billionaire Bill Ackman is transforming Howard Hughes Holdings. He bought Vantage for $2.1 billion to build a Berkshire style insurer. Up to $3 billion will flow into the insurance unit over five years. Pershing Square will manage the portfolio for free to boost long term returns.
Jensen Huang reveals how a single phone call saved Nvidia from bankruptcy
Nvidia nearly went bankrupt in the late 1990s before finding a manufacturer. CEO Jensen Huang called Taiwan Semiconductor Manufacturing Co. repeatedly with no reply. He finally sent a letter to founder Morris Chang. Chang answered and launched a 30-year partnership.
Nvidia CEO Jensen Huang says paying $8 billion in taxes is a privilege
Nvidia chief Jensen Huang supports a new California tax. Other tech billionaires are leaving the state over the bill. Huang says paying billions in taxes is a true privilege. He feels grateful for the American system that built his success. The tech leader remains happy to stay and pay his share.
SpaceX swings to a $4.40 billion profit as a.I. and Starlink grow
SpaceX earned an overall profit of $4.40 billion in its latest quarter. The aerospace giant turned around from a loss of $1.05 billion last year. Revenue jumped 161 percent over three months ending in September. The surge was driven by Starlink satellite internet and artificial intelligence.
Elon Musk says he will give SpaceX shares to 72 million kids
Elon Musk posted early in the morning that he plans to hand out ownership in his space exploration company to every child in the country. He wrote, "next year, I'll give one of my SpaceX shares to every kid in America."
United Airlines slashes 2026 profit outlook to $7.22 per share on soaring fuel costs
United Airlines expects fourth-quarter earnings below Wall Street estimates. Fuel costs will hit $4.80 a gallon on average. Third-quarter net income rose 8.5 percent to $1.03 billion. Passengers keep booking despite higher fares and ticket prices.
Walmart promotes 500 people every day and here is how they move up
Walmart, the giant retail store chain, promotes about 500 workers every day. U.S. associates get their first promotion in nine months on average. Donna Morris, the chief people officer, shared two traits for moving up. Master your current job first and volunteer for new projects.
United Airlines boss Scott Kirby says flight prices rising to cover costs
Flight prices went up this year, and Scott Kirby, the chief executive of United Airlines, says keeping planes in the air is simply expensive. He explained the higher fares in an interview with the New York Times, the daily newspaper.
Wells Fargo rolls out artificial intelligence strategy to overhaul its $2.3 trillion bank
Wells Fargo, the massive bank, is rolling out a new artificial intelligence strategy across its operations. Faraz Shafiq, head of AI products at Wells, shared the plan at a Las Vegas conference. The bank manages $2.3 trillion in assets and employs 197,000 workers.
Albertsons seeks over $8 billion in damages from Kroger over collapsed merger
Albertsons is demanding over $8 billion from Kroger after their mega-merger collapsed in court. Albertsons claims Kroger sabotaged the deal with a weak store sale plan. Kroger denies the claims and blames government regulators who blocked the combination.
Salesforce buys Braze for $5.66 billion, sending BRZE shares up 51%
Salesforce agreed to buy Braze for $5.66 billion in cash. Braze Class A shareholders will receive $47.50 per share. Braze helps businesses send personalized messages across mobile apps and text. The deal is expected to close in fiscal 2028.
Starbucks ruled out buying Chipotle, dropping Chipotle shares to $30.16
Starbucks is not buying Chipotle Mexican Grill. A Starbucks spokesperson told CNBC on Monday. Chipotle shares fell $1.43 to $30.16. Starbucks shares rose $1.53 to $92.28. The rumor started after a Financial Times report last week.
Comcast ordered to pay $213 million in eight-Year patent suit
Comcast must pay $213 million in a long patent fight. Wherever TV, a television technology company, sued them back in 2018. A federal jury in Tampa, Florida, reached the verdict this week. The dispute centers on interactive program guide technology.
Trader Joe's is opening over 30 new grocery stores across the US
Trader Joe's, the popular grocery chain, is expanding with over 30 new stores. New Jersey shoppers will See locations open in West Orange and Jersey City. The company currently operates over 600 storefronts nationwide. Most announced locations typically open within three to six months.
NJEDA invests $16.5M to support 8 innovative NJ startups
New Jersey just put $16.5 million behind eight growing companies. The New Jersey Economic Development Authority backed businesses in health and tech. This fund brings venture capital straight into local early-stage firms. It aims to build high-quality jobs across the state.
Best Buy launches new online gaming hub ahead of major game releases
Best Buy, the electronics retailer chain, is launching a new online beta hub called Best Buy Gamers. Patrick McGinnis, the chief revenue officer at Best Buy, told CNBC about the rollout. The platform arrives ahead of the Nov. 5 Zelda remake and the Nov. 19 Grand Theft Auto VI launch.
General Motors beats Q3 earnings expectations and launches $20 billion stock buyback
General Motors just beat third-quarter earnings expectations. The Detroit automaker launched a new $20 billion stock buyback. Net income reached $3.3 billion for the quarter. Vehicle pricing remains relatively flat for now. Strong corporate earnings often support retirement accounts and index funds.
Walmart launches new $120 joint annual membership with Sam's Club
Walmart just launched a $120 joint annual membership with Sam's Club. The new deal combines Walmart+ and Sam's Club Plus for everyday shoppers. The price saves nearly $100 compared to buying separate plans. Customers get free delivery, gas discounts, and streaming perks.
IRS grants Florida storm victims tax relief, extends deadlines to Feb. 8, 2027
Floridians affected by Hurricane Isaias get extra time to file taxes. The Internal Revenue Service, the federal tax agency, extended tax deadlines to Feb. 8, 2027. Taxpayers in dozens of Panhandle and North Florida counties qualify automatically.
NJEDA opens $25 million Take Charge program for commercial fleet EV chargers
New Jersey launches a $25 million grant program on Monday. The NJEDA covers up to 50 percent of commercial fleet charging costs. Grants range from $100,000 to $5 million for eligible businesses. You must operate at least two commercial vehicles and add solar or storage.
Xiaomi 18 Ultra cancellation rumors point to $1,500 price tag in China
Xiaomi planned a $1,500 starting price. That is a 43 percent price jump. Storage also dropped to 256 gigabytes. Xiaomi has issued no official comment. The cancellation remains unconfirmed.
Mattel names Peter Griffith as its second CFO in under 18 months
Toy maker Mattel just named Peter Griffith as chief financial officer. He replaces Paul Ruh, who held the job since May 2025. Griffith gets a 1.3 million dollar base salary plus a 1.4 million dollar signing bonus. The company also faces outside pressure from investors to consider a sale.
Monday, October 19
Andrew Chanin sees space economy topping $1 trillion by 2030
The business of rockets and satellites reached $686 billion in 2025. Andrew Chanin, the founder and chief executive of investment firm Procure Asset Management, says space tech is blowing past every schedule.
GSK investing $800M in biopharma manufacturing in Pennsylvania
GSK is spending $800 million on a new Pennsylvania hub. The project in Upper Merion Township starts construction in 2027. It will combine research, commercial production, and digital labs. The massive expansion will create over 300 new jobs.
