BUSINESS HEADLINES

US stocks rise as Wall Street shows it’s still hungry for AI winners

NEW YORK (AP) — U.S. stocks ticked higher after Wall Street showed its appetite is still big for winners of the artificial-intelligence boom. The S&P 500 rose 0.4% Friday and closed out its fourth winning week in the last five. The Dow Jones Industrial Average added 0.3%, and the Nasdaq composite climbed 0.3%. Shares of South Korean tech giant SK Hynix soared in their debut on Wall Street. Oil prices eased, while Treasury yields ticked higher in the bond market. Stock indexes outside the United States were mixed.

Apple files lawsuit accusing ChatGPT maker OpenAI of stealing trade secrets

Apple on Friday accused OpenAI of stealing trade secrets as it seeks to build its own hardware for ChatGPT. This is a major rupture in a partnership between the iPhone maker and the artificial intelligence company. Apple said in the lawsuit filed in a California federal court that the theft of its trade secrets was part of a “coordinated pattern of misconduct at an institutional level” by OpenAI. Two former Apple employees who now work for OpenAI are also named as defendants. OpenAI did not immediately respond to requests for comment.

Global oil demand is dropping, but US drivers keep buying more gas

NEW YORK (AP) — Global oil demand is set to decline this year for the first time since 2020. The International Energy Agency expects a drop of about 1 million barrels per day by 2026. This decline is due to higher oil prices and supply disruptions caused by the U.S.-Iran conflict. In May, global demand fell to 97.9 million barrels per day, with Asia seeing the most significant drop. China reduced its oil purchases, cutting consumption by almost 6 million barrels per day. Meanwhile, U.S. gasoline use increased despite high prices. A fragile ceasefire allowed some oil to exit the Strait of Hormuz, stabilizing prices.

Volkswagen sales plunge as German automaker lays out plan to slash number of brands

BERLIN (AP) — Volkswagen has reported weak sales numbers, with a significant drop in China. The company said Friday plans to cut its model lineup by nearly half. Volkswagen said group sales fell 8.6% in the second quarter to just under 2.1 million vehicles. Sales in China alone plummeted by more than one-third. CEO Oliver Blume aims to make VW faster and more competitive by reducing complexity and overcapacities. Volkswagen cited challenges like geopolitical tensions and rising costs. On Thursday, employees protested outside the Zwickau plant, demanding job protections as the factory shifts to electric car production.

EU demands Facebook and Instagram dismantle design features it calls addictive for users

The European Union is accusing Meta of breaching social media laws by designing Facebook and Instagram to be addictive. On Friday, the EU’s executive arm demanded Meta disable features like infinite scrolling and autoplay by default. The charges are part of an investigation under the Digital Services Act, which requires tech platforms to protect users or face hefty fines. The commission says Meta failed to assess the risks these features pose to users’ health, including minors. Meta has tools to manage usage, but they are easily dismissed. Meta can respond before a final decision, which could lead to significant fines.

Trump will let bipartisan housing bill become law without signing in protest over GOP voter ID law

WASHINGTON (AP) — President Donald Trump has chosen not to sign a sweeping housing affordability bill on Friday, in protest of Congress not approving a strict voter ID bill that does not have enough support to pass. Still, the housing measure could become law on Friday without Trump’s signature, as he had 10 days to issue a veto and stop the measure. Trump’s post simply says that he will not sign it.

SK Hynix rises nearly 13% in debut on Wall Street as demand for memory chips soars amid AI frenzy

NEW YORK (AP) — Shares of South Korean memory chipmaker SK Hynix rose nearly 13% as they made their debut on Wall Street, at a time when demand for chips is surging thanks to the frenzy around artificial intelligence. SK Hynix priced its American depositary receipts, or ADRs, at $149 each and they closed Friday at $168.01 on the Nasdaq. The offering of 177.9 million ADRs raised proceeds of $26.5 billion, making it the biggest-ever initial share sale in the U.S. by a foreign company. SK Hynix has a dominant position globally for high bandwidth memory, which is essential for the development of advanced AI technology.

China blocks exports of helium, key for chipmaking, as Iran war squeezes supply

HONG KONG (AP) — China is temporarily blocking helium exports, a key element for chipmaking, as the Iran war’s escalation disrupts global supply. China’s commerce ministry and customs agency announced the ban Friday, citing the Foreign Trade Law. Helium is crucial for semiconductor manufacturing and medical uses like MRI cooling. Since the Iran war began in late February, helium supply has been disrupted and prices have risen. China produces about 15% of its helium, importing much from Qatar. The move aims to protect local industries amid tight global supply, as China boosts self-sufficiency in chipmaking and AI.

New York Times accuses agency of political retaliation in countersuit over discrimination case

NEW YORK (AP) — The New York Times accused a federal civil rights agency Friday of political retaliation and free speech infringement in a countersuit filed in response to a discrimination lawsuit the news organization faces on behalf of a white male employee who was rejected for a role awarded to a multiracial woman. In a court filing, the New York Times said the Equal Employment Opportunity Commission filed the lawsuit in retaliation for its critical coverage of President Donald Trump’s administration, in particular a story reporting that EEOC staff are under pressure to bring in cases that fit with the government’s priorities, including discrimination claims by white men.

Andreessen, Chetty among leaders of Fed’s new task forces evaluating operations

WASHINGTON (AP) — Venture capitalist Marc Andreessen, economist Raj Chetty and former Bank of England governor Mervyn King are among a slate of names released by the Federal Reserve Thursday that will help develop recommended changes to the central bank’s operations. Warsh called for “regime change” at the Fed last year while he was under consideration by the Trump administration to replace former chair Jerome Powell. He has sought to communicate less about the Fed’s thinking on interest rates and has said he wants to reduce the central bank’s roughly $6.7 trillion in holdings of government bonds. Yet it’s not yet clear how transformative the task forces will be.