Gavin Newsom pushes back on Trump AI executive order preempting state laws

President Trump indicated he is leaning towards nominating either former Federal Reserve governor Kevin Warsh or National Economic Council Director Kevin Hassett to lead the Federal Reserve next year, emphasizing the importance of consultation on interest rates. This statement was made during an interview with The Wall Street Journal.

Former President Donald Trump has indicated that he believes the Federal Reserve should heed his advice as he considers candidates to replace Jerome Powell as chair, with former Fed governor Kevin Warsh at the top of his list. Trump emphasized his intelligence in economic matters during a recent interview, suggesting he has a significant role in shaping monetary policy decisions.

JPMorgan CEO Jamie Dimon has expressed support for Kevin Warsh in the race for the Federal Reserve chair, suggesting that Kevin Hassett may be more inclined to align with Donald Trump's proposals for interest rate cuts. This endorsement highlights the competitive landscape for the Fed leadership role.

Former President Donald Trump has signed an executive order that prevents individual states from enforcing their own regulations on artificial intelligence (AI), a move that has drawn criticism from California Governor Gavin Newsom. This order aims to create a unified federal framework for AI governance, addressing concerns over a fragmented regulatory landscape across states.

The US Supreme Court is set to rule on the legality of tariffs imposed by President Donald Trump in April, which previously caused significant market fluctuations. This ruling could have substantial implications for various stocks that have experienced growth since the tariffs were enacted.

Oracle's shares fell 15% following the release of disappointing quarterly financial results, leading to a loss of approximately $80 billion in market value, dropping from $630 billion to $550 billion. This decline has raised concerns about a potential bubble in artificial intelligence-related stocks, particularly affecting companies like Nvidia, which is viewed as a key indicator of the AI sector's health.

American Airlines has canceled a popular route, offering refunds to affected customers, amid a decline in Canadian travel to the U.S. This trend follows a year of reduced cross-border trips, influenced by political rhetoric and economic factors.

Paramount Skydance has launched a $108.4 billion hostile bid for Warner Bros Discovery, intensifying the competition in the media landscape, particularly against Netflix, which previously proposed an acquisition valued at approximately $72 billion. Jared Kushner's involvement in financing this bid highlights the intersection of business and politics, especially given his ties to the Trump administration.