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- Nvidia teams up with Wall Street asset managers on $500 billion AI infrastructur...
The capital package highlights the growing role of private capital in financing the costs of the artificial intelligence boom. [TheTopNews] Read More.45 mins ago - Oil in US Strategic Petroleum Reserve falls to lowest level since 1983
The U.S. government's Strategic Petroleum Reserve (SPR) is at its lowest level since 1983 as inventories that were already low before the Iran war come under increasing pressure.Data released by the Department of Energy on Monday showed that the number of barrels of oil in the SPR declined by 6.1 million barrels last week, ending the week at 298.7 million barrels in inventory.That is the lowest level in the EIA's weekly data on SPR stocks since January 1983.SPR inventories have fallen this year after President Donald Trump in March authorized the release of up to 172 million barrels in response to the impact of the Iran war on energy supplies, as Iranian attacks have slowed the flow of tanker traffic through the Strait of Hormuz.TRUMP BLASTS BIG OIL FOR 'MAKING TOO MUCH MONEY'The Trump administration announced the releases on March 11, 2026, while EIA data shows that the SPR had about 415.4 million barrels of oil in inventory during the middle of March – with inventories now down about 116 million barrels as of early August.The latest SPR releases follow a historic drawdown over the last several years, beginning with the release of 180 million barrels that was authorized by the Biden administration in response to Russia's invasion of Ukraine in early 2022.Inventories had been around 600 million barrels at the start of 2022 and fell to 375 million barrels by the end of the year. FORGET GASOLINE: THIS OVERLOOKED FUEL COULD RAISE THE PRICE OF NEARLY EVERYTHING YOU BUYWhen SPR levels hit a low of about 347 million barrels in the summer of 2023, they began to gradually recover and reached 400 million barrels in May 2025. They hit a recent peak of over 415 million barrels in February, before the latest round of drawdowns began in March.The SPR was created in 1975 under the Energy Policy and Conservation Act in response to the OPEC oil embargo of 1973-74, which was imposed by Arab countries in OPEC as retaliation for the U.S. resupplying Israel's military during the Yom Kippur War.The SPR was initially intended to have a capacity of 1 billion barrels of oil, although it never reached that level. Currently, the SPR has a congressionally-authorized maximum of about 714 million barrels of oil, while its highest ever inventory was 726.6 million barrels in December 2009 when it had an authorized capacity of 727 million barrels. US OIL RESERVES DROP TOWARDS… [TheTopNews] Read More.1 hour ago - Apple reportedly testing Chinese-made memory chips for iPhones, MacBooks amid gl...Apple is reportedly in the process of testing memory chips made by Chinese company CXMT across its lineup of devices, including in iPhones and MacBooks, as it looks at options to address the shortage of memory chips.The Wall Street Journal on Sunday reported that Apple has held early talks with CXMT about the company providing chips that would be used in devices sold in China, citing people familiar with the matter.Apple is hoping to receive approval from the White House for the arrangement, which could face scrutiny under rules that aim to block U.S. firms from transferring technology and sensitive data to Chinese companies, including CXMT.The Journal reported that while the rules allow Apple to buy off-the-shell components from CXMT, it couldn't order custom chips built to the company's specifications. If the arrangement moves forward, Apple may be forced to redesign parts of its products sold in the Chinese market that would use standard CXMT chips.APPLE POSTS RECORD JUNE QUARTER AS IPHONE SALES SURGE; COOKS WEIGHS IN ON AI, CHINALaptop makers HP and Acer have obtained limited quantities of memory chips and are looking to lock in additional supplies for next year, the Journal reported. The deals with HP and Acer were previously reported by Nikkei Asia.Apple has raised prices on its products in markets around the world, which it has attributed to surging memory chip costs amid a shortage caused by demand from artificial intelligence (AI) companies.APPLE RAISES IPAD AND MACBOOK PRICES AS MEMORY CHIP COSTS SURGECXMT is the largest chipmaking company in China based on market value, and the report noted it has emerged as the world's fastest-growing supplier of DRAM memory chips.Reuters previously reported that the firm was considering building a second memory chip plant in Beijing to expand its output, as the Journal's report from the weekend noted that CXMT maxed out its production this year.The company is giving priority to domestic tech companies in China and is aiming to more than double its current production capacity by 2028, the Journal reported.APPLE TO INVEST $30 BILLION IN US CHIP MANUFACTURINGU.S. companies are restricted in their dealings with CXMT because it's among the companies on a Pentagon list due to links with the Chinese military.The list indicates that CXMT is directly and indirectly affiliated with the Chinese government's Ministry of Information Technology, while it's also indirectly linked to an agency that manages and supervises state-owned enterprises.FOX Business… [TheTopNews] Read More.1 hour ago
- Powerball jackpot soars to $905M, eighth-largest in game’s historyThe Powerball jackpot surged to an estimated $905 million ahead of Monday night's drawing, making it the eighth-largest prize in the game's history.The pot grew after no ticket matched all six numbers from Saturday night's drawing.The white balls were 5, 9, 35, 54 and 63. The red Powerball was 7 and the Power Play multiplier was three.It now has an estimated cash value of $391.9 million, according to the lottery.The odds of winning a prize are 1 in 24.9, while the odds of hitting the jackpot are 1 in 292.2 million.Though there was no jackpot winner in the latest drawing, four tickets matched all five white balls and won $1 million each, the lottery said. Winning Match 5 tickets were sold in Arizona, Florida, Michigan and New York. A ticket matching all five white balls was sold in Texas and included the Power Play option, increasing the prize to $2 million. Monday's drawing will mark the 43rd in the current jackpot run.The Powerball jackpot was last won on May 2, when two tickets in Florida and Texas split a $20 million prize.The winner can choose between a lump sum payment or an annuitized prize – one immediate payment followed by 29 annual payments. Both options are before taxes.Powerball tickets are sold in 45 states, Washington, D.C., Puerto Rico, the U.S. Virgin Islands and the United Kingdom. Drawings occur three nights a week, on Monday, Wednesday and Saturday. [TheTopNews] Read More.3 hours ago
- Muggy Heat and Storms Continue to Grip the U.S., but an End Is in Sight
Weather at the start of the week looks like more of the same: heat and storms across the Eastern United States. But a subtle shift is in the cards. [TheTopNews] Read More.3 hours ago - Medicare Advantage’s Perks Are Getting ScrutinyOfficials said no to health plans that wanted to expand extra benefits to cover medical marijuana, streaming services and shopping clubs. More changes are coming in 2027. [TheTopNews] Read More.3 hours ago
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