position

Michael Burry has increased his bearish bets on the Nasdaq 100 (NDX) and semiconductor stocks, citing concerns about Nvidia’s (NVDA) influence on the AI infrastructure market following Jensen Huang’s departure as CEO.

In a Substack post on Thursday, Burry said he

Richard Barrera will be the next state superintendent of public instruction, with opponent Sonja Shaw conceding the race on Wednesday.

Barrera, the school board president of San Diego Unified, was ahead by double digits in ongoing tallies and already had declared victory. He was the heavy favorite as the Democrat in the race, even though the office is listed as nonpartisan.

Barrera, 59, described his campaign message as “a positive vision for our public schools. We’ve got so many examples of great work happening in our public schools that deserve to be elevated.”

He also campaigned on increasing school funding and “a message that our public schools need to be healthy, safe communities for all of our students. I think that was a clear contrast to a message that our public schools are failing.”

Barrera benefited from more than $9 million in independent campaign spending in support of his election by the California Teachers Assn., or CTA, which he said was instrumental in helping him get his message out.

In a social media post conceding the race Wednesday night, Shaw said she ran “because I believe California’s children deserve better.”

“The problem is that for decades, the same people have had their hands on our education system, while our children have continued to fall behind,” she said in the post. “I believed we had an opportunity to change that. I still believe in the movement we created. They want us to give up, we are not going to!”

The superintendent’s office has an uncertain future. In June, the Legislature signed off on Gov. Gavin Newsom’s plan to reshape the position, transferring oversight of schools and management of the state Education Department to an appointee of the governor. By nearly all accounts, the state superintendent’s power has been dramatically reduced. Many of the new duties of the elected office have yet to be worked out.

Barrera hopes to move quickly as an education advocate, laying out specific budget proposals and policy priorities in setting an agenda for Gov.-elect Xavier Becerra to respond to.

Although Barrera prevailed by a comfortable margin, Shaw outperformed other statewide Republican candidates in Tuesday’s blue wave election for Democrats.

Overall, Barrera and Shaw fit squarely within their ideological camps.

A centerpiece of Shaw’s campaign was her opposition to allowing transgender athletes to compete in girls’ and women’s sports — a position that had strong support in recent polling.

Barrera supports California law on this matter, which allows transgender participation. He has noted that the number of transgender athletes is exceedingly small.

Shaw, 44, broadly characterized the public education system as failing because of liberal Democratic policies, although she praised the quality of the public schools where she lives, Chino, which is in San Bernardino County.

On the November ballot, Barrera supported tax measures that benefit education. He also has consistently opposed Trump administration policies. He has sought to offer support for families affected by immigration enforcement as a senior official in the state’s second-largest school system.

Shaw’s views correspond closely with those of the Trump administration’s Education Department, although during the campaign, she repeatedly separated her policy positions from those of Trump, asserting, for example, in a campaign forum, that she “never even met with the dude.”

As a school board president, Shaw led efforts to ban unsanctioned flags on campuses and in classrooms. Some conservative activists have promulgated such bans with the aim of targeting gay pride flags. Shaw’s board majority also approved mandatory parent notification of their child’s gender-identity expression at school and a policy that allowed parents to challenge school library books with content they deemed sexually explicit. The parent notification policy is tied up in litigation, and advocates have filed a challenge to the library book policy with the state Education Department.

CTA’s campaigning for Barrera was embedded in the union’s hard push for Proposition 3, an initiative that would establish as permanent the current higher tax rates on state residents with the highest taxable income — about the top 2%.

Shaw opposed Proposition 3, which was well ahead Thursday morning.

Leading up to this race, CTA had backed the last eight winners for the state schools office, going back 32 years.

With a crowded field of Democrats in the June primary, Shaw had an opening as a Republican and finished first with 22.6% of the vote, compared with Barrera’s 20.3%.

Analysts, however, expected Barrera to consolidate the votes of Democrats and predicted that the support of CTA, and other unions to a lesser extent, would make a difference for him.

Leaving the office is two-term incumbent Tony Thurmond, who was barred by term limits from serving again and ran unsuccessfully for governor.

By the time Collin Sexton arrived at the Lakers’ practice facility Wednesday morning, just hours after a nearly three-hour slugfest against the Portland Trail Blazers, Jarred Vanderbilt was already deep into a morning workout. The Lakers were beginning a grueling five-game, seven-day stretch, but Vanderbilt was on the practice court in a full sweat at full speed.

It’s no surprise to Sexton that Vanderbilt approached his long-awaited regular-season debut the same way Wednesday against the Clippers.

“He’s always going to be ready for whenever his name is called,” Sexton said. “But that just shows a true professional.”

Vanderbilt starred in his bench role in his delayed season debut Wednesday in the Lakers’ 103-87 win over the Clippers at Intuit Dome. The offensive numbers are unremarkable: no points, one shot, one assist and a turnover. The impact was undeniable. The Lakers outscored the Clippers (1-3) by 22 points in his 21 minutes and two seconds on the court.

Vanderbilt, who had seven rebounds, was one of three Lakers bench players to have a plus-minus of plus-21 or better Wednesday, along with Sexton (plus-23) and Sandro Mamukelashvili (plus-21).

“The second unit, we have to come in and pick up where the starters left off,” said Sexton, who had 21 points, including 11 during the third quarter. “That’s the biggest thing. We got to come in and impact the game right away. We can’t come in and ease into it.”

Vanderbilt’s energy helped the Lakers (4-1) win the rebounding battle for the first time this season. He didn’t waste any time after he subbed in with 3:26 remaining in the first quarter. On his first possession in the game, Vanderbilt repeatedly tipped a loose ball up in the air to keep it alive long enough for Austin Reaves to grab an offensive rebound.

The 6-foot-8 forward did not appear in the Lakers’ first four games. He has been on the fringes of the Lakers rotation in part because his three-point shot is not reliable enough to offset his consistent defensive tenacity and energy. But with the Lakers struggling to find a backup center behind Walker Kessler, Lakers coach JJ Redick said Vanderbilt could get an opportunity to play out of position.

Redick said he had previously had conversations with Vanderbilt about ensuring he would be in a position to succeed. Redick views Vanderbilt more as a wing or a forward than a center, where he occasionally played during 2025 after the Lakers traded for Luka Doncic and were shorthanded in the frontcourt. But with Kevon Looney being the only other full-time center behind Kessler this season, there could be moments when Vanderbilt plays the five by necessity, Redick acknowledged Wednesday.

When Kessler wasn’t on the floor Wednesday, Redick said the duo of Vanderbilt and the 6-foot-9 Mamukelashvili was “the best pairing in terms of having another big out there that can space and shoot and play-make.” Mamukelashvili had 13 points, eight rebounds, three assists and two steals in 30 minutes.

Looney, who was minus-eight in five minutes on the court against the Trail Blazers on Tuesday, did not play Wednesday. The three-time NBA champion offers a completely different skill set than Kessler at the position, and only one week into the season, Redick said the staff is still figuring out how Looney best fits into the team’s scheme.

“You’re trying to figure out who you are as a group [at the beginning of the season],” Redick said. “You’re also, like, for a team with a lot of new guys, you’re trying to figure out what they are. You follow players for years. You can watch them play, and you got to figure out where they fit and how you can, again, put them in a position to succeed. So that’s still a work in progress with all regards.”

The Lakers looked to bolster their depth at center by signing 7-foot center Lawson Lovering to a two-way contract Wednesday and waiving forward AK Okereke. Lovering was with Memphis’ G League affiliate, where he averaged 7.7 points, 7.1 rebounds and 1.3 blocks in 30 games last season. He was undrafted out of Utah, where he finished his collegiate career that started at Colorado.

WASHINGTON — New White House press secretary Katie Zacharia defended her legal background and justified her truncated inaugural briefing as she navigates a rocky first week as the president’s chief spokeswoman.

Zacharia sat down for an interview Thursday with the conservative Human Events outlet. In it, she said she did not have time to get fully prepared ahead of her first briefing on Tuesday and that it was always the plan to keep it short because President Trump would field questions from journalists later that morning.

“It was absolutely my goal to keep it short, considering he is his own best spokesperson, and he would love — and does love — gaggling with the media as he goes to Marine One,” Zacharia said. “So I wanted to give ample deference and not barge into his time.”

The initial briefing materials were given to Zacharia on Monday evening, then completed on Tuesday at 8 a.m., less than two hours before she would appear before the White House press corps. She had been up since 3 a.m. preparing, Zacharia said.

“I never had a full briefing beforehand, and I went out and I effectuated the briefing,” she said.

As for her legal background, Zacharia said she was preparing to take the bar exam in California at a time that she had just gotten married and was readying a move to China to join her new husband, who had been working in private equity in Beijing.

“I was obviously incredibly distracted and overwhelmed and excited for finally being married to someone who I’d been long distance from for at least a year,” Zacharia said.

She said the results of the bar exam, which she did not pass, were “somewhat inconsequential” because she would not need to be a barred attorney while living in China.

Zacharia, who has been under scrutiny for calling herself a “lawyer,” said she consulted several legal experts to ensure that title was accurate when offering legal analysis.

“It’s unfortunate that people dub this as some kind of conspiracy or want to put me in a camp. The truth is, I was very careful how I executed this, and I never came across as someone who was an attorney-at-law.”

She will not weigh in on legal matters in her White House capacity, Zacharia said.

She also divulged details of how she went about securing the White House press secretary job. Zacharia stressed that she did not want to be seen as lobbying for the position, left vacant when Karoline Leavitt announced she would depart the administration to spend more time with her family.

Zacharia, who was a communications advisor for the company that runs Truth Social, said she closely monitored the president’s social media posts to determine what was top of mind for him, then would go on air to talk about those topics.

“My philosophy is, I’m on TV enough where if he sees me and he likes me, then I will be recruited for the job. I do not believe that lobbying for that job would have been successful, and I wanted to work for it. I wanted to audition for it.”

Then on Oct. 7, as Zacharia was preparing to take one of her children to a pumpkin patch, she received a phone call from Trump about the press secretary position.

She promptly flew out the next day from her home in California to Washington, met with the president about the job on Friday and formally accepted the position later that day.

Kim writes for the Associated Press.

Oct. 14, 2026 10:49 AM PT

WASHINGTON — Federal Reserve governor Lisa Cook’s lawyers say that a committee set up by the White House last week to investigate an accusation against her is “demonstrably biased,” though they did not close the door on the possibility that she would appear before the panel.

Lawyer Abbe Lowell also said in a letter Tuesday that Cook would not be able to participate in a hearing Nov. 5 because she “will be executing her official duties as Governor at financial and monetary policy meetings in Europe.”

The earliest that Cook could appear before a “committee of inquiry” that the White House set up last Friday would be after the Fed’s policy meeting Dec. 8-9, the letter said. The letter was sent to William Scharf, a counsel to President Trump.

Lowell’s comments are the latest turn in the Trump administration’s extended efforts to fire Cook from her position as one of seven members of the Fed’s board of governors. Trump has accused Cook of committing mortgage fraud in 2021, before she joined the board, a claim she has denied. No criminal charges have been filed.

No president has fired a Fed governor before, a reflection of the Fed’s traditional independence from politics. Yet Trump, who has repeatedly demanded that the central bank lower its key interest rate, has taken numerous steps that economists say have threatened that independence. The Justice Department earlier this year sought to investigate then-Chair Jerome Powell over brief testimony he had given about an extensive building renovation, though a judge threw out subpoenas in the case and it was later dropped.

Cook was appointed by former President Biden and is the first Black woman on the Fed’s board.

Trump first tried to fire Cook in August 2025, but the Supreme Court ruled earlier this year she could remain in her position while litigation continued. The court also suggested, in a footnote to the ruling, that Trump could try again to fire her if the administration provided her adequate notice and an opportunity to respond. The committee of inquiry announced by the White House last Friday is an effort to meet those conditions.

Under the law governing the Fed, the president can only fire a Fed governor “for cause,” but the Supreme Court didn’t address whether Cook’s actions met that standard. The committee of inquiry will ultimately recommend whether there is cause to fire Cook, a White House memo last week said.

Lowell also said in the Tuesday letter that “we have significant concerns regarding the objectivity and fitness of the committee for its assigned purpose.”

One of its three members, Kevin Hassett, a top economic adviser to Trump, has already said the president has “cause” to fire Cook, the letter noted. The other two members — Labor Secretary Keith Sonderling and chair of the Equal Employment Opportunity Commission Andrea Rich — are also Trump appointees.

“A hearing with demonstrably biased members, unspecified additional allegations, and an unclear schedule for the disclosure of any additional evidence – with no explanation for why it was not previously produced – is not a process that respects the appearance or history of independence,” Lowell’s letter said.

Rugaber writes for the Associated Press.