stake

Philippe Laffont was known for successfully investing in technology stocks before he founded Coatue Management, a technology-focused hedge fund, in 1999. Since then, he has grown the fund’s size to more $35 billion in assets under management.

Laffont has his finger on the pulse of the artificial intelligence (AI) revolution. His contrarian investment in Super Micro Computer, a company that manufactures high-end servers for data centers, turned some heads earlier this year.

Image source: Getty Images.

Coatue bought into Supermicro at a controversial moment, but it seems Laffont had a change of heart. At the end of June, there were zero shares of the custom server builder in its portfolio.

While Coatue was disposing of Supermicro with its left hand, it was buying up shares of Intuitive Surgical (ISRG -1.34%) with its right. The hedge fund snapped up 39,512 shares of the robot-assisted surgery pioneer in the second quarter.

Intuitive Surgical stock has tumbled this year, but Laffont has reasons to expect a rebound. Here’s a look at what they are to see whether this stock could be a good fit for your portfolio.

An unbeatable advantage

When the market closed on Sept. 12, 2025, shares of Intuitive Surgical were up 19,390% since its initial public offering (IPO) 25 years ago. A few years before its IPO, the Food and Drug Administration made the company’s da Vinci robotic surgical system the first one with clearance to assist with minimally invasive abdominal surgeries.

Medtronic, Johnson & Johnson, and Stryker market surgical robots, but they entered the market after Intuitive Surgical. The pioneer is still the largest member of its industry. At the end of 2024, there were 11,040 Intuitive Surgical systems installed in hospitals worldwide.

Intuitive’s massive installed base of machines isn’t sitting idle either. Surgical teams trained to use da Vinci systems performed 2.7 million procedures last year. Plus, Ion, its more recently launched lung tumor biopsy machine, performed 95,000 procedures last year.

To date, competing systems generally address procedures that don’t already employ da Vinci systems, such as knee replacements and spinal surgeries. Hospital systems can spend more than $1 million installing a da Vinci system and then an even larger sum supporting and training the professionals who will use it. That’s a huge advantage over newer surgical systems that competitors probably won’t be able to overcome.

Placing systems and training surgeons to use them generates revenue for Intuitive, but these aren’t the main sources. Around 84% of total revenue last year came from recurring sources such as instruments and accessories that must be replaced before each procedure.

Why Intuitive Surgical stock is down

Intuitive Surgical has been a terrific stock for its long-term shareholders, but it’s been a stinker this year. It’s down about 26% from a peak it set in February.

Fear that tariffs will pressure profit margins has been a weight on Intuitive Surgical’s stock price. When reporting second-quarter results in July, management reduced its adjusted gross profit margin expectation to a range between 66% and 67%. That would be a minor decline from the 69.1% gross margin reported last year, but this temporary setback is hardly a reason to avoid the stock.

Earlier this year, Medtronic submitted an application to the Food and Drug Administration to perform urology procedures with its Hugo RAS system. Roughly one-fifth of all procedures performed with da Vinci machines last year were in the urology category.

Investors concerned that the Hugo system will pull market share from da Vinci should know that its launch overseas hasn’t been very successful. It’s been authorized for sale in the European Union since 2021, but Medtronic still doesn’t tell investors how much revenue Hugo’s generating in its quarterly reports.

Time to buy?

In the U.S., hospitals considering a new surgical system for urologic surgeries could have a new option from Medtronic by the end of the year. Luckily for Intuitive Surgical, the da Vinci 5 system, which launched in March 2024, already makes Medtronic’s Hugo system seem outdated.

Despite tariff pressure, investors can expect significant growth from Intuitive Surgical. Management is forecasting overall procedure growth of 15.5% to 17.0% this year. High switching costs for hospitals could lead to procedure growth that continues rising for another decade or two.

With a stock price that’s been trading at 55.3 times forward earnings expectations, investors are already expecting profit growth at a double-digit percentage for years to come. Intuitive Surgical stock could fall hard if Medtronic or another competitor begins pressuring sales growth in the years ahead.

Given Hugo’s performance in the E.U., threats from well-heeled competitors appear toothless. Adding some shares to a diverse portfolio now could be the right move for investors with a high risk tolerance.

LAS VEGAS, Nevada — Terence “Bud” Crawford jumped two weight classes to set a career high on the scales at Friday’s weigh-in ahead of his super middleweight bout against Mexican superstar Saúl “Canelo” Álvarez. Both fighters weighed in at 167.5 pounds and met all the requirements for a fight that pits two of today’s best pound-for-pound boxers against each other.

Bud and Canelo face off Saturday at Allegiant Stadium in Las Vegas (6 p.m., Netflix) in a clash that will define their legacies, test Crawford’s undefeated status and determine supremacy in the sport.

For Álvarez, who will celebrate 20 years in the sport in October and compete in his 21st fight in Las Vegas when he faces Crawford, the weigh-in was business as usual for a Mexican star accustomed to competing in the super middleweight class and higher.

Crawford arrived in the same physical condition as the undisputed champion, reflecting the seriousness of his preparation in pursuit of the four belts held by the Jalisco native, as well as a bonus from the World Boxing Council (WBC), which will award a special ring to the winner of the fight.

Terence “Bud” Crawford extends his arms and during a news conference at T-Mobile Arena on Thursday in Las Vegas.

(David Becker / Getty Images for Netflix)

“I think people completely underestimate me, but that doesn’t matter,” Crawford said. “We have to fight here on Saturday, and all the answers will be resolved that night.”

The fighters participated in news conferences during the week that served as a barometer for the atmosphere in Las Vegas, where Álvarez is expected to draw a rowdy crowd during Mexican Independence Day weekend.

“I feel great. For me, this fight means a lot. I’m looking forward to Saturday night,” Álvarez said. “This fight is very important to me. It’s one of the most important fights of my career. … This victory will be one of the most important.”

Álvarez acknowledged Crawford’s physique, with his challenger surprising observers with more defined muscles after gaining weight.

“For me, muscles mean nothing,” Álvarez said. “I’ve fought bigger fighters before and they mean nothing… When I saw that he had a good training camp, I was happy because it was going to be a good fight.”

For his part, Crawford was confident and defiant.

“I feel great. I’m ready to get started. To surprise the world,” said the American, who reacted to social media comments about his physical transformation. “A lot of people are going overboard with that. ‘Oh, he’s slow, he’s got too much muscle.’ I just want to fight.”

At this crossroads, two fighters with different backgrounds meet. Both have been undisputed champions in different divisions and both have enough experience to handle the pressure of a big night. But there are differences that could tip the scales.

Canelo Álvarez and Terence Crawford face off onstage during news conference at T-Mobile Arena on Thursday in Las Vegas.

(David Becker / Getty Images for Netflix)

Álvarez is a fighter accustomed to the higher divisions. He has fought in light heavyweight and has faced physically superior opponents.

His style is orthodox, with a great ability to cut off the ring, wear down his opponents and land powerful punches that can define fights. He has the ability to adapt, read his opponents and subdue them with a combination of technique, power and tactical discipline.

Crawford comes from the opposite camp. His career has been built in lighter weight classes, dominating as a welterweight and lightweight, with a style based on mobility, variety of angles and intelligence in the ring. He is a natural southpaw, although he often switches stances, and has never tasted defeat as a professional.

With 41 victories, 31 of them by knockout, Crawford brings with him an impeccable record, but he will have to prove whether that power remains intact against a heavier and more resilient opponent such as Álvarez.

Crawford has had to deal with criticism about his previous opponents, as he has been accused of facing lower-quality fighters. “Anyone can be a nobody. And from what they say, I haven’t fought anyone,” he said.

The question is how Crawford will adapt to this new weight class. The increase in muscle could take away his speed, one of his most lethal weapons, or sap his endurance during long rounds.

For Álvarez, the advantage lies in familiarity, as he knows how to manage his body during a fight at 168 pounds, knows how to manage energy and knows how to punish an opponent who is entering unknown territory.

Many point to age as a factor that could affect both fighters during the bout.

At 35, Álvarez is still in a competitive range where he retains power, endurance and reflexes, although perhaps with less spark than in his 20s. His style does not depend so much on explosive speed, but rather on experience and the progressive wear and tear of his opponent. That works in his favor.

Although Álvarez has promised a knockout, in his recent fights, he has been unable to deliver knockouts and is unlikely to do so against Crawford.

“I’m going to give it my all in this fight and you’re going to see all my qualities,” Álvarez said. “It’s very difficult to say [which round I’ll knock him out], but I’m preparing for anything and I have one of the best fighters facing one of the best as well.”

At 37, Crawford is nearing the end of his physical prime. Boxers who base much of their style on speed, mobility and reflexes tend to feel the passage of time sooner. Crawford still looks fast, but his reflexes are probably not exactly what they were four or five years ago.

The fight, then, is shaping up to be a duel of styles and contexts. If Crawford manages to impose distance and take advantage of his mobility, he can turn the night into an exercise in frustration for Álvarez. If the Mexican manages to close the ring, press with body shots and wear Crawford down from the early rounds, the fight could swing in his corner.

Beyond the technical analysis, motivation plays a key role. Álvarez, with more than 60 professional fights, seeks to reaffirm his place in history as one of the great champions of Mexico and the world.

Crawford, meanwhile, wants to be the first male boxer in the four-belt era to become the undisputed champion in three different divisions.

Both know they are in the final stretch of their careers, which makes this fight an almost unrepeatable event. A defeat for either of them does not mean the end, but it would leave a mark on their records that would be difficult to erase.

When asked about fighting at Allegiant Stadium, home to the NFL’s Raiders, Crawford took a moment to emphasize the value of an event of this magnitude.

“Fights like this help boxing grow … the best fight,” he said. “… It’s only going to improve the sport.”

Undercard adds intrigue

Undefeated junior middleweight boxers Callum Walsh, left, and Fernando Vargas Jr., right, face off during a news conference at T-Mobile Arena on Thursday in Las Vegas while UFC’s Dana White looks on.

(Steve Marcus / Getty Images)

Saturday night’s fireworks aren’t limited to the main event. The rest of the card also is generating interest.

Undefeated super middleweight Christian Mbilli will face Guatemala’s Lester Martinez in a clash that promises to be intense.

Mbilli, who is hungry to establish himself in the division, said he feels he is in the best shape of his career and intends to go for a knockout. Martínez, for his part, has repeatedly said that he is not here to be a stepping stone for anyone and will take advantage of the platform to make a statement.

Another attraction is the clash between Callum Walsh and Fernando Vargas Jr., son of former world champion Fernando Vargas. Walsh, considered one of the promising young talents of Irish boxing, has said he will bring his technical and disciplined boxing style to the ring.

“Nothing compares to this weekend,” Walsh said. “It’s going to be a good fight. … None of us want to lose. It’s rare to see a fight like this in boxing: two young, undefeated boxers. Boxing needs more of this.”

Vargas said he is not intimidated and promised to prove that he belongs at this level of competition.

“He comes in as the favorite. … It’s something that excites me, something I’ve never felt before,” Vargas said. “Having my back against the wall. … You don’t see fighters putting their records on the line, 17-0 and 14-0, on a stage as big as this. These are the fights that make great fighters.”

Weigh-in results

MAIN CARD

Super middleweight: Canelo Álvarez (167.5 lbs) vs. Terence Crawford (167.5 lbs)

Super welterweight: Callum Walsh (153.5 lbs) vs. Fernando Vargas Jr. (153 lbs)

Super middleweight: Christian Mbilli (167 lbs) vs. Lester Martínez (167 lbs)

Lightweight: Mohammed Alakel (132 lbs) vs. Travis Crawford (132.5 lbs)

PRELIMS

Middleweight: Serhii Bohachuk (155 lbs) vs. Brandon Adams (156 lbs)

Heavyweight: Ivan Dychko (239.5 lbs) vs. Jermaine Franklin Jr. (256 lbs)

Super featherweight: Reito Tsutsumi (129.5 lbs) vs. Javier Martínez (129.5 lbs)

Super lightweight: Sultan Almohammed (132.5 lbs) vs. Martín Caraballo (133 lbs)

Light heavyweight: Steven Nelson (171.5 lbs) vs Raiko Santana (171.5 lbs)

Super middleweight: Marco Verde (158 lbs) vs. Sona Akale (159.5 lbs)

This article first appeared in Spanish via L.A. Times en Español.

Published on 26/08/2025 – 12:50 GMT+2
•Updated
12:52

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Struggling Japanese carmaker Nissan Motor Co. saw its shares sink by more than 6% in Tokyo on Tuesday after the company’s second-biggest shareholder, Mercedes-Benz, announced that its pension fund was selling its entire 3.8% stake.

Mercedes’ withdrawal comes as Nissan is implementing a restructuring plan, designed to reduce costs and improve profitability. The Japanese car producer reported a net loss of ¥670.9bn (€3.91bn) for the year that ended in March, and it was followed by a quarterly net loss of ¥115.8bn (€674mn) for the April-June quarter. 

Nissan suspended its financial guidance for the year and announced a restructuring plan, which includes cutting 20,000 jobs and closing factories.

Shareholders haven’t shown much confidence so far in the plans. Nissan stock has lost more than 28% of its value in the year to date, sending the company’s market capitalisation below €7.4bn.

The stocks briefly rose after US President Donald Trump said in July that he would lower tariffs on Japanese car imports to 15%, but the momentum was short-lived.

A spokesperson from Mercedes-Benz said in an email that Nissan shares, that have been held in pension assets since 2016, were “not of strategic importance”.

Nissan’s long-term allies include the French carmaker Renault, which bailed out the Japanese company in 1999 and gained 37% ownership. This was later increased to around 43%, although Nissan has gradually been reducing its holding.

Aug. 22 (UPI) — The United States government will own a 10% share of common stock in U.S. chipmaker Intel in exchange for $11 billion in already-promised federal funding.

President Donald Trump and Intel officials announced they reached an agreement on the federal stake in the California tech firm on Friday.

“It is my great honor to report that the United States of America now fully owns and controls 10% of Intel,” Trump said Friday in a Truth Social post.

He called Intel a “great American company that has an even more incredible future” and said the nation paid nothing to obtain Intel common shares valued at about $11 billion.

“This is a great deal for America and also a great deal for Intel,” Trump said. “Building leading-edge semiconductors and chips, which is what Intel does, is fundamental to the future of our nation.”

Although Trump said the federal government would not pay to obtain the 10% stake in Intel, the Santa Clara, Calif.-based tech firm indicated it will receive about $11 billion for the common stock.

The federal government will provide $5.7 billion in existing grant funds that were yet to be paid after the Biden administration previously allocated them through the U.S. CHIPS and Science Act, Intel announced on Friday.

Intel also will receive $3.2 billion that had been awarded to it via the Secure Enclave program.

Intel already received $2.2 billion in federal in CHIPS grants, making the total federal investment in it $11.1 billion.

“As the only semiconductor company that does leading-edge R&D and manufacturing in the U.S., Intel is deeply committed to ensure the world’s most advanced technologies are American-made,” Tan said.

“President Trump’s focus on U.S. chip manufacturing is driving historic investments in a vital industry that is integral to the country’s economic and national security,” he added.

“We are grateful for the confidence the president and the administration have placed in Intel,” Tan continued, “and we look forward to working to advance U.S. technology and manufacturing leadership.”

Trump earlier this week said he wanted the federal government to get a 10% stake in Intel in exchange for the money already earmarked for the tech firm.

The funds already were committed by the Biden administration, so the stake did not cost any additional money, Treasury Secretary Howard Lutnick said on Tuesday.

Intel is building a semiconductor complex in Ohio, which would help to lessen the nation’s reliance on chips produced in Taiwan and other locales.

The new Intel manufacturing facilities are scheduled to start opening in 2030 at a location near Columbus, Ohio.

NEW YORK — President Donald Trump on Friday announced the U.S. government has secured a 10% stake in struggling Silicon Valley pioneer Intel in a deal that was completed just a couple weeks after he was depicting the company’s CEO as a conflicted leader unfit for the job.

“The United States of America now fully owns and controls 10% of INTEL, a Great American Company that has an even more incredible future,” Trump wrote in a post.

The U.S. government is getting the stake through the conversion of $11.1 billion in previously issued funds and pledges. All told, the government is getting 433.3 million shares of non-voting stock priced at $20.47 apiece — a discount from Friday’s closing price at $24.80.

That spread means the U.S. government already has a gain of $1.9 billion, on paper. The remarkable turn of events makes the U.S. government one of Intel’s largest shareholders at a time that the Santa Clara, California, company is in the process of jettisoning more than 20,000 workers as part of its latest attempt to bounce back from years of missteps taken under a variety of CEOs.

Intel’s current CEO, Lip-Bu Tan, has only been on the job for slightly more than five months, and earlier this month, it looked like he might be on shaky ground already after some lawmakers raised national security concerns about his past investments in Chinese companies while he was a venture capitalist.

Trump latched on to those concerns in an August 7 post demanding that Tan resign.

But Trump backed off after the Malaysian-born Tan professed his allegiance to the U.S. in a public letter to Intel employees and went to the White House to meet with the president, leading to a deal that now has the U.S. government betting that the company is on the comeback trail after losing more than $22 billion since the end of 2023.

Trump hailed Tan as “highly respected” CEO in his Friday post. In a statement, Tan applauded Trump for “driving historic investments in a vital industry” and resolved to reward his faith in Intel.

“We are grateful for the confidence the President and the Administration have placed in Intel, and we look forward to working to advance U.S. technology and manufacturing leadership,” Tan said.

Intel’s current stock price is just slightly above where it was when Tan was hired in March and more than 60% below its peak reached 25 years ago when its chips were still dominating the personal computer boom before being undercut by a shift to smartphones a few years later.

The company’s market value currently stands at about $108 billion – a fraction of the current chip kingpin, Nvidia, which is valued at $4.3 trillion. The stake is coming primarily through U.S. government grants to Intel through the CHIPS and Science Act that was started under President Joe Biden’s administration as a way to foster more domestic manufacturing of computer chips to lessen the dependence on overseas factories.

But the Trump administration, which has regularly pilloried the policies of the Biden administration, saw the CHIPs act as a needless giveaway and is now hoping to make a profit off the funding that had been pledged to Intel.

“We think America should get the benefit of the bargain,” U.S. Commerce Secretary Howard Lutnick said earlier this week. “It’s obvious that it’s the right move to make.”About $7.8 billion had been been pledged to Intel under the incentives program, but only $2.2 billion had been funded so far. Another $3.2 billion of the government investment is coming through the funds from another program called “Secure Enclave.”

Although the U.S. government can’t vote with its shares and won’t have a seat on Intel’s board of directors, critics of the deal view it as a troubling cross-pollination between the public and private sectors that could hurt the tech industry in a variety of ways.

For instance, more tech companies may feel pressured to buy potentially inferior chips from Intel to curry favor with Trump at a time that he is already waging a trade war that threatens to affect their products in a potential scenario cited by Scott Lincicome, vice president of general economics for the Cato Institute.

“Overall, it’s a horrendous move that will have real harms for U.S. companies, U.S. tech leadership, and the U.S. economy overall,” Lincicome posted Friday.

The 10% stake could also intensify the pressure already facing Tan, especially if Trump starts fixating on Intel’s stock price while resorting to his penchant for celebrating his past successes in business.

Nancy Tengler, CEO of money manager Laffer Tengler Investments, is among the investors who abandoned Intel years ago because of all the challenges facing Intel.

“I don’t see the benefit to the American taxpayer, nor do I see the benefit, necessarily to the chip industry,” Tengler said while also raising worries about Trump meddling in Intel’s business.

“I don’t care how good of businessman you are, give it to the private sector and let people like me be the critic and let the government get to the business of government.,” Tengler said.

Although rare, it’s not unprecedented for the U.S. government to become a significant shareholder in a prominent company. One of the most notable instances occurred during the Great Recession in 2008 when the government injected nearly $50 billion into General Motors in return for a roughly 60% stake in the automaker at a time it was on the verge of bankruptcy.

The government ended up with a roughly $10 billion loss after it sold its stock in GM. The U.S. government’s stake in Intel coincides with Trump’s push to bring production to the U.S., which has been a focal point of the trade war that he has been waging throughout the world.

By lessening the country’s dependence on chips manufactured overseas, the president believes the U.S. will be better positioned to maintain its technological lead on China in the race to create artificial intelligence.

Even before gaining the 10% stake in Intel, Trump had been leveraging his power to reprogram the operations of major computer chip companies. The administration is requiring Nvidia and Advanced Micro Devices, two companies whose chips are powering the AI craze, to pay a 15% commission on their sales of chips in China in exchange for export licenses.

The extraordinary development follows a meeting between CEO Lip-Bu Tan and Trump after he called for Tan’s removal.

The United States government will take a 10 percent stake in Intel under an agreement with the struggling chipmaker, President Donald Trump has said, marking the latest extraordinary intervention in corporate affairs.

Trump made the announcement on Friday. Intel, whose shares rose more than 6 percent, declined to comment.

The development follows a meeting between CEO Lip-Bu Tan and Trump earlier this month that was sparked by Trump’s demand for the Intel chief’s resignation over his ties to Chinese firms.

“He walked in wanting to keep his job and he ended up giving us $10bn for the United States,” Trump said on Friday.

The move marks a clear change of direction and also follows a $2bn capital injection from SoftBank Group in what was a major vote of confidence for the troubled US chipmaker in the middle of a turnaround.

Federal backing could give Intel more breathing room to revive its loss-making foundry business, analysts said, but it still suffers from a weak product roadmap and challenges in attracting customers to its new factories.

Trump, who met Tan on August 11, has taken an unprecedented approach to national security.

The US president has pushed for multibillion-dollar government tie-ups in semiconductors and rare earths, such as a pay-for-play deal with Nvidia and an arrangement with rare-earth producer MP Materials to secure critical minerals.

Tan, who took the top job at Intel in March, has been tasked to turn around the US chipmaking icon, which recorded an annual loss of $18.8bn in 2024 — its first such loss since 1986. The company’s last fiscal year of positive adjusted free cash flow was 2021.

Earlier this week, US Senator Bernie Sanders supported the plan. He and Senator Elizabeth Warren had previously said that the US Treasury Department should receive a warrant, equity stake or senior debt instrument from any company that receives government grants like Intel had under the 2022 CHIPS and Science Act, which sought to lure chip production away from Asia and boost US domestic semiconductor output with $39bn in subsidies.

A formal announcement of the investment is expected later on Friday.

The new stake in the tech giant aims to increase US semiconductor chip production.

United States Senator Bernie Sanders has thrown his support behind US President Donald Trump’s plan to convert US grants to chipmakers, including $10.9bn for Intel, into government stakes in the companies.

The senator for the state of Vermont announced his support on Wednesday.

“If microchip companies make a profit from the generous grants they receive from the federal government, the taxpayers of America have a right to a reasonable return on that investment,” Sanders, an independent who caucuses with Democrats, said in a statement to the Reuters news agency.

The awards were part of the 2022 CHIPS and Science Act, which sought to lure chip production away from Asia and boost American domestic semiconductor output with $39bn in subsidies.

The acronym CHIPS in the name of the legislation stands for “Creating Helpful Incentives to Produce Semiconductors”.

US Commerce Secretary Howard Lutnick is now looking into the government taking equity stakes in embattled Intel and other chipmakers in exchange for the grants as the Trump administration seeks “equity” in return for “investments”.

Rare bipartisanship

The unusual alignment between Sanders and Trump on government ownership stakes in private companies highlights a marked shift by Trump toward policies of state intervention in the economy that are typically associated with the left.

Since Trump took office for a second time in January, he agreed to allow AI chip giants Nvidia and AMD to sell AI chips to China in exchange for the US government receiving 15 percent of revenues from the sales.

The Pentagon is also set to become the largest shareholder in a small mining company to boost the output of rare earth magnets. And the US government negotiated for itself a “golden share” with certain veto rights as part of a deal to allow Nippon Steel to buy US Steel.

Sanders and Senator Elizabeth Warren, a Democrat, had proposed an amendment to the CHIPS Act that would have forbidden the Commerce Department from granting a CHIPS Act award without the Treasury Department receiving a warrant, equity stake or senior debt instrument issued by the recipient company.

“I am glad the Trump administration is in agreement with the amendment I offered three years ago,” Sanders said. “Taxpayers should not be providing billions of dollars in corporate welfare to large, profitable corporations like Intel without getting anything in return.”

Much of the funding for CHIPS Act award recipients such as Micron, Taiwan Semiconductor Manufacturing Co and Samsung has not been disbursed.

Trump’s interest in Intel is also being driven by his desire to boost chip production in the US, which has been a focal point of the trade war that he has been waging throughout the world. By lessening the country’s dependence on chips manufactured overseas, the president believes the US will be better positioned to maintain its technological lead on China in the race to create artificial intelligence.

Earlier this month, Trump called on Intel CEO Lip-Bu Tan to resign.

The demand was triggered by reports raising national security concerns about Tan’s past investments in Chinese tech companies while he was a venture capitalist. But Trump has since backed off after Tan professed his allegiance to the US to Intel employees and went to the White House to meet with the president, who applauded the Intel CEO for having an “amazing story”.

This comes as Intel is also in talks with other large investors to receive an equity infusion at a discounted price just days after the chipmaker got a $2bn capital injection from the SoftBank Group, according to CNBC.

On Wall Street, investors have not responded well to the government’s potential new role. Intel stock is down 7.1 percent from the market open as of 1:30pm in New York (17:30 GMT).

Aug. 19 (UPI) — The Trump administration wants U.S. chipmaker Intel to give the federal government an equity stake to receive $8 billion via the CHIPS and Science Act.

Commerce Secretary Howard Lutnick on Tuesday confirmed President Donald Trump wants Intel to give the federal government a 10% stake in Intel in exchange for money promised to it by the Biden administration upon passage of the CHIPS and Science Act.

“We should get an equity stake for our money,” Lutnick said when interviewed by CNBC on Tuesday.

“We’ll deliver the money, which was already committed under theBiden administration,” Lutnick continued. “We’ll get equity in return for it.”

Intel officials in the fall announced the tech company will receive an $8 billion grant via the CHIPS and Science Act.

The president questions why the federal government is giving that much money to a tech firm that is worth $100 billion, Lutnick said.

Commerce Secretary Scott Bessent also confirmed the Trump administration’s demand for equity in Intel, saying it’s needed to make the tech firm stable and capable of increasing domestic production of chips. Additionally, Taiwan produces most of the global supply of chips, and U.S. national security requires a domestic supply, Bessent told Bloomberg last week.

The Trump administration’s request for equity in Intel comes a day after Japan-based tech investor SoftBank on Monday announced it will invest $2 billion in Intel in exchange for Intel common stock.

“Semiconductors are the foundation of every industry,” said Masayoshi Son, SoftBank chairman and chief executive officer. “For more than 50 years, Intel has been a trusted leader in innovation.”

Son said SoftBank officials believe Intel will have a “critical role” in expanding the United States’ semiconductor manufacturing and supply.

SoftBank will pay $23 per share for Intel stock, which would amount to nearly 87 million common shares.

The Trump administration, likewise, wants equity in Intel in exchange for CHIPs and Science Act funding, rather than giving away taxpayer funds.

Intel had begun building U.S. manufacturing facilities near Columbus, Ohio, with an estimated completion date in 2030.

Intel Chief Executive Officer Lip-Bu Tan last month said the company is slowing the pace of construction and will continue work based on market conditions, CNBC reported.

President Joe Biden signed the CHIPS and Science Act into law on Aug. 9, 2022, which provides about $280 billion in funding for the U.S. semiconductor industry.

Biden lauded the act as a success a year ago in August after tech companies pledged more than $395 billion in investments in electronics and semiconductors and created more than 115,000 jobs during the act’s first two years.

U.S. tech firms account for about 10% of the global supply of chips that power artificial intelligence and a variety of consumer goods, including appliances and computers.

The United States was on pace to produce about 30% of the global computer chip supply by 2032, Biden announced.

Officials in US President Donald Trump’s administration made comments saying the equity stake was not to run the firm.

United States Commerce Secretary Howard Lutnick has said the US government wants an equity stake in Intel in exchange for cash grants approved during the administration of former President Joe Biden.

Separately, also on Tuesday, Treasury Secretary Scott Bessent said any US investment in Intel would be aimed at helping the troubled chipmaker stabilise.

Asked about reports that the US was considering taking a 10 percent stake in Intel, Bessent told CNBC’s “Squawk Box” programme: “The stake would be a conversion of the grants and maybe increase the investment into Intel to help stabilise the company for chip production here in the US.”

Bessent gave no details about the size or timing of any US stake in Intel, but said any investment would not be aimed at forcing US companies to buy chips from Intel.

Bessent’s comments were the first official response from the Trump administration after Bloomberg News reported on Monday that the US government is in talks to take a 10 percent Intel stake in exchange for $7.9bn in grants that were approved for the US chip company during the Biden administration.

‘Not governance’

“We should get an equity stake for our money,” Lutnick told CNBC. “We’ll get equity in return for that … instead of just giving grants away.”

Lutnick said the US does not want control of the company.

“It’s not governance, we are just converting what was a grant under Biden into equity for the Trump administration for the American people.” He suggested any stake would be “non-voting,” meaning it would not enable the US government to tell the company how to run its business.

He made his comments a day after SoftBank Group agreed to invest $2bn into the chipmaker, which has struggled to compete after years of management blunders.

“The Biden administration literally was giving Intel money for free and giving TSMC money for free, and all these companies just giving the money for free, and Donald Trump turned it into saying, ‘Hey, we want equity for the money. If we’re going to give you the money, we want a piece of the action for the American taxpayer,’” Lutnick said.

Intel and TSMC, a Taiwan-based chipmaker, did not immediately comment.

Intel helped launch Silicon Valley, but has fallen behind rivals like Nvidia Corp and Advanced Micro Devices Inc and is shedding thousands of workers and slashing costs under its new CEO, Lip-Bu Tan. It recorded an annual loss of $18.8bn in 2024, its first such loss since 1986.

Intel plans to end the year with 75,000 “core” workers, excluding subsidiaries, through layoffs and attrition, down from 99,500 core employees at the end of 2024. The company previously announced a 15 percent workforce reduction.

Trump recently said Tan, who was made CEO in March, should resign. But after meeting with him last week, Trump relented, saying Tan had an “amazing story”.

United States President Donald Trump and Russia’s President Vladimir Putin are set to meet in Anchorage, Alaska, on Friday in a bid to find common ground that could lead to a lasting ceasefire deal in Russia’s three-year-long war on Ukraine.

The highly anticipated meeting is the latest in Trump’s numerous, but so far unsuccessful, attempts to end the Ukraine war and keep the promises he made on the campaign trail last year, when he claimed he would end the conflict within 24 hours if elected.

It also marks the first time in a decade that Putin will visit the US, as well as the first-ever visit of a Russian leader to Alaska.

While President Trump has tried to downplay expectations ahead of the meeting, he also warned on Thursday that Russia could face “serious consequences” if Putin did not agree to a ceasefire.

Here’s what to know about the Alaska meeting:

When and where are Trump and Putin meeting?

Both leaders will meet at the US military’s Joint Base Elmendorf-Richardson in Anchorage, Alaska.

The time of the meeting is scheduled for about 11:30am Alaska time (19:30 GMT), although this could change.

Accompanying Russian delegation members include: Foreign Minister Sergey Lavrov, Defence Minister Andrei Belousov, Finance Minister Anton Siluanov, Presidential Aide Yuri Ushakov, and Special Presidential Envoy on Foreign Investment and Economic Cooperation Kirill Dmitriev.

It is not yet clear who will accompany Trump for the meeting from the US side.

Are Zelenskyy and European leaders attending?

No, Ukraine’s President Volodymyr Zelenskyy will not attend the Alaska meeting, nor will European leaders.

Asked why Zelenskyy was not at the table, Trump chided the Ukrainian president at a White House news briefing on August 11, saying that Zelenskyy had ruled for three years and “nothing happened” in terms of ending the war.

“I would say he could go, but he’s gone to a lot of meetings,” Trump said.

Analyst Neil Melvin of the Royal United Services Institute (RUSI), a London-based think tank, said Europe was essentially an observer in a matter that could determine its fate because it lacked leverage. “​European leaders have been relegated to the margins with the [European Union] seen by Trump and Putin as largely irrelevant,” he said.

Ahead of the meeting, on Wednesday, Trump, alongside US Vice President JD Vance, held a virtual meeting with Zelenskyy and other European leaders. Analysts say it was a final attempt on the part of the Europeans to steer the meeting in Ukraine’s favour.

Zelenskyy joined the virtual meeting from Berlin. Other leaders who attended were from Germany, the United Kingdom, Italy, Finland and Poland. European Commission head Ursula von der Leyen and NATO chief Mark Rutte were also present.

What’s the significance of Alaska as the venue?

Alaska, which is located northwest of the US mainland, is the closest point at which Russia and the US are neighbours. The US state is closer to Russia than it is to the US mainland. On the Russian side, it is closest to the autonomous Chukotka district.

Originally inhabited by Indigenous Americans, the region was first colonised by the old Russian empire in the 18th century. Due to the high costs of maintaining the faraway location, Moscow sold Alaska to the US in 1867 for $7.2m, the equivalent of $162m today. Russian influence still abounds in the region, visible in the Russian Orthodox churches still present, and even in the Russian surnames of some Alaskans.

The Elmendorf-Richardson base, where the meeting will be held, is also significant: It was originally an air force base built in 1940, during World War II. But its role expanded significantly during the Cold War that followed. The US was worried about possible Soviet attacks on Alaska, and thus built monitors and anti-aircraft systems to counter any threats. The airbase was an important part of that mission. The air squadrons based there are still positioned to intercept any Russian aircraft that might seek to enter US airspace.

Still, the US has not clarified why it chose Alaska as the venue for the summit.

What’s on the agenda?

The two leaders will discuss the terms for a possible ceasefire between Russia and Ukraine.

On the agenda is how such a deal could look, including possible territorial concessions on either side.

Russia invaded Ukraine in February 2022. Its military currently controls about 19 percent of Ukrainian land across Crimea, Luhansk, Donetsk, Zaporizhia, Kherson and small parts of Kharkiv, Sumy, Mykolaiv, and Dnipropetrovsk provinces.

Ukraine controlled parts of Russia’s Kursk region from August 2024 but has since lost most of the territory.

What land swaps could Trump and Putin discuss?

Trump, on Monday, suggested in a news briefing that Ukraine and Russia could swap territory in order to reach a land deal.

However, he walked back that suggestion on Tuesday at another briefing as his suggestion proved controversial across Europe. Trump promised to get back some Ukrainian territory.

“Russia occupied a big portion of Ukraine. They occupied prime territory. We’re going to try to get some of that territory back for Ukraine,” he said.

As part of any swap deal, analysts believe that Putin will press for Ukraine to withdraw from the parts of Donetsk that its troops still control. That would give Russia complete control of the Donbas region, which includes Luhansk and Donetsk – Russia already controls almost all of Luhansk – in addition to Crimea and chunks of Kherson, Zaporizhia and other southern regions. It will also want Ukraine to relinquish the tiny part of Kursk in Russia that Kyiv’s forces occupy.

In exchange, Russia might be willing to give up the small areas in the Sumy and Kharkiv regions under its control.

Moscow invaded and illegally occupied Crimea in March 2014. Pro-Russian militias seized parts of the Donbas starting from April 2014, triggering conflict with resisting Ukrainian troops. Much of the region was then taken over by invading Russian forces following Russia’s 2022 invasion of Ukraine.

What are Trump’s expectations for the summit?

President Trump said on Monday that he expects this meeting to be a “feel-type” conversation between him and Putin, one where he understands what the Russian leader wants.

A second meeting, he has said, is likely going to come from it soon and will include Zelenskyy and Putin, with Trump likely hosting it.

However, Trump sounded a more severe tone on Wednesday. He warned that if the Friday meeting ended without Russia agreeing to peace in Ukraine, there would be “very severe consequences” for Russia.

Trump did not specify what US actions might be. He’d earlier threatened economic sanctions on Russia “within 50 days” if Moscow did not end the war. However, the Alaska meeting was announced as the deadline of August 8 arrived, with no significant action from Washington.

Presently, Russia is under significant Western sanctions, including bans on its banks and its crude oil. In late July, the US slammed India with tariffs for buying Russian oil, and this week, US officials have warned of secondary sanctions on that country if Friday’s talks fail.

What has Russia said it wants from the meeting?

Moscow presented a proposal to the US on August 6, last week, stating its requests, according to reporting by the Wall Street Journal.

Russia’s asks remain similar to its stated goals in June 2024. Moscow says it will stop the war if:

• Kyiv drops its ambitions to join NATO, and if the country disarms significantly.
• If Kyiv pulls back and cedes all of the Donbas in return for Russia halting advances on Kherson and Zaporizhia, and handing back small occupied parts of Sumy and Kharkiv.
• If Western sanctions are relaxed as part of a peace deal.

But Russian officials have since also indicated that they want any movement towards peace to also serve as a launchpad for improved ties with the US. Putin’s delegation for the Alaska summit suggests that Russia might make economic offers – including the promise of investments in the US – to Trump.

What are Ukraine and Europe seeking from the talks?

Zelenkyy has in the past said that Ukraine will not cede territory.

He reiterated that on August 9, in light of Putin’s proposal to Trump, and stated that Ukraine would not “gift land to the occupier” and that it was impossible to do so under Ukrainian law.

Europe, meanwhile, has been nervous about what Trump might agree to. Following the three-way call between Trump, Zelenskyy and European leaders on Wednesday, German Chancellor Friedrich Merz, French President Emmanuel Macron, and the UK’s Prime Minister Keir Starmer outlined what the European coalition wanted:

• That the US not agree to any territorial deals without Ukraine being present
• Ukraine needs credible security guarantees as part of any peace deal, that is, a guarantee of non-invasion by Russia.
• Zelenskyy reiterated those calls and added that Ukraine should still be allowed to join NATO if a ceasefire is reached. He also said sanctions should be strengthened if Russia fails to agree to a peace deal on Friday.

What could the outcome be?

Some analysts are hopeful about the prospects of the beginnings of a peace deal emerging from the summit. The big question, they say, is whether Ukraine will agree to a possible deal between the two leaders in Alaska, if its terms are unplatable to Kyiv.

However, others, like Melvin of RUSI, think this meeting is ultimately a play by Russia to stall the US from making good on its sanctions threat, while allowing Moscow to keep advancing militarily in Ukraine.

“Putin believes that he can win [and] is anxious to stall the United States and any further pressure it may seek to put on Russia,” he said. “The most likely outcome of the summit is then that there may be some announcements of steps forward, but the war will continue.”

Talks for an undisclosed stake come days after President Donald Trump called for Intel’s CEO to resign.

The administration of United States President Donald Trump is in talks with Intel to have the US government potentially take a stake in the chipmaker.

Intel’s shares surged more than 7 percent in regular trading and then another 2.6 percent after the bell on Thursday, following Bloomberg News’ initial report of the potential deal, which cited people familiar with the plan.

It is unclear what size stake the federal government will take, but Bloomberg reports that the deal will help “shore up” a planned factory in Ohio that has been delayed.

The plan stems from a meeting this week between Trump and Intel CEO Lip-Bu Tan, the report said.

Tan also met Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent.

“The meeting was a very interesting one,” Trump said on Truth Social on Monday, adding that his cabinet members and Tan are going to spend time together and bring suggestions to him during the next week.

The meeting came after Trump publicly demanded the resignation of Tan over his past investments in Chinese tech companies, some linked to the Chinese military.

Intel declined to comment on the report but said it was deeply committed to supporting Trump’s efforts to strengthen US technology and manufacturing leadership.

“Discussion about hypothetical deals should be regarded as speculation unless officially announced by the administration,” said White House spokesman Kush Desai.

The details of the stake and price are still being discussed, according to the report.

Struggling business

Any agreement and potential cash infusion will help the years-long efforts to turn around the company’s fortunes. Once the undisputed leader in chip manufacturing, Intel has lost its position in recent years.

The chipmaker’s stock market value has plummeted to $104bn from $288bn in 2020.

Intel’s profit margins – once the envy of the industry – are also at about half their historical highs.

Tan has been tasked to undo years of missteps that left Intel struggling to make inroads in the booming AI chip industry dominated by Nvidia, while investment-heavy contract manufacturing ambitions led to heavy losses.

Any agreement would likely help Intel build out its planned chip complex in Ohio, Bloomberg reported.

Intel’s planned $28bn chip fabrication plants in Ohio have been delayed, with the first unit now slated for completion in 2030 and operations to begin between 2030 and 2031, pushing the timeline back by at least five years.

Taking a stake in Intel would mark the latest move by Trump, a Republican, to deepen the government’s involvement in the US chip industry, seen as a vital security interest to the country.

Earlier this week, Trump made a deal with Nvidia to pay the US government a cut of its sales in exchange for resuming exports of banned AI chips to China.

US President Donald Trump and Russian President Vladimir Putin are set to meet in Alaska for talks on the war in Ukraine.

But concern is increasing in Kyiv and among its European allies over fears of Ukraine being sidelined.

So, what’s at stake at the Alaska summit for all sides?

Presenter: Adrian Finighan

Guests: 

Anatol Lieven – Director of the Eurasia Program at the Quincy Institute for Responsible Statecraft

Steven Erlanger – Chief diplomatic correspondent in Europe for The New York Times

Alex Titov – Lecturer at Queen’s University Belfast and a specialist in Russian foreign policy

President Trump wants new congressional maps in Texas — now. Not in the next decade. Not after the next census. Not when it’s traditionally done. He wants it done smack dab in the middle of the decade.

Why the odd timing? Because he wants it done in time to help his presidency.

In Trump’s mind, Texas is a vending machine: insert redistricting, receive five shiny new Republican seats. “We are entitled to five more seats,” he declared on CNBC, his voice dripping with the royal “we” of someone who thinks democracy is nothing but a loyalty program.

This is merely the latest example of Trump’s fondness for procedural hardball. He recently sacked the Bureau of Labor Statistics commissioner for reporting job numbers he didn’t like. And his congressional minions just passed a bipartisan bill that required Democratic votes to get through, only to use budget “rescissions” to take back the Democratic priorities they never intended to fund.

Trump plays Calvinball with democracy — rules change mid-play, and he’s somehow always the one scoring.

And here’s the thing: It’s not illegal. “Not illegal” in the same way that drinking milk straight from the carton isn’t illegal — just gross, petty and an announcement to the room that you’re not interested in living by any mutually agreed-upon standards. (Trust me. I have teenagers.)

The Texas gambit, though, is utterly Trumpian in its ambitious recklessness. It might work. Or it might backfire and actually cost Republicans 2026 midterm seats. But either way, this aggression is radioactive.

Consider the immediate reaction. Texas Democrats, lacking the votes to block the move, fled the state entirely — denying Republicans the quorum they needed to conduct business.

This, in turn, was met with all the subtlety of a bounty hunt. The Texas House speaker signed civil arrest warrants for the missing lawmakers. The governor ordered state officials to search every warehouse, farmhouse, henhouse, outhouse and doghouse. (Just kidding. That was Tommy Lee Jones in “The Fugitive.” But, honestly, it’s a pretty close approximation.)

Powder keg vibes abound. What happens if and when a Texas lawman tries to slap cuffs on a Democrat in New York or California? Do we get a full-blown interstate standoff? A live cable news shootout of sheriffs and state troopers at the airport terminal gate?

Even if nothing that crazy happens, legislators making $600 a month are being fined $500 a day for their absence. And the governor has even threatened bribery charges against anyone helping them pay the fines.

But here’s where the escalation really kicks in. Even if the Texas Democrats fold and slink back to Austin (honestly, they don’t have much leverage), blue states are already eyeing retaliation.

California, New York, Illinois — they could all dust off the gerrymander machine to carve out extra Democratic seats. (Yes, some blue states handed map drawing to independent commissions, but power has a way of finding the crowbar it needs.)

This is mutually assured destruction with ballots instead of missiles.

And the kicker? After both sides squeeze every last seat out of their respective states, this whole exhausting mess could net Republicans one or two extra seats — or maybe none at all.

At this point, you might be wondering “How did we get here?”

I’m reminded of an old story — possibly true, probably apocryphal — about how circus elephants are trained.

When they’re babies (calves), elephants are chained to a stake they can’t pull up. They try and fail, and eventually they stop trying.

As adults, weighing several tons, they could walk away from the stake they are chained to at any time. But they don’t. They’ve learned the stake is “unbreakable.” Resistance is futile.

Trump is the elephant who never got that memo. To him, the stake — the norms, the Constitution, the institutions — is a suggestion, not a restraint.

The bigger problem? Everyone else has now seen Trump become unmoored from accountability — with impunity. They imagine they can do it, too.

Republicans who used to quietly admire their own prudent “restraint” now believe they just lacked imagination. And Democrats are starting to believe that playing nice equates to playing dead.

And so, the stakes are coming out of the ground everywhere.

We used to imagine there was an invisible line — one that politicians wouldn’t cross out of shame, duty or fear of the abyss.

Turns out, the abyss has a DJ and an open bar. The people hurtling toward it aren’t falling. They’re soaring.

Matt K. Lewis is the author of “Filthy Rich Politicians” and “Too Dumb to Fail.”

The NFL has reached a deal to take a 10% ownership stake in the Walt Disney Co.’s ESPN, the league and Disney announced Tuesday evening, a move that is expected to solidify the sports media outlet’s relationship with the league for years to come.

In return for the equity stake valued at more than $2 billion based on recent valuations of the company, ESPN will take over the NFL’s cable properties including the NFL Network and Red Zone, the popular channel that continuously updates fans on the slate of Sunday contests. The NFL Network also has the rights to seven regular season games.

In addition to the sale of NFL Network, the NFL and ESPN are also entering into a second non-binding agreement, under which the NFL will license to ESPN certain NFL content and other intellectual property to be used by NFL Network and other assets.

The deal is a big win for ESPN Chairman Jimmy Pitaro, who took over the Disney unit in 2018 with a mandate to improve the company’s relationship with the NFL.

The equity stake comes ahead of ESPN’s move into the direct-to-consumer streaming business this fall, which gives consumers the opportunity to purchase the company’s sports channels without a cable or satellite TV subscription. NFL Network will also be available on the streaming service.

“This is an exciting day for sports fans,” Pitaro said Tuesday in a statement. “By combining these NFL media assets with ESPN’s reach and innovation, we’re creating a premier destination for football fans. Together, ESPN and the NFL are redefining how fans engage with the game — anytime, anywhere. This deal helps fuel ESPN’s digital future, laying the foundation for an even more robust offering as we prepare to launch our new direct-to-consumer service.”

The new product is aimed at recapturing sports fans who are forgoing cable and satellite services. ESPN has seen its reach in cable decline from 98 million homes in 2013 to around 72 million as a result of cord-cutting.

“Today’s announcement paves the way for the world’s leading sports media brand and America’s most popular sport to deliver an even more compelling experience for NFL fans, in a way that only ESPN and Disney can,” Disney Chief Executive Bob Iger said in a statement.

ESPN has the broadcast rights to “Monday Night Football” and two Super Bowl games in the current NFL contract that runs through 2033 but is expected to be reopened in 2029.

The deal with Disney means the NFL’s other partners — Fox, NBC, CBS, YouTube and Amazon — will be bidding against an entity that the league has a financial interest in next time the media rights come up.

Lachlan Murdoch, executive chairman of Fox Corp., told Wall Street analysts Tuesday he is not concerned the NFL’s partnership with ESPN will impact his network’s standing with the league.

“We have a tremendous relationship with the NFL,” Murdoch said. “We appreciate that they are fans of the broadcast and cable networks, and we look forward to working with them and deepening our relationship with them as we move forward.”

Walt Disney Co. is expected to announce that the NFL is taking an equity stake in the Burbank-based entertainment giant’s sports media property ESPN, according to people familiar with the plan who were not authorized to comment publicly.

Disney may reveal the deal during its earnings call Wednesday. Representatives at the NFL and ESPN declined comment Friday.

In return for the equity stake, ESPN is expected, at minimum, to take over the NFL’s cable properties including the NFL Network and Red Zone, the popular channel that continuously updates fans on the slate of Sunday contests. The NFL Network also has the rights to several regular season games late in the season.

In addition, the NFL owns the league’s production unit, NFL Films, and NFL+, the streaming service that enables subscribers to watch games and other related content on mobile devices.

ESPN has the broadcast rights to “Monday Night Football” and two Super Bowl games in the current NFL contract that runs through 2033 but is expected to be reopened in 2029. The impending deal with Disney means the NFL’s other partners — Fox, NBC, CBS, YouTube and Amazon — will be bidding against an entity that the league has a financial interest in next time the media rights come up.

Discussions between the NFL and Disney have been ongoing for more than 18 months as concerns heightened about the viability of ESPN when consumers continue to bypass or cancel pay TV subscriptions.

The NFL accounts for the vast majority of most-watched programming on U.S. television screens every year, according to Nielsen. But as the TV business has been fragmented and disrupted by streaming, there are even more competitors wanting their own package of pro football games.

In 2022, the NFL awarded the rights to its Sunday Ticket package to Google’s YouTube TV. The seven-year deal for the package, which gives viewers access to out-of-market network TV broadcasts of the league’s Sunday afternoon games, underscored the migration of younger viewers to streaming platforms for video viewing.

Netflix, the world’s largest subscriber-based online video service, has the rights to Christmas Day games, which last year drew tens of million of viewers to the streamer, which has been building up its live programming business.

ESPN has long been the most expensive part of the pay TV bundle, currently getting close to $9 per subscriber. It is now in around 73 million homes, down from 98.5 million in 2013.

Traditional television is losing ground to streaming. Earlier this year, Nielsen reported that TV consumption through streaming services had exceeded broadcast and cable viewing combined for the first time.

ESPN is adapting to the streaming landscape, launching its first stand-alone direct-to-consumer product that will give consumers access to all of its channels without a pay TV subscription. The service will cost $29.99 a month.

TV ratings for ESPN have improved and ad sales have remained strong as advertisers value audiences who watch live programming.

Disney’s stock price fell about 2% to $116.59 on Friday as the broader markets absorbed the pain of President Trump’s new tariffs and weak jobs data.

ESPN is run by Jimmy Pitaro, who has been considered a potential internal candidate to replace Disney Chief Executive Bob Iger when he retires at the end of next year. Disney’s share price has risen 5% so far this year.

Snoop Dogg told us long ago that he’s got his mind on his money and his money on his mind.

Now he’s got his mind on using some of that money to become the latest American celebrity to invest in an English Football League team.

On Thursday, Welsh club Swansea City announced that the hip-hop legend, whose real name is Calvin Broadus, is joining its ownership group. It was not disclosed what percentage of the club is now owned by Snoop Dogg or how much he invested in the team.

The announcement came days after the “Gin & Juice” rapper helped reveal Swansea City’s uniforms for the upcoming season by posing in the new home jersey in a video posted to Instagram.

“My love of football is well known, but it feels special to me that I make my move into club ownership with Swansea City,” Snoop Dogg said in a statement released Thursday by Swansea City. “The story of the club and the area really struck a chord with me. This is a proud, working class city and club. An underdog that bites back, just like me.

“I’m proud to be part of Swansea City. I am going to do all I can to help the club.”

Swansea City plays in the EFL Championship, the league’s second tier, which means Snoop Dogg’s team will be competing against the likes of Wrexham, which was famously purchased in 2020 by actors Rob McElhenney and Ryan Reynolds, and Birmingham City, which boasts NFL legend Tom Brady as a minority owner.

Other famous Americans who own stakes in EFL teams include Lakers superstar LeBron James (Liverpool) and former NFL star J.J. Watt and his wife and former NWSL star Kealia Watt (Burnley).

Once a polarizing gangsta rapper and now a beloved pop culture icon, Snoop Dogg has expressed interest in owning a soccer team before. The “Drop It Like It’s Hot” rapper told the Daily Record in 2012 that he wouldn’t mind purchasing a stake in a specific Scottish club.

“I see how passionate Celtic fans are about their team,” Snoop Dogg said, “and I could see myself making an investment if any of the board wanted to sell.”

He added: “The boxes at Celtic would never be the same once I have hosted a party there.”

Now Snopp Dogg is finally a club owner, and Swansea City is happy to have him.

“To borrow a phrase from Snoop’s back catalogue, this announcement is the next episode for Swansea City as we seek to create new opportunities to boost the club’s reach and profile,” the club said in a statement.

“Snoop’s colossal global fanbase and audience will certainly help us do that, and he has made clear to us throughout this process just how excited he is at the prospect of joining the club. … We expect his involvement to support us putting as competitive a team as possible out on the field.”

New York Jets owner Woody Johnson has signed a “legally binding contract” to buy John Textor’s 43% stake in Crystal Palace in a deal believed to be worth close to £190m.

Palace confirmed the news in a statement on Monday, but it has yet to be announced whether it boosts the club’s fight to be cleared to play in next season’s Europa League.

Palace said the deal is pending approval from the Premier League and Women’s Super League.

“We do not envisage any issues and look forward to welcoming Woody as a partner and director of the club,” the south London club added.

“We would like to go on record to thank John Textor for his contribution over the past four years and wish him every success for the future.”

Eagle Football Holdings – the multi-club company owned by Textor – bought a stake in Palace in 2021 for around £90m.

Johnson, like any such major investor, will have to pass the Premier League’s owners’ and directors’ test.

It is understood that the American businessman indicated he can transfer the funds quickly.

This is believed to have been a crucial factor in why his offer was favoured ahead of two other interested parties, given the predicament in which Palace find themselves with European football’s governing body Uefa regarding their 2025-26 Europa League entry.

Palace could lose their spot in Europe, earned by winning last season’s FA Cup, on the basis of Textor’s perceived involvement at Selhurst Park.

Uefa has been considering whether Palace breach its rules about multiple teams under one multi-club ownership structure competing in the same European competition.

This is because Textor has a stake in French club Lyon, who also qualified for the Europa League.

Whether the process of Textor selling his stake in Palace influences Uefa’s final decision remains to be seen.

But it does provide an indication the businessman is open to severing ties with Palace, an eventual scenario that could allow the Premier League club entry into the Europa League.

The other two parties in the running are unconfirmed but well-placed sources have indicated that a globally-renowned entertainment giant based in Florida have shown an interest, while another consortium that includes the NBA star Jimmy Butler also have a reported interest.

Investment vehicle Sportsbank – who were named as the preferred bidder to buy into Eagle at a time Textor was looking for investment – have also shown an interest in making an offer.

However, it is claimed that it would have taken around a month for Sportsbank to draw the financial contributions from their investors from the Middle East and the US which would not suit Textor’s need for a quick sale to help aid Palace’s case with Uefa.

Sources claim that Johnson is best placed among the interested parties to pass the Premier League’s owner’s and directors test given his estimated £3.39bn fortune and his status as globally-renowned businessman. He is the heir to the Johnson & Johnson pharmaceutical company.

Uefa are expected to make a decision on whether Palace can participate in the Europa League by the end of June.

The Israel-Iran conflict is bringing more instability to the Middle East, a region with extensive United States interests.

They’ll be central to shaping President Donald Trump’s strategy.

So what’s at stake for Washington, and what are the pros and cons for Trump of further involvement?

Presenter: Nick Clark

Guests: 

Trita Parsi – executive vice president at the Quincy Institute for Responsible Statecraft

PJ Crowley – a former US assistant secretary of state

Niall Stanage – White House columnist at The Hill newspaper