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🟡 Semafor Business: Bring back dunce caps
In this edition, why the NBA is the best corporate regulator in America, and Nvidia’s takeover of Hugging Face is another sign that Jensen Huang has ambitions well beyond chips.
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US adds 162,000 jobs in August, beating expectations
The stronger-than-expected numbers have fed funds futures traders betting on a Federal Reserve rate hike this month.
Brian Snyder/Reuters
Volkswagen announces record job cuts amid China pressure
European leaders have stepped up their vows to crack down on Chinese imports despite the potential blowback.
Matthias Rietschel/File Photo/Reuters
How a ‘China-for-China’ strategy rebooted Logitech
CEO Hanneke Faber says competing in China is critical to winning in the rest of the world.
US Fed Governor Waller floats September rate hold
Markets rallied and global bond yields dipped Thursday after a US Federal Reserve governor advocated holding interest rates steady if inflation continues to cool.
Kylie Cooper/Reuters
Coefficient Giving’s CEO on Silicon Valley $40 billion philanthropy boom
Alexander Berger is preparing for the AI-fueled wave.
The best corporate regulator in America isn’t the SEC. It’s the NBA.
Stripping the Los Angeles Clippers of draft picks is enforcement that hits misbehaving companies where it hurts.
Kirby Lee-Imagn Images via Reuters
Google avoids another breakup
It is the third time in the last year that a judge has decided against breaking up a big tech company.
Companies confront ‘trade down’ economy
Consumer companies like Nespresso say they’ve had to try harder to convince shoppers to pony up hundreds of dollars for coffee makers.
Uber to cut 10% of corporate roles in bid to get ‘faster’
The ride-sharing firm is contending with competition from robotaxis.
G20 wraps without consensus amid bond market sell-off
The US-hosted G20 meeting, beset by trade and diplomatic squabbles, wrapped up after failing to ease investors’ concerns over a global bond market sell-off.
US bond yields continue to climb
Most experts have attributed the increase to worries about debt levels and inflation.
Beijing warns automakers against overseas price wars
China’s regulators warned the country’s automakers not to launch aggressive pricing strategies in overseas markets.
Asian currencies boosted by AI exports: Goldman Sachs
Currencies from South Korea, Taiwan, and Malaysia have outperformed those in countries less exposed to Silicon Valley’s spending.
John Ternus confronts Apple’s AI era
The field is wide open for a device that can be for the AI era what the iPhone was for the mobile era. But the tech giant faces fierce competition.
The Fed’s forecasts keep missing, so it may stop making them
The Fed has been a bad forecaster for a while. Warsh is probably right that the “dot plot,” which tracks where Fed officials expect rates to go, is more trouble than it’s worth.
New Leon Black book picks fight with the Times
Bill Cohan’s new biography is aimed, in part, at rebutting The New York Times’ coverage of Black and his ties to Jeffrey Epstein.
Apple CEO Tim Cook steps down
Since he replaced the late Steve Jobs, Apple has shipped 3.1 billion iPhones and its stock price has risen 2,275%.
BoE chief warns of AI cyber risks
Bailey joined a chorus of prominent voices warning about the threats highly advanced AI poses to critical infrastructure.