Two former executives at a San Francisco-based financial services company were each sentenced to multiple years in federal prison on Friday.
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Nvidia's sales of its artificial intelligence chipsets rose at a slower pace than analysts anticipated during the company's latest quarter, a letdown likely to stoke worries that technology's latest craze has been fool's gold. The results announced Wednesday were hotly anticipated because Nvidia has emerged as a bellwether of a two-year-old AI boom that has been propelling the stock market to new heights while making the Silicon Valley chipmaker the first with a $4 trillion market value. Although Nvidia's second-quarter profit and total revenue were higher than analyst forecast, sales in the company division responsible for its AI chips were slightly below projects. Nvidia's stock slid 2% in extended trading.
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As Congress looks to slash spending and raise revenue for President Donald Trump's tax bill, Republicans have turned attention to the huge endowments amassed by the country's wealthiest colleges. Varying proposals have called for raising the rate to 14% or 21%, treating traditionally tax-free universities like major corporations. Trump previously said he wants to see Harvard stripped of its tax-exempt status as he presses for reforms at colleges he accuses of "indoctrinating" students with "radical left" ideas. Republicans appear to be chipping away at the long-held notion that colleges provide the kind of public benefit that deserves to be protected from heavy taxation.