Tech, Trade, and Turmoil: This Week in Business News
**Delays in Trump-UAE Chip Deal Upset Nvidia’s CEO**
Nvidia CEO Jensen Huang is reportedly frustrated over delays in a major chip deal involving the United Arab Emirates. The multibillion-dollar agreement, first announced in May, has hit a snag as U.S. Commerce Secretary Howard Lutnick is pushing for the UAE to make certain American investments before moving forward. The holdup is impacting Nvidia’s plans to expand its global presence and deepen its ties in the Middle East tech market.
**OpenAI’s Sora Tops Apple’s App Store, Meta Stock Slips**
OpenAI’s new video app, Sora, has surged to the number one spot on Apple’s App Store shortly after its release on Tuesday. The app functions much like TikTok but focuses entirely on AI-generated content created by users. As Sora gains popularity, Meta’s stock has taken a hit, reflecting growing investor concerns over rising competition in the short-form video space.
**Walmart’s OnePay App to Add Bitcoin and Ethereum**
Walmart is stepping deeper into financial services by expanding its OnePay app to support cryptocurrency. Soon, users will be able to buy, sell, and hold Bitcoin and Ethereum directly within the app. This move marks another step in Walmart’s strategy to blend retail with fintech and meet rising consumer demand for digital assets.
**ICEBlock App Removed Over Safety Concerns**
ICEBlock, a popular app once used by many, has been removed from the Apple App Store. The U.S. Justice Department raised concerns that the app could pose risks to law enforcement officers. The decision to remove it reflects growing scrutiny around tech tools and their impact on public safety.
**Pfizer’s Drug Pricing Talks With Trump Finalized Last-Minute**
Pfizer and the Trump administration reached a last-minute agreement on drug pricing after long and intense negotiations. The deal was shaped by a series of behind-the-scenes discussions between President Trump and Pfizer CEO Albert Bourla, with the final terms coming together just before the deadline.
**Google to Build $4 Billion Data Center in Arkansas**
Google has announced plans to invest $4 billion in a new data center in Arkansas. The project is expected to create hundreds of permanent operations jobs and thousands of construction roles. This major investment supports Google’s growing need for data infrastructure and strengthens its commitment to economic development in the U.S.
**Applied Materials Faces $710 Million Loss From Export Rules**
Applied Materials expects to lose $710 million in revenue due to new export restrictions from the U.S. Bureau of Industry and Security. The updated rules limit the company’s ability to ship specific products to customers in China without a special license, affecting a key part of its business.
**Beauty Tech Group IPO Lifts London Stock Exchange**
Beauty Tech Group made a strong debut on the London Stock Exchange, with its stock rising early in trading. The successful listing has provided a much-needed boost to the London financial market, which has been searching for fresh momentum and investor confidence.
**Corning Set to Lead in AI Data Centers With Advanced Glass Tech**
Corning, known for its Pyrex glass, is emerging as a surprising winner in the AI data center race. Analysts say the company’s decades of research in glass technology give it a major advantage as data centers require high-performance optical materials for faster data transmission.
**Opendoor’s Popularity Doesn’t Fix Its Money Problems**
Opendoor, the home-flipping tech company, continues to lose money despite being a hit among retail investors. Often labeled a meme stock, its business model faces major challenges, including high costs and volatile housing markets that raise doubts about long-term sustainability.
**Cyberattack Halts Beer Production at Asahi Breweries**
A cyberattack has disrupted operations at Asahi Group, Japan’s largest beer maker. Four days after the attack, many of its plants remain offline, raising fears that beer shortages could hit stores soon. The incident highlights growing cybersecurity threats against major food and beverage companies.
**Berkshire Hathaway Buys Occidental Petrochemical Unit for $9.7 Billion**
Warren Buffett’s Berkshire Hathaway is once again stepping in to support Occidental Petroleum by purchasing its petrochemicals business for $9.7 billion. The deal will help Occidental reduce debt and refocus on its core fossil fuel operations, reinforcing Buffett’s long-term bet on energy.
**Walmart Upgrades Sam’s Club With New Tech and Better Services**
Walmart is investing more into Sam’s Club to make it even more attractive to shoppers. Using its large-scale technology capabilities, Walmart plans to improve store operations and customer experience. This strategy could benefit all warehouse club chains as they compete for budget-conscious consumers.
**Cracker Barrel Drops Marketing Firm Behind Failed Logo Redesign**
Cracker Barrel has ended its partnership with marketing firm Prophet after an unsuccessful attempt to modernize the brand’s logo and restaurant image. The restaurant chain is now looking for new ways to refresh its identity while staying true to its roots.