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Originally published by Oak Ridge National Laboratory.

A team led by the Department of Energy’s Oak Ridge National Laboratory has found a rare quantum material in which electrons move in coordinated ways, essentially “dancing.” Straining the material creates an electronic band structure that sets the stage for exotic, more tightly correlated behavior — akin to tangoing — among Dirac electrons, which are especially mobile electric charge carriers that may someday enable faster transistors. The results are published in the journal Science Advances.

“We combined correlation and topology in one system,” said co-principal investigator Jong Mok Ok, who conceived the study with principal investigator Ho Nyung Lee of ORNL. Topology probes properties that are preserved even when a geometric object undergoes deformation, such as when it is stretched or squeezed. “The research could prove indispensable for future information and computing technologies,” added Ok, a former ORNL postdoctoral fellow.

In conventional materials, electrons move predictably (for example, lethargically in insulators or energetically in metals). In quantum materials in which electrons strongly interact with each other, physical forces cause the electrons to behave in unexpected but correlated ways; one electron’s movement forces nearby electrons to respond.

To study this tight tango in topological quantum materials, Ok led the synthesis of an extremely stable crystalline thin film of a transition metal oxide. He and colleagues made the film using pulsed-laser epitaxy and strained it to compress the layers and stabilize a phase that does not exist in the bulk crystal. The scientists were the first to stabilize this phase.

Using theory-based simulations, co-principal investigator Narayan Mohanta, a former ORNL postdoctoral fellow, predicted the band structure of the strained material. “In the strained environment, the compound that we investigated, strontium niobate, a perovskite oxide, changes its structure, creating a special symmetry with a new electron band structure,” Mohanta said.

Different states of a quantum mechanical system are called “degenerate” if they have the same energy value upon measurement. Electrons are equally likely to fill each degenerate state. In this case, the special symmetry results in four states occurring in a single energy level.

“Because of the special symmetry, the degeneracy is protected,” Mohanta said. “The Dirac electron dispersion that we found here is new in a material.” He performed calculations with Satoshi Okamoto, who developed a model for discovering how crystal symmetry influences band structure.

“Think of a quantum material under a magnetic field as a 10-story building with residents on each floor,” Ok posited. “Each floor is a defined, quantized energy level. Increasing the field strength is akin to pulling a fire alarm that drives all the residents down to the ground floor to meet at a safe place. In reality, it drives all the Dirac electrons to a ground energy level called the extreme quantum limit.”

Lee added, “Confined here, the electrons crowd together. Their interactions increase dramatically, and their behavior becomes interconnected and complicated.” This correlated electron behavior, a departure from a single-particle picture, sets the stage for unexpected behavior, such as electron entanglement. In entanglement, a state Einstein called “spooky action at a distance,” multiple objects behave as one. It is key to realizing quantum computing.

“Our goal is to understand what will happen when electrons enter the extreme quantum limit, where we find phenomena we still don’t understand,” Lee said. “This is a mysterious area.”

Speedy Dirac electrons hold promise in materials including graphene, topological insulators and certain unconventional superconductors. ORNL’s unique material is a Dirac semimetal, in which electron valence and conduction bands cross and this topology yields surprising behavior. Ok led measurements of the Dirac semimetal’s strong electron correlations.

“We found the highest electron mobility in oxide-based systems,” Ok said. “This is the first oxide-based Dirac material reaching the extreme quantum limit.”

That bodes well for advanced electronics. Theory predicts that it should take about 100,000 tesla (a unit of magnetic measurement) for electrons in conventional semiconductors to reach the extreme quantum limit. The researchers took their strain-engineered topological quantum material to Eun Sang Choi of the National High Magnetic Field Laboratory at the University of Florida to see what it would take to drive electrons to the extreme quantum limit. There, he measured quantum oscillations showing the material would require only 3 tesla to achieve that.

Other specialized facilities allowed the scientists to experimentally confirm the behavior Mohanta predicted. The experiments occurred at low temperatures so that electrons could move around without getting bumped by atomic-lattice vibrations. Jeremy Levy’s group at the University of Pittsburgh and the Pittsburgh Quantum Institute confirmed quantum transport properties. With synchrotron x-ray diffraction, Hua Zhou at the Advanced Photon Source, a DOE Office of Science user facility at Argonne National Laboratory, confirmed that the material’s crystallographic structure stabilized in the thin film phase yielded the unique Dirac band structure. Sangmoon Yoon and Andrew Lupini, both of ORNL, conducted scanning transmission electron microscopy experiments at ORNL that showed that the epitaxially grown thin films had sharp interfaces between layers and that the transport behaviors were intrinsic to strained strontium niobate.

“Until now, we could not fully explore the physics of the extreme quantum limit due to the difficulties in pushing all electrons to one energy level to see what would happen,” Lee said. “Now, we can push all the electrons to this extreme quantum limit by applying only a few tesla of magnetic field in a lab, accelerating our understanding of quantum entanglement.”

The title of the Science Advances paper is “Correlated Oxide Dirac Semimetal in the Extreme Quantum Limit.”

The DOE Office of Science supported the research. High magnetic field measurements were performed at the National High Magnetic Field Laboratory, which is supported by the National Science Foundation and the state of Florida. The research used resources of the Advanced Photon Source, a DOE Office of Science user facility at Argonne National Laboratory; its extraordinary facility operations to provide beam time during the pandemic were supported in part by the DOE Office of Science through the National Virtual Biotechnology Laboratory, a consortium of DOE national laboratories focused on the response to COVID-19, with funding provided by the Coronavirus CARES Act.

UT-Battelle manages ORNL for the Department of Energy’s Office of Science, the single largest supporter of basic research in the physical sciences in the United States. The Office of Science is working to address some of the most pressing challenges of our time. For more information, please visit energy.gov/science.

 

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Trump’s CFPB drops enforcement of buy now, pay later rule in latest rollback of consumer protections

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Trump's CFPB drops enforcement of buy now, pay later rule in latest rollback of consumer protections

The entrance to the Consumer Financial Protection Bureau (CFPB) headquarters is seen during a protest on Feb. 10, 2025 in Washington, DC.

Anna Moneymaker | Getty Images

For the third time under President Donald Trump, the Consumer Financial Protection Bureau has pulled back from enforcing a key rule, this time targeting buy now, pay later services.

The CFPB said in a notice on Tuesday that it will not prioritize enforcement of a rule, established during Joe Biden’s presidency, that classified BNPL providers as credit card issuers subject to the Truth in Lending Act. Fintech lenders had been required to comply with more stringent consumer protections, including standardized disclosures, refund processing and formal dispute investigations.

Affirm and other BNPL firms had voiced opposition to the billing statement requirement, arguing that it would confuse users and add unnecessary friction.

Read more about tech and crypto from CNBC Pro

“Requiring BNPL providers to comply with rules designed for open-end credit cards creates compliance challenges and confusing outcomes for consumers,” Affirm wrote in a formal comment letter, urging the CFPB to adopt rules that reflect how consumers actually use BNPL products.

The CFPB is looking to go even further as it’s considering rescinding the rule entirely, citing a need to focus resources on “pressing threats to consumers,” especially service members, veterans, and small businesses.

In October, the Financial Technology Association, which represents major BNPL players, sued the CFPB, claiming the agency overstepped by imposing credit card-like restrictions through an interpretive rule rather than a formal one.

The CFPB notice comes as new consumer data shows mounting pressures in the market.

A Bankrate survey released Monday found that nearly half of BNPL users have faced financial problems tied to these services. As usage rises, particularly for essentials like groceries, missed payments are increasing as well.

Affirm is scheduled to report quarterly results on Thursday. Rival Klarna is on file to go public, but delayed its IPO last month after President Trump’s announcement of sweeping new tariffs roiled financial markets.

WATCH: Block shares plummet 20% as Q1 earnings miss rattles Wall Street

Block shares plummet 20% as Q1 earnings miss rattles Wall Street

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58 crypto wallets have made millions on Trump’s meme coin. 764,000 have lost money, data shows

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58 crypto wallets have made millions on Trump's meme coin. 764,000 have lost money, data shows

Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank

About 764,000 wallets that purchased President Donald Trump‘s $TRUMP meme coin have lost money on the investment, according to fresh data shared with CNBC by blockchain analytics firm Chainalysis.

Most of the wallets that lost money held smaller amounts of the token, according to the firm’s on-chain analysis. Crypto wallets are accounts that store the keys you need to access and use your cryptocurrency holdings.

Chainalysis said that while around 2 million wallets have bought into the token, 58 wallets made more than $10 million apiece, totaling roughly $1.1 billion in gains.

The $TRUMP token, which surged in popularity after being tied to the start of Trump’s second term, has seen sharp price swings and highly uneven returns for investors. Fight Fight Fight LLC. and CIC Digital LLC., control the bulk of the token’s supply.

CNBC has reached out to Fight Fight Fight LLC. for comment on the Chainalysis numbers.

Interest in the coin spiked more than 50% after the project’s website promised the top 220 holders a seat at a black-tie-optional dinner with the president.

The $TRUMP event, set for May 22 at the president’s Trump National Golf Club, Washington, D.C., includes a reception for the 25 wallets with the largest coin balance, along with a White House tour.

Read more about tech and crypto from CNBC Pro

The dinner-pegged rally pushed the token’s market cap to $2.7 billion at its peak, though it has since pulled back to around $2.17 billion.

Since that rally, around 54,000 wallets have bought the coin. In total, 100,000 new wallets have purchased $TRUMP since April 15, Chainalysis said, extending the post-announcement surge despite ongoing volatility in the broader crypto market.

The Trump-branded meme token has drawn scrutiny from regulators and ethics watchdogs.

Lawmakers are now formally investigating whether the $TRUMP meme coin — and a related crypto venture called World Liberty Financial, which sends 75% of revenue to the Trump family — constitute a direct conflict of interest for the president.

The Senate’s Permanent Subcommittee on Investigations has launched a probe into the token’s ownership structure and revenue model, while House Democrats stormed out of a crypto hearing in protest.

At the center of the controversy is the dinner competition for top token holders, promotional posts from the president himself, and ties to foreign investors including a state-backed Emirati fund and crypto mogul Justin Sun.

Launched in January ahead of Trump’s second inauguration, the token’s value initially soared to $15 billion after a series of promotional posts from the president on Truth Social and X. It lost most of that value within days.

Only 20% of the token’s total supply is currently in circulation. The remaining 80% — reportedly controlled by the Trump Organization and affiliated entities — is locked under a three-year vesting schedule. Public disclosures say insiders have agreed not to sell their allocations for another few months.

Even with their tokens under vesting restrictions, insiders are earning substantial revenue.

Since January, more than $324 million in trading fees have been routed to wallets tied to the project’s creators, according to Chainalysis. The token’s code automatically directs a cut of each transaction to these addresses, allowing the team to profit from ongoing activity.

Trump signs executive order to establish U.S. strategic bitcoin reserve

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Lucid (LCID) plans to double EV production this year, even with tariffs

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Lucid (LCID) plans to double EV production this year, even with tariffs

Lucid Motors (LCID) reported first-quarter earnings on Tuesday, reaffirming its plans to more than double EV production in 2025. Despite the threat of new tariffs, the EV maker expects to continue building momentum after another record quarter.

Lucid stands by 20,000 EV production goal for 2025

In the first three months of 2025, Lucid delivered 3,109 vehicles, setting its fifth straight quarterly record. The company’s production is also picking up, with 2,213 vehicles built at its Casa Grande plant in Arizona. Another 600 were in transit to Saudi Arabia, where they will be assembled at Lucid’s new AMP-2 plant.

At this rate, Lucid is on track to deliver around 12,500 vehicles, easily topping the 10,200 vehicles it delivered in 2024.

With its first electric SUV, the Gravity, now rolling out, Lucid is poised to see even more demand throughout the year.

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Lucid reported first-quarter revenue of $235 million, up slightly from the $234.5 million in Q4 2024 and an increase of 35% from Q1 2024.

Despite higher sales, the EV maker cut its net loss to $366 million from over $680 million in the first quarter of 2024. Lucid also improved gross margins by 37 pts year-over-year (YOY) to -97%.

Lucid-EV-production-2025
Lucid Q1 2025 financial earnings results (Source: Lucid Group)

Even with the added tariffs, Lucid still expects to produce around 20,000 vehicles in 2025, more than double the roughly 9,000 cars it made last year.

Like most automakers, Lucid is preparing for a shakeup under the Trump administration, including possibly ending the $7,500 federal EV tax credit. Earlier today, Republican House Speaker Mike Johnson said there’s “a better chance we kill it than save it” during an interview.

Lucid-EV-production-2025
Lucid Gravity electric SUV at a Tesla Supercharger (Source: Lucid Motors)

The company said, “A thorough analysis of tariffs, supply chain, and related macroeconomic uncertainties is ongoing.”

Lucid ended the first quarter with around $5.76 billion in total liquidity, which the company said is enough to fund it into the second half of 2026, when it plans to launch its midsize platform.

Lucid-midsize-EV-SUV
Lucid midsize electric SUV teaser image (Source: Lucid)

Former CEO Peter Rawlinson said earlier this year that Lucid’s midsize platform is “finally when we compete directly with Tesla.” The first two vehicles are expected to be an electric SUV and sedan, starting at around $50,000, which could rival Tesla’s Model Y and Model 3.

But first, it will focus on its new electric SUV. The Lucid Gravity Grand Touring is available to order starting at $94,900 with up to 450 miles of range. Later this year, Lucid will launch the lower-priced Touring trim, starting at $79,900.

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