Representative Jim Jordan, a Republican from Ohio and chairman of the House Judiciary Committee, during a field hearing in New York, April 17, 2023.
Stephanie Keith | Bloomberg | Getty Images
House Judiciary Committee Chair Jim Jordan, R-Ohio, threatened enforcement action against Google that could include holding the company in contempt of Congress for failing to produce documents the committee subpoenaed to learn about tech company communications with the Biden administration.
In a letter to a lawyer for Google shared exclusively with CNBC, Jordan called the company’s compliance so far “insufficient” and demanded it hand over more information. If the company fails to comply fully by its new May 22 deadline, Jordan warned, “the Committee may be forced to consider the use of one or more enforcement mechanisms.”
Jordan issued subpoenas to the CEOs of Google parent Alphabet, Amazon, Apple, Meta and Microsoft in February, demanding they hand over communication with the U.S. government to “understand how and to what extent the Executive Branch coerced and colluded with companies and other intermediaries to censor speech.” Jordan requested the companies comply by March 23. He made the request after initially asking the companies to hand over the information voluntarily, but said they had not sufficiently complied.
While several other tech giants were subpoenaed in connection with the committee’s investigation, the other companies have so far appeared more responsive than Google to the demands, according to a source familiar with the matter.
Congress can hold individuals in contempt for refusing to provide information requested by a committee. Doing so requires a committee vote and then a floor vote, with a simple majority. Republicans currently hold the majority in the House 222-213.
Criminal contempt cases can be referred to the Justice Department, or Congress could seek a civil judgement from a federal court to try to enforce the subpoena, according to a 2017 paper from the Congressional Research Service.
The committee may also seek to take other actions against Google, like deposing the company’s management or trying to restrict federal dollars from going to Google in future legislation.
In the letter, Jordan laid out several ways Alphabet has failed to adequately comply with the committee’s demands.
He said that Alphabet “has frustrated the Committee’s review of the responsive material by unilaterally redacting key information necessary to understand the context and content of the material.”
Alphabet didn’t assert that those redactions included privileged information, according to Jordan, and the committee requires unredacted documents to be handed over.
The company has recently placed some documents in a “reading room,” Jordan said, “in a form and manner that prevents and frustrates the Committee’s understanding and use of those documents and fails to comply with the terms of the subpoena without the Committee’s consent.”
He wrote that Alphabet had produced 4,000 pages of documents in response to the subpoena. But those documents have yet to include an “appreciable volume” of several types of communications the committee assumes Google would have. Those include communications with other social media platforms about content moderation, documents from Alphabet’s other subsidiary companies, communications over messaging services other than email and communications between employees about any contact with the executive branch of the U.S. government.
“The release of the Twitter Files has shown just how extensively the Executive Branch communicated and coordinated with technology companies regarding content moderation,” Jordan wrote, referring to reports on internal documents that Twitter owner Elon Musk made available to a hand-selected group of journalists when he took over the company. “We are skeptical that Alphabet’s interactions with the federal government where pressure was applied were any less concerning than those of Twitter.”
FILE PHOTO: Ariel Cohen during a panel at DLD Munich Conference 2020, Europe’s big innovation conference, Alte Kongresshalle, Munich.
Picture Alliance for DLD | Hubert Burda Media | AP
Navan, a developer of corporate travel and expense software, expects its market cap to be as high as $6.5 billion in its IPO, according to an updated regulatory filing on Friday.
The company said it anticipates selling shares at $24 to $26 each. Its valuation in that range would be about $3 billion less than where private investors valued Navan in 2022, when the company announced a $300 million funding round.
CoreWeave, Circle and Figma have led a resurgence in tech IPOs in 2025 after a drought that lasted about three years. Navan filed its original prospectus on Sept. 19, with plans to trade on the Nasdaq under the ticker symbol “NAVN.”
Last week, the U.S. government entered a shutdown that has substantially reduced operations inside of agencies including the SEC. In August, the agency said its electronic filing system, EDGAR, “is operated pursuant to a contract and thus will remain fully functional as long as funding for the contractor remains available through permitted means.”
Cerebras, which makes artificial intelligence chips, withdrew its registration for an IPO days after the shutdown began.
Navan CEO Ariel Cohen and technology chief Ilan Twig started the company under the name TripActions in 2015. It’s based in Palo Alto, California, and had around 3,400 employees at the end of July.
For the July quarter, Navan recorded a $38.6 million net loss on $172 million in revenue, which was up about 29% year over year. Competitors include Expensify, Oracle and SAP. Expensify stock closed at $1.64on Friday, down from its $27 IPO price in 2021.
Navan ranked 39th on CNBC’s 2025 Disruptor 50 list, after also appearing in 2024.
Jensen Huang, CEO of Nvidia, speaking with CNBC’s Jim Cramer during a CNBC Investing Club with Jim Cramer event at the New York Stock Exchange on Oct. 7th, 2025.
Kevin Stankiewicz | CNBC
Shares of Amazon, Nvidia and Tesla each dropped around 5% on Friday, as tech’s megacaps lost $770 billion in market cap, following President Donald Trump’s threats for increased tariffs on Chinese goods.
With tech’s trillion-dollar companies occupying an increasingly large slice of the U.S. market, their declines send the Nasdaq down 3.6% and the S&P 500 down 2.7%. For both indexes, it was the worst day since April, when Trump said he would slap “reciprocal” duties on U.S. trading partners.
After market close on Friday, Trump declared in a social media post that the U.S. would impose a 100% tariff on China and on Nov. 1 it would apply export controls “on any and all critical software.”
Amazon, Nvidia and Tesla all slipped about 2% in extended trading following the post.
The president’s latest threats are disrupting, at least briefly, what had been a sustained rally in tech, built on hundreds of billions of dollars in planned spending on artificial intelligence infrastructure.
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In late September, Nvidia, which makes graphics processing units for training AI models, became the first company to reach a market cap of $4.5 trillion. Nvidia alone saw its market capitalization decline by nearly $229 billion on Friday.
OpenAI counts on Nvidia’s GPUs from a series of cloud suppliers, including Microsoft. OpenAI is only seeing rising demand.
In September it introduced the Sora 2 video creation app, and this week the company said the ChatGPT assistant now boasts over 800 million weekly users. But Microsoft must buy infrastructure to operate its cloud data centers. Microsoft’s market cap dropped by $85 billion on Friday.
The sell-off wiped out Amazon’s gains for the year. That stock is now down 2% so far in 2025. It competes with Microsoft to rent out GPUs from its cloud data centers, but it doesn’t have major business with OpenAI. The online retailer is now worth $121 billion less than it was on Thursday.
“There continues to be a lot of noise about the impact that tariffs will have on retail prices and consumption,” Amazon CEO Andy Jassy told analysts in July. “Much of it thus far has been wrong and misreported. As we said before, it’s impossible to know what will happen.”
Tesla, which introduced lower-priced vehicles on Tuesday, saw its market capitalization sink by $71 billion.
The automaker reports third-quarter results on Oct. 22, with Microsoft earnings scheduled for the following week. Nvidia reports in November.
Google parent Alphabet and Facebook owner Meta fell 2% and almost 4%, respectively.
Govini, a defense tech software startup taking on the likes of Palantir, has blown past $100 million in annual recurring revenue, the company announced Friday.
“We’re growing faster than 100% in a three-year CAGR, and I expect that next year we’ll continue to do the same,” CEO Tara Murphy Dougherty told CNBC’s Morgan Brennan in an interview. With how “big this market is, we can keep growing for a long, long time, and that’s really exciting.”
CAGR stands for compound annual growth rate, a measurement of the rate of return.
The Arlington, Virginia-based company also announced a $150 million growth investment from Bain Capital. It plans to use the money to expand its team and product offering to satisfy growing security demands.
In recent years, venture capitalists have poured more money into defense tech startups like Govini to satisfy heightened national security concerns and modernize the military as global conflict ensues.
The group, which includes unicorns like Palmer Luckey’s Anduril, Shield AI and artificial intelligence beneficiary Palantir, is taking on legacy giants such as Boeing, Lockheed Martin and Northrop Grumman, that have long leaned on contracts from the Pentagon.
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Dougherty, who previously worked at Palantir, said she hopes the company can seize a “vertical slice” of the defense technology space.
The 14-year-old Govini has already secured a string of big wins in recent years, including an over $900-million U.S. government contract and deals with the Department of War.
Govini is known for its flagship AI software Ark, which it says can help modernize the military’s defense tech supply chain by better managing product lifecycles as military needs grow more sophisticated.
“If the United States can get this acquisition system right, it can actually be a decisive advantage for us,” Dougherty said.
Looking ahead, Dougherty told CNBC that she anticipates some setbacks from the government shutdown.
Navy customers could be particularly hard hit, and that could put the U.S. at a major disadvantage.
While the U.S. is maintaining its AI dominance, China is outpacing its shipbuilding capacity and that needs to be taken “very seriously,” she added.