Visitors look at a Jidu Robo-01 electric SUV during the 20th Guangzhou International Automobile Exhibition at Canton Fair Complex on Dec. 30, 2022 in Guangzhou, China.
Zou Wei | Visual China Group | Getty Images
On Tuesday, the U.S. government accused a former Apple employee, Weibao Wang, of stealing trade secrets from the company’s self-driving car division, including the entirety of Apple’s “autonomous” source code.
The U.S. government did not identify in the charging documents who Wang works for now, but according to Reuters and severalcompanyprofiles, Wang is an executive at Jidu, an electric vehicle joint venture between Chinese internet company Baidu and Chinese car maker Geely.
The U.S. government is concerned that Beijing is using various tactics to steal proprietary information from American companies, including “corrupting insiders.” Tuesday’s announcement was part of a Department of Justice task force designed to “counter efforts by hostile nation-states to illicitly acquire sensitive U.S technology.”
Federal prosecutors have accused Wang of agreeing to work for a U.S. subsidiary of a Chinese automaker months before he left Apple in 2018, and of stealing privileged information dealing with Apple’s autonomous systems development, allegedly to give to an unnamed Chinese company.
According to a since-deleted LinkedIn profile that appeared in a Chinese-language interview, after Wang left Apple he began working at a health care artificial intelligence firm called Singularity.AI, which has offices in California and China. Following that, he worked as chief technology officer at Neolix, a Chinese self-driving car company. In 2021, Wang joined Jidu to run the company’s intelligent-driving efforts.
In June 2018, law enforcement officials searched Wang’s apartment on Apple’s suspicions that he had taken internal company files. Wang purchased a ticket and flew to China the same day, according to Tuesday’s filing. The charges suggest Wang can no longer travel to the U.S. without risking arrest.
Wang is the third former Apple employee from China to be accused of stealing trade secrets from Apple’s self-driving car division. Xiaolang Zhang, who worked at Apple around the same time as Wang, pleaded guilty to stealing trade secrets from Apple in August. And ex-Apple employee Jizhong Chen is also facing charges, but a trial date for his case has yet to be set.
Neither Zhang nor Chen were able to leave the country before they were arrested separately in 2018 and 2019, and Apple lawyers said in 2019 they were worried that they would flee to China.
Apple has reportedlybeen working on a self-driving car since at least 2015, although it has never discussed its goals or plans publicly and no car has been announced. The most public sign of Apple’s efforts is a fleet of cars with sensors for gathering data, which can be spotted driving around some California neighborhoods.
In February, Jidu confirmed plans to deliver its first car this year, and that it will be using ChatGPT-like technology in its vehicles.
The U.S. Attorney’s Office for the Northern District of California, which is prosecuting the case, declined to comment. An Apple representative declined to comment. Baidu and the FBI’s San Francisco field office did not immediately respond to requests for comment.
A Tesla Inc. robotaxi on Oltorf Street in Austin, Texas, on June 22, 2025.
Tim Goessman | Bloomberg | Getty Images
Tesla has obtained a permit to operate a ride-hailing service in Arizona, the state’s department of transportation said.
The electric vehicle company applied for a “transportation network company” permit on Nov. 13, and was approved on Monday, ADOT said in an emailed statement. Additional permits will be required before Tesla can operate a robotaxi service in Arizona.
In July, Tesla applied to conduct autonomous vehicle testing and operations in Phoenix, with and without human safety drivers on board. A month earlier, Tesla started a robotaxi pilot in Austin, Texas, with safety valets and remote operators. Tesla also operates a more traditional car service in the San Francisco Bay Area.
Tesla didn’t immediately respond to a request for comment.
Tesla plans to take human safety drivers out of its cars in Austin before the end of this year. The company is aiming to operate a commercial robotaxi service in Phoenix and several other U.S. cities before the end of 2026.
According to the National Highway Traffic Safety Administration’s website, Tesla cars equipped with automated driving systems were involved in seven reported collisions following the launch of the company’s pilot in Texas.
Competitors including Alphabet’s Waymo in the U.S. and Baidu’s Apollo Go in China are way ahead in the nascent robotaxi ride-hailing market. In the Phoenix area, Waymo operates a sizable commercial business, with at least 400 autonomous vehicles, the company previously told CNBC. In May, Waymo said it had surpassed 10 million driverless trips served to riders across the U.S.
Baidu said in an earnings update on Tuesday that its Apollo Go service “provided 3.1 million fully driverless operational rides in the third quarter of 2025,” representing year-over-year growth of 212%.
Musk has been promising that Tesla will “solve” autonomy for years without reaching its goals. The world’s richest person has continued with the lofty pronouncements.
At the company’s 2025 shareholder meeting earlier this month, Musk said the “killer app” for self-driving technology is when people can “text and drive,” or “sleep and drive.”
“Before we allow the car to be driven without paying attention, we need to make sure it’s very safe,” Musk said. “We’re on the cusp of that. I know I’ve said that a few times. We really are at this point.”
Money keeps flowing into artificial intelligence companies but out of AI stocks.
In what looks like — once again — a scenario of the left hand scratching the right, Microsoft and Nvidia will be investing a combined $15 billion into Anthropic, while the OpenAI competitor has committed to buying compute power from its two newest stakeholders. At this point, it seems as if a big proportion of AI news can be summarized as: “Company X invests in Company Y, and Company Y will buy things from Company X.”
Okay, that’s unfair. There are a lot of developments in the AI world that are not about investments but, well, development. Google unveiled the third version of Gemini, its AI model, which Demis Hassabis, CEO of Google’s AI unit DeepMind, said “will be “trading cliché and flattery for genuine insight.” (But I still want an AI chatbot to compliment me on my curiosity when I ask how to cut a pear, so I’m not sure if that’s a pro for me.)
Investors, however, still appear skeptical about AI. Major names such as Nvidia, Amazon and Microsoft tumbled Tuesday stateside, giving the S&P 500 its fourth straight session in the red — the longest decline since August.
And if Nvidia — “the top company within the top industry within the top sector,” as CFRA’s chief investment strategist Sam Stovall puts it — fails to satisfy investors’ expectations when it reports earnings Wednesday, we might be seeing the S&P 500’s slide extend.
Anthropic signs deal with Microsoft and Nvidia. Microsoft announced Tuesday it will invest up to $5 billion in the startup, while Nvidia will put in up to $10 billion. That puts Anthropic’s valuation around $350 billion, according to a source.
Google announces its latest AI model Gemini 3. Alphabet CEO Sundar Pichai said Tuesday it will require “less prompting” for desired answers. The update comes eight months after Google introduced Gemini 2.5, and will be rolled out in the coming weeks.
[PRO] Potentially resilient stocks amid AI slump. There are some global stocks and non-equity assets that could weather the turbulence in U.S. tech names happening recently, strategists told CNBC.
Miffed over Japanese Prime Minister Sanae Takaichi’s comments related to Taiwan, China on Friday advised its citizens against travelling to the country. Japanese tourism-exposed stocks fell in the aftermath of that warning, while experts caution the impact could be more severe over a longer duration.
Takahide Kiuchi, executive economist at Nomura Research Institute, said tensions between the two Asian powers could result in a 1.79 trillion yen drop in Japan’s GDP over the course of one year — a 0.29% decline in the country’s GDP.
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: Stocks continued their recent declines Tuesday as megacap tech lagged on worries about valuations within the artificial intelligence trade. The S & P 500 was on track for its worst losing streak since August as it closed in on its fourth consecutive session of losses. Club stocks Amazon and Microsoft weighed on the market, shedding 4% and 2.7%, respectively, in the afternoon. Club holding Nvidia ‘s 1.5% drop didn’t help sentiment either, going into its highly anticipated earnings report Wednesday evening. The Club also had a busy day of trades. We bought more Home Depot on its post-earnings decline , and sold half of our Disney stake following a disappointing quarter last week. Later in the session, we booked some big profits in Eli Lilly , while adding to our Nike position. The Club also initiated a position in Procter & Gamble , a consumer powerhouse behind household brands like Tide, Crest, and Gillette. Done deal : Salesforce closed its $8.3 billion acquisition of AI-powered data management company Informatica ahead of schedule. The companies had been targeting early next year for completion. “The market didn’t really care for this deal when it was announced in May,” Jeff Marks, director of portfolio analysis for the Club, said Tuesday afternoon, recalling Salesforce shares sinking on reports of the deal and the subsequent announcement a few days later. Marks added that the early completion of the purchase is a “good sign of confidence in the integration that Salesforce expects the deal to be accretive to non-GAAP operating margin and non-GAAP earnings per share one year faster than originally believed.” Despite these positive developments, Marks said Salesforce is still a “show me” story. Salesforce has yet to convince investors that AI doesn’t threaten the software giant’s core business, which operates using a seat-based model. The stock lost more than 1.5% in Tuesday’s trading. Big win: Meta Platforms got a big win Tuesday afternoon in an important antitrust case against the Federal Trade Commission. A federal judge ruled that the FTC did not prove its claims that Meta holds a monopoly in social networking or that the company should not have been allowed to acquire Instagram and WhatsApp back in 2012 and 2014, respectively. The agency, which wanted those two units to be divested, argued that there are no major apps like Facebook and Instagram. The judge, however, said that there are plenty of competitors, citing TikTok and YouTube, and contended that the social media landscape has changed radically since those Meta acquisitions were made over a decade ago. Shares of Club name Meta turned positive late Tuesday. The favorable Meta ruling came 10 weeks after Alphabet’s Google avoided the harshest penalties in the antitrust case it lost last year. Good news: iPhone sales in China surged in October, taking Apple’s dominance in the country’s smartphone market to one in every four phones sold, according to the latest data from Counterpoint Research . Apple last achieved this milestone in 2022. Overall, sales for Apple’s flagship device in China jumped 37% last month from the year prior. Analysts at Counterpoint pointed to solid demand for the iPhone 17, in particular, for the market share gains. All three iPhone 17 variants have outperformed iPhone 16 models in sales, according to Counterpoint, posting mid-to-high double-digit percentage growth from year-earlier levels. The base model of the iPhone 17 continued to grow at the fastest rate. Apple shares were up slightly on Tuesday. Jim Cramer has pounded the table on the new iPhones since the September launch. He previously described its debut as “gigantic” and argued that Apple’s newest devices are “more of a bargain” than past versions. The Club maintains its long-held “own it, don’t trade it” thesis on Apple stock. Up next: Club holding TJX will report quarterly earnings Wednesday morning, along with other retailers like Target and Lowe’s . Then, Nvidia and Palo Alto Networks , both Club names, will release their results after Wednesday’s market close. Investors will also get the minutes from the October Fed meeting at 2 p.m. ET on Wednesday. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. 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