Connect with us

Published

on

Traffic warden Rai Rogers mans his street corner during an 8-hour shift under the hot sun in Las Vegas, Nevada on July 12, 2023, where temperatures reached 106 degrees amid an ongoing heatwave. More than 50 million Americans are set to bake under dangerously high temperatures this week, from California to Texas to Florida, as a heat wave builds across the southern United States.

Frederic J. Brown | Afp | Getty Images

If you feel like record-level extreme weather events are happening with alarming frequency, you’re not alone. Scientists say it’s not your imagination.

“The number of simultaneous weather extremes we’re seeing right now in the Northern Hemisphere seems to exceed anything at least in my memory,” Michael Mann, professor of earth and environmental science at the University of Pennsylvania, told CNBC.

Globally, June was the hottest June in the 174-year records kept by the National Oceanic and Atmospheric Administration, the federal agency said on Thursday. It was the 47th consecutive June and the 532nd consecutive month in which average temperatures were above the average for the 20th century.

The amount of sea ice measured in June was the lowest global June sea ice on record, due primarily to record-low sea ice levels in the Antarctic, also according to NOAA.

There were nine tropical cyclones in June, defined as storms with wind speeds over 74 miles per hour, and the global accumulated cyclone energy, a measure of the collective duration and strength of tropical storms, was almost twice its average value for 1991–2020 in June, NOAA said.

As of Friday morning, 93 million people in the United States are under excessive heat warnings and heat advisories, the National Weather Service Weather Prediction Center, according to a bulletin published Friday morning. “A searing heat wave is set to engulf much of the West Coast, the Great Basin, and the Southwest,” the National Weather Service said.

A person receives medical attention after collapsing in a convenience store on July 13, 2023 in Phoenix, Arizona. EMT was called after the person said they experienced hot flashes, dizziness, fatigue and chest pain. Record-breaking temperatures continue soaring as prolonged heatwaves sweep across the Southwest.

Brandon Bell | Getty Images News | Getty Images

Flooding in downtown Montpelier, Vermont on Tuesday, July 11, 2023. Vermont has been under a State of Emergency since Sunday evening as heavy rains continued through Tuesday morning causing flooding across the state.

The Washington Post | The Washington Post | Getty Images

On June 27, Canada surpassed the record set in 1989 for total area burned in one season when it reached 7.6 million hectares, or 18.8 million acres. And the total has since increased to 9.3 million hectares, or 23 million acres, which is being driven by record-breaking high temperatures, turning the vegetation into kindling for wildfires to race through.

Those record Canada wildfires have blanketed parts of the United States in smoke, causing some of the worst quality in the world at various points.

A view of the city as smoke from wildfires in Canada shrouds sky on June 30, 2023 in New York City, United States. Canadian wildfires smoke creating a dangerous haze as the air quality index reaches 160 in New York City. People warned to avoid outdoor physical activities and for those who spend time outdoors recommended to use well-fitting face masks when air quality is unhealthy.

Anadolu Agency | Anadolu Agency | Getty Images

In all of 2022, there were 18 separate billion dollar weather and climate disaster events according to data from NOAA, including tornado outbreaks, high wind, hailstorms, tropical cyclones, flooding, drought, heatwaves and wildfires. So far, there have been 12 billion-dollar weather and climate disasters in 2023, according to NOAA.

More from CNBC Climate:

“This year will almost certainly break records for the number of extreme weather events,” Paul Ullrich, professor of regional and global climate modeling at University of California at Davis, told CNBC.

Global warming is making extreme weather events more severe, scientists said.

“Our own research shows that the observed trend toward more frequent persistent summer weather extremes — heat waves, floods, — is being driven by human-caused warming,” Mann told CNBC.

Ullrich agrees. “Increases in the frequency and intensity of heatwaves, floods and wildfires can be directly attributable to climate change,” Ullrich told CNBC.

Wildfire burns above the Fraser River Valley near Lytton, British Columbia, Canada, on Friday, July 2, 2021. A protracted heat wave continues to fuel scores of wildfires in Canada’s western provinces, with Prime Minister Justin Trudeau calling an emergency meeting of a cabinet crisis group to address the matter.

Bloomberg | Bloomberg | Getty Images

“Through the emission of greenhouse gases, we have been trapping more heat near the surface, leading to increases in temperature, more moisture in the air, and a drier land surface,” Ullrich said. “Scientists are extremely confident that an increasing frequency and intensity of extreme events is a direct consequence of human modification of the climate system.”

Also in June, the weather pattern called “El Niño arrived.

El Niño is like adding lighter fuel to an already smoldering fire. “Under recently emergent El Niño conditions, temperatures are pushed higher worldwide, further compounding increases in temperature brought on by greenhouse gas emissions,” Ullrich said.

That combination of anthropogenic climate change and El Niño is “spiking some of these extreme events,” Mann said.

Animation of sea surface temperatures for past 6 months

NOAA

El Niño, which means “little boy” in Spanish, happens when the normal trade winds that blow west along the equator weaken and warmer water gets pushed  o the east, toward the west coast of the Americas. In the United States, a moderate to strong El Niño in the fall and winter correlates with wetter-than-average conditions from southern California to the Gulf Coast, and drier-than-average conditions in the Pacific Northwest and Ohio Valley.

When global warming and El Niño are hitting at the same time, “it can be difficult separating what is just a weather event or if it is part of a longer trend,” Timothy Canty, professor in the department of atmospheric and oceanic science at University of Maryland, told CNBC.

But what is clear is that climate change makes it more likely that an extreme weather event will happen.

“Higher temperatures from climate change are indisputable, and with each degree increase we’re multiplying our changes of getting an extreme heat wave. In the wetter regions of the world, including the Northeastern US, we’re expecting more rain and more intense storms,” Ullrich told CNBC. “To avoid even more extreme changes, we need to both reduce our reliance on fossil fuels and act to clean up our polluted atmosphere.”

And as long as global greenhouse gas emissions continues to increase, the trend of more and more frequent extreme weather is expected to continue, Mann says.

Decreasing the greenhouse gas emissions released into the atmosphere by burning fossil fuels will help moderate the extreme weather trends.

An infographic titled “Sea ice in Antarctica drops to lowest level in 43 years” created in Ankara, Turkiye on March 01, 2023. The sea ice level surrounding the Antarctic continent has dropped to its lowest level since 1979.

Editorial #:1247611891, Getty Premium

“The good news is that the latest research shows that the surface warming driving more extreme weather events stabilizes quickly when carbon emissions cease. So we can prevent this all from getting worse and worst by decarbonizing our economy rapidly,” Mann told CNBC.

Every person’s contributions to reducing their climate footprint helps, Canty says.

“People have asked me essentially ‘What can I do as an individual that matters?’ and decide not to do anything and instead blame everyone else. Honestly, it’s societies made up of individuals that have gotten us to this point,” Canty said.

Individuals can reduce their greenhouse gas emissions by making small changes like turning off the lights when they’re not in a room, turning down the heat or up the air conditioning when they’re not home, avoiding food waste and using public transportation.

Voting also matters a lot, Canty said. Government leaders have been able to make successful progress on international environmental crises in the past, Canty said, pointing to the Montreal Protocol. “There is a roadmap for working together to fix environmental problems in ways that benefit everyone,” Canty said.

“Tackling the ozone hole required governments, scientists, and businesses to work together and the Montreal Protocol and its amendments have been very successful not only for ozone but for climate,” Canty said, noting that the same chemicals that deplete the ozone, chlorofluorocarbons, are also very bad greenhouse gasses. “The ozone hole is slowly recovering and because of actions taken in the 80s we’ve avoided even worse planetary warming, and we still have air conditioning and hair spray which seemed to be the big panic at the time.”

If individuals and organizations don’t commit to aggressively reducing their greenhouse gas emissions, however, then this battery of extreme weather is a harbinger of the future.

“If we fail to act what we’re seeing right now is just the tip of the proverbial — melting — iceberg,” Mann told CNBC. 

Why predicting the weather is so hard

Continue Reading

Technology

Silicon Valley’s early return on Trump investment: Plunging valuations, delayed IPOs

Published

on

By

Silicon Valley's early return on Trump investment: Plunging valuations, delayed IPOs

The Nasdaq MarketSite in New York, June 9, 2023.

Michael Nagle | Bloomberg | Getty Images

Silicon Valley executives and financiers publicly opened their wallets in support of President Donald Trump’s 2024 presidential run. The early returns in 2025 aren’t great, to say the least.

Following Trump’s sweeping tariff plan announced Wednesday, the Nasdaq suffered steep consecutive daily drops to finish 10% lower for the week, the index’s worst performance since the beginning of the Covid pandemic in 2020.

The tech industry’s leading CEO’s rushed to contribute to Trump’s inauguration in January and paraded to Washington, D.C., for the event. Since then, it’s been a slog.

The market can always turn around, but economists and investors aren’t optimistic, and concerns are building of a potential recession. The seven most valuable U.S. tech companies lost a combined $1.8 trillion in market cap in two days.

Apple slid 14% for the week, its biggest drop in more than five years. Tesla, led by top Trump adviser Elon Musk, plunged 9.2% and is now down more than 40% for the year. Musk contributed close to $300 million to help propel Trump back to the White House.

Nvidia, Meta and Amazon all suffered double-digit drops for the week. For Amazon, a ninth straight weekly decline marks its longest such losing streak since 2008.

With Wall Street selling out of risky assets on concern that widespread tariff hikes will punish the U.S. and global economy, the fallout has drifted down to the IPO market. Online lender Klarna and ticketing marketplace StubHub delayed their IPOs due to market turbulence, just weeks after filing with the Securities and Exchange Commission, and fintech company Chime is also reportedly delaying its listing.

CoreWeave, a provider of artificial intelligence infrastructure, last week became the first venture-backed company to raise more than $1 billion in a U.S. IPO since 2021. But the company slashed its offering, and trading has been very volatile in its opening days on the market. The stock plunged 12% on Friday, leaving it 17% above its offer price but below the bottom of its initial range.

“You couldn’t create a worse market and macro environment to go public,” said Phil Haslett, co-founder of EquityZen, a platform for investing in private companies. “Way too much turbulence. All flights are grounded until further notice.”

CoreWeave investor Mark Klein of SuRo Capital previously told CNBC that the company could be the first in an “IPO parade.” Now he’s backtracking.

“It appears that the IPO parade has been temporarily halted,” Klein told CNBC by email on Friday. “The current tariff situation has prompted these companies to pause and assess its impact.”

Tech will see an 'economic armageddon' if these tariffs stay, says Wedbush's Dan Ives

‘Cave rapidly’

During last year’s presidential campaign, prominent venture capitalists like Marc Andreessen backed Trump, expecting that his administration would usher in a boom and eliminate some of the hurdles to startup growth set up by the Biden administration. Andreessen and his partner, Ben Horowitz, said in July that their financial support of the Trump campaign was due to what they called a better “little tech agenda.”

A spokesperson for Andreessen Horowitz declined to comment.

Some techies who supported Trump in the campaign have taken to social media to defend their positions.

Venture capitalist Keith Rabois, a managing director at Khosla Ventures, posted on X on Thursday that “Trump Derangement Syndrome has morphed into Tariff Derangement Syndrome.” He said tariffs aren’t inflationary, are effective at reducing fentanyl imports, and he expects that “most other countries will cave and cave rapidly.”

That was before China’s Finance Ministry said on Friday that it will impose a 34% tariff on all goods imported from the U.S. starting on April 10.

At Sequoia Capital, which is the biggest investor in Klarna, outspoken Trump supporter Shaun Maguire, wrote on X, “The first long-term thinking President of my lifetime,” and said in a separate post that, “The price of stocks says almost nothing about the long term health of an economy.”

However, Allianz Chief Economic Advisor Mohamed El-Erian warned on Friday that Trump’s extensive raft of import tariffs are putting the U.S. economy at risk of recession.

“You’ve had a major repricing of growth prospects, with a recession in the U.S. going up to 50% probability, you’ve seen an increase in inflation expectations, up to 3.5%,” he told CNBC’s Silvia Amaro on the sidelines of the Ambrosetti Forum in Cernobbio, Italy.

Former Microsoft CEOs Bill Gates, left, and Steve Ballmer, center, pose for photos with CEO Satya Nadella during an event celebrating the 50th Anniversary of Microsoft on April 4, 2025 in Redmond, Washington. 

Stephen Brashear | Getty Images

Meanwhile, executives at tech’s megacap companies were largely silent this week, and their public relations representatives declined to provide comments about their thinking.

Microsoft CEO Satya Nadella was in the awkward position on Friday of celebrating his company’s 50th anniversary at corporate headquarters in Redmond, Washington. Alongside Microsoft’s prior two CEOs, Bill Gates and Steve Ballmer, Nadella sat down with CNBC’s Andrew Ross Sorkin for a televised interview that was planned well before Trump’s tariff announcement.

When asked about the tariffs at the top of the interview, Nadella effectively dodged the question and avoided expressing his views about whether the new policies will hamper Microsoft’s business.

Ballmer, who was succeeded by Nadella in 2014, acknowledged to Sorkin that “disruption is very hard on people” and that, “as a Microsoft shareholder, this kind of thing is not good.” Ballmer and Gates are two of the 12 wealthiest people in the world thanks to their Microsoft fortunes.

C-suites may not be able to stay quiet for long, especially if the recent turmoil spills into next week.

Lise Buyer, who previously helped guide Google through its IPO and now works as an adviser to companies going public, said there’s no appetite for risk in the market under these conditions. But there is risk that staffers get jittery, and they’ll surely look to their leaders for some reassurance.

“Until markets settle out and we have the opportunity to access valuation levels, public company CEOs should work to calm potentially distressed employees,” Buyer said in an email. “And private company managements should refine plans to get by on dollars already in the treasury.”

— CNBC’s Hayden Field, Jordan Novet, Leslie Picker, Annie Palmer and Samantha Subin contributed to this report.

WATCH: Chime is reportedly delaying its IPO

Chime is reportedly delaying its IPO

Continue Reading

Technology

Tesla’s June robotaxi deadline looms as political backlash builds over Elon Musk

Published

on

By

Tesla's June robotaxi deadline looms as political backlash builds over Elon Musk

Elon Musk has been promising investors for about a decade that Tesla’s cars are on the verge of turning into robotaxis, capable of driving themselves cross-country, after one big software update.

That hasn’t happened yet.

What Tesla offers is a sophisticated, but only partially automated, driving system that’s marketed in the U.S. as its Full Self-Driving (Supervised) option, though many Tesla fans refer to it as FSD. In China, Tesla recently changed the system’s name to “intelligent assisted driving.”

Full Self-Driving, as it was previously called, relies on cameras and software to enable features like automatic navigation on highways and city streets, or automatic braking and slowing in response to traffic lights and stop signs.

Tesla owner’s manuals warn users that FSD “is a hands-on feature” that requires them to pay attention to the road at all times. “Keep your hands on the steering wheel at all times, be mindful of road conditions and surrounding traffic,” the manuals say.

But many of Tesla’s customers ignore the fine print and use the system hands-free anyway.

Tesla’s partially automated driving systems have been a source of inspiration for its stalwart fans. But they’ve also caused controversy and concern for public safety after reports of injurious and fatal collisions where Tesla’s standard Autopilot or premium FSD systems were known to be in use.

FSD does a lot of things “amazingly well,” said Guy Mangiamele, a professional test driver for automotive consulting firm AMCI Testing, during a recent long drive in Los Angeles. But he added that “the times that it trips up, you could kill somebody or you could hurt yourself.”

The pressure has never been higher on Tesla to elevate the technology and deliver on Musk’s long-delayed promises.

The Tesla CEO is the wealthiest person in the world and was the biggest financial backer of President Donald Trump’s 2024 campaign. Since Trump’s January inauguration, Musk has been leading the administration’s Department of Government Efficiency effort to drastically slash the federal workforce and government spending.

The DOGE team has been connected to more than 280,000 layoff plans for federal workers and contractors impacting 27 agencies over the last two months, according to data tracked by Challenger Gray, the executive outplacement firm.

Musk’s work with DOGE – along with his frequently incendiary political rhetoric and endorsement of Germany’s far-right, anti-immigrant party AfD – has led to a tremendous backlash against Tesla.

Protests, boycotts and even criminal acts of vandalism have targeted the electric vehicle maker in recent months and led many prospective Tesla customers to turn to other brands. Meanwhile, existing Tesla owners have been trading in their EVs at record levels, according to data from Edmunds.

Tesla’s stock dropped 36% through the first three months of 2025, representing its steepest decline since 2022 and third-biggest slide for any quarter since the EV maker went public in June 2010. Tesla also reported 336,681 vehicle deliveries in the first quarter of 2025, a 13% decline from the same period a year ago.

Product unveilings and a “robotaxi launch” expected from Tesla in Austin, Texas, this year could revitalize investors’ sentiment about the company and hopefully lift its share price, Piper Sandler analysts wrote in a note following the worse-than-expected deliveries report.

On Tesla’s last earnings call, Musk promised investors that Tesla will finally start its driverless ride-hailing service in Austin in June.

To see whether the company’s FSD technology is anywhere close to a robotaxi-ready release, CNBC spent months riding along with Tesla owners who use Full Self-Driving (Supervised) and speaking with automotive safety experts about their impressions.

Auto-tech enthusiast and Tesla owner Chris Lee, host of the YouTube channel EverydayChris, told CNBC that Tesla’s system “definitely has a ways to go, but the fact that it’s able to go from where it was three years ago to today, is insane.”

Many experts, including Telemetry Vice President of Market Research Sam Abuelsamid, remain skeptical. There’s been “no evidence” that FSD is “anywhere close to being ready to be used in an unsupervised form” by June, said Abuelsamid, whose firms specializes in automotive intelligence.

Tesla FSD will “often work really well, particularly in daytime conditions” but then “randomly, in a scenario where it did fine previously, it will fail,” said Abuelsamid, adding that those scenarios can be unpredictable and dangerous.

Watch the video to learn more about the evolution of Tesla’s Full Self-Driving (Supervised) and whether it will be robotaxi-ready this June.

Continue Reading

Technology

Microsoft AI chief Suleyman sees advantage in building models ‘3 or 6 months behind’

Published

on

By

Microsoft AI chief Suleyman sees advantage in building models ‘3 or 6 months behind’

Microsoft owns lots of Nvidia graphics processing units, but it isn’t using them to develop state-of-the-art artificial intelligence models.

There are good reasons for that position, Mustafa Suleyman, the company’s CEO of AI, told CNBC’s Steve Kovach in an interview on Friday. Waiting to build models that are “three or six months behind” offers several advantages, including lower costs and the ability to concentrate on specific use cases, Suleyman said.

It’s “cheaper to give a specific answer once you’ve waited for the first three or six months for the frontier to go first. We call that off-frontier,” he said. “That’s actually our strategy, is to really play a very tight second, given the capital-intensiveness of these models.”

Suleyman made a name for himself as a co-founder of DeepMind, the AI lab that Google bought in 2014, reportedly for $400 million to $650 million. Suleyman arrived at Microsoft last year alongside other employees of the startup Inflection, where he had been CEO.

More than ever, Microsoft counts on relationships with other companies to grow.

It gets AI models from San Francisco startup OpenAI and supplemental computing power from newly public CoreWeave in New Jersey. Microsoft has repeatedly enriched Bing, Windows and other products with OpenAI’s latest systems for writing human-like language and generating images.

Microsoft’s Copilot will gain “memory” to retain key facts about people who repeatedly use the assistant, Suleyman said Friday at an event in Microsoft’s Redmond, Washington, headquarters to commemorate the company’s 50th birthday. That feature came first to OpenAI’s ChatGPT, which has 500 million weekly users.

Through ChatGPT, people can access top-flight large language models such as the o1 reasoning model that takes time before spitting out an answer. OpenAI introduced that capability in September — only weeks later did Microsoft bring a similar capability called Think Deeper to Copilot.

Microsoft occasionally releases open-source small-language models that can run on PCs. They don’t require powerful server GPUs, making them different from OpenAI’s o1.

OpenAI and Microsoft have held a tight relationship shortly after the startup launched its ChatGPT chatbot in late 2022, effectively kicking off the generative AI race. In total, Microsoft has invested $13.75 billion in the startup, but more recently, fissures in the relationship between the two companies have begun to show.

Microsoft added OpenAI to its list of competitors in July 2024, and OpenAI in January announced that it was working with rival cloud provider Oracle on the $500 billion Stargate project. That came after years of OpenAI exclusively relying on Microsoft’s Azure cloud. Despite OpenAI partnering with Oracle, Microsoft in a blog post announced that the startup had “recently made a new, large Azure commitment.”

“Look, it’s absolutely mission-critical that long-term, we are able to do AI self-sufficiently at Microsoft,” Suleyman said. “At the same time, I think about these things over five and 10 year periods. You know, until 2030 at least, we are deeply partnered with OpenAI, who have [had an] enormously successful relationship for us.

Microsoft is focused on building its own AI internally, but the company is not pushing itself to build the most cutting-edge models, Suleyman said.

“We have an incredibly strong AI team, huge amounts of compute, and it’s very important to us that, you know, maybe we don’t develop the absolute frontier, the best model in the world first,” he said. “That’s very, very expensive to do and unnecessary to cause that duplication.”

WATCH: Microsoft Copilot beginning of a seismic shift in AI integration, says Microsoft AI CEO Suleyman

Continue Reading

Trending