The $TRUMP meme coin jumped more than 50% on Wednesday after the top 220 holders of the token were promised dinner with the president.

“Have Dinner in Washington, D.C. With President Trump,” reads a message on the front page of the Trump coin’s website. The dinner — black tie optional — is scheduled for May 22, with a reception for the top 25 wallets. A “VIP White House Tour” will take place the following day, the site says.

The price spike gives the $TRUMP coins in circulation a total value of $2.7 billion. It had by far the biggest move of any cryptocurrency, outpacing Sui, which is up 23%, according to CoinMarketCap.

The Trump coin debuted in January, just ahead of the inauguration, offering an early indication of the president’s willingness to embrace crypto and the wealth creation it offers him and his family. The project’s market cap soared to $15 billion almost instantly, fueled by Trump’s posts on Truth Social and X declaring, “It’s time to celebrate everything we stand for: WINNING!” Within days it had lost most of its value.

First Lady Melania Trump launched her own coin — $MELANIA — as well. It briefly topped $2 billion in market value before crashing alongside $TRUMP.

Shortly after the launch of the $TRUMP and $MELANIA coins, the SEC issued guidance stating that meme tokens don’t qualify as securities, effectively shielding the projects from immediate regulatory scrutiny.

So far, just 20% of $TRUMP’s supply has been available to trade. The remaining 80% — held by insiders — remains locked under a three-year vesting schedule. The first tranche is scheduled to unlock soon, freeing up millions of dollars worth of tokens for sale and potentially allowing President Trump and project insiders to cash in on Wednesday’s pop.

As with most meme coins, there is no underlying product or service. The project’s website claims that 80% of the token supply is held by the Trump Organization and affiliated entities.

WATCH: Digital Assets Council Director Bo Hines on the priorities for Trump’s crypto working group

IBM reported better-than-expected earnings and revenue for the first quarter on Wednesday.

Here’s how the company performed:

• Earnings per share: $1.60 adjusted vs. $1.40 expected
• Revenue: $14.54 billion vs. $14.4 billion expected

Revenue increased 0.6% in the quarter from $14.5 billion a year earlier, according to a statement. Net income slid to $1.06 billion, or $1.12 per share, from $1.61 billion, or $1.72 per share, in the same quarter a year ago.

For 2025, IBM reiterated its expectation for $13.5 billion in free cash flow and 5% revenue growth at constant currency. At current exchange rates, currency will provide 150 basis points of benefit for 2025 growth, down from the company’s forecast of 200 basis points in January.

Management called for $16.4 billion to $16.75 billion in second-quarter revenue. The middle of the range, $16.58 billion, is ahead of the LSEG consensus of $16.33 billion.

“We remain bullish on the long-term growth opportunities for technology and the global economy,” IBM CEO Arvind Krishna said in the statement. “While the macroeconomic environment is fluid, based on what we know today, we are maintaining our full-year expectations for revenue growth and free cash flow.”

In the first quarter, software revenue rose 7% to $6.34 billion, in line with the consensus among analysts polled by StreetAccount. The hybrid cloud software category that includes Red Hat grew 12%, compared with 16% in the fourth quarter.

IBM’s consulting unit contributed $5.07 billion in revenue, which was down 2% and slightly above StreetAccount’s $5.05 billion consensus.

The company’s infrastructure division, which includes mainframe computers, posted a 6% decline in revenue to $2.89 billion, higher than the $2.76 billion consensus. Earlier this month, IBM introduced its z17 mainframe. Infrastructure revenue growth generally picks up as customers adopt the next generation and then drifts down late in the cycle.

During the first quarter, IBM said it had settled its lawsuits with chip manufacturer GlobalFoundries. IBM also closed its $6.4 billion acquisition of cloud software maker HashiCorp and announced plans to buy data storage software startup DataStax for undisclosed terms.

IBM has been an outperformer this year as the broader market has sold off due largely to concerns around President Donald Trump’s tariffs and their potential impact on the economy. As of Wednesday’s close, IBM shares were up 11%, while the Nasdaq was down almost 14%.

The stock slipped 6% in extended trading.

No one is immune from fallout from President Trump’s tariffs on imported goods, the company’s finance chief, Jim Kavanaugh, said in an interview with CNBC’s Jon Fortt.

IBM’s customers are prioritizing efficient spending and the preservation of cash, Kavanaugh told the Wall Street Journal. The U.S. Department of Governmental Efficiency had delayed or nixed 15 federal contracts, he told Bloomberg.

Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET.

This is breaking news. Please check back for updates.

WATCH: Uncertainty is the market is ‘short-term’, says IBM CEO Krishna

Five years removed from the onset of the Covid pandemic, Google is demanding that some remote employees return to the office if they want to keep their jobs and avoid being part of broader cost cuts at the company.

Several units within Google have told remote staffers that their roles may be at risk if they don’t start showing up at the closest office for a hybrid work schedule, according to internal documents viewed by CNBC. Some of those employees were previously approved for remote work.

As the pandemic slips further into the rearview mirror, more companies are tightening their restrictions on remote work, forcing some staffers who moved to distant locations to reconsider their priorities if they want to maintain their employment. The change in tone is particularly acute in the tech industry, which jumped so aggressively into flexible work arrangements in 2020 that San Francisco’s commercial real estate market is still struggling to recover.

Google began offering some U.S. full-time employees voluntary buyouts at the beginning of 2025, and some remote staffers were told that would be their only option if they didn’t return to the nearest office at least three days a week.

The latest threats land at a time when Google and many of its tech peers are looking to slash costs while simultaneously pouring money into artificial intelligence, which requires hefty expenditures on infrastructure and technical talent. Since conducting widespread layoffs in early 2023, Google has undertaken targeted cuts across various teams, emphasizing the importance of increased AI investments.

As of the end of last year, Google had about 183,000 employees, down from roughly 190,000 two years earlier.

Google co-founder Sergey Brin told AI workers in February that they should be in the office every weekday, with 60 hours a week being “the sweet spot of productivity,” according to a memo viewed by CNBC. Brin said the company has to “turbocharge” efforts to keep up with AI competition, which “has accelerated immensely.”

Courtenay Mencini, a Google spokesperson, said the decisions around remote worker return demands are based on individual teams and not a companywide policy.

“As we’ve said before, in-person collaboration is an important part of how we innovate and solve complex problems,” Mencini said in a statement to CNBC. “To support this, some teams have asked remote employees that live near an office to return to in-person work three days a week.”

According to one recent notice, employees in Google Technical Services were told that they’re required to switch to a hybrid office schedule or take a voluntary exit package. Remote employees in the unit are being offered a one-time paid relocation expense to move within 50 miles of an office.

Remote employees in human resources, or what Google calls People Operations, who live within 50 miles of an office, are required to be in person on a hybrid basis by mid-April or their role will be eliminated, according to an internal memo. Staffers in that unit who are approved for remote work and live more than 50 miles away from an office can keep their current arrangements, but will have to go hybrid if they want new roles at the company.

Google previously offered a voluntary exit program to U.S.-based full-time employees in People Operations, starting in March, according to a memo sent by HR chief Fiona Cicconi in February.

That came after the company said in January that it would be offering voluntary exit packages to full-time employees in the U.S. in the Platforms and Devices group, which includes Android, Chrome and products like Fitbit and Nest. The unit has made cuts to nearly two-dozen teams as of this month. While internal correspondence indicated that remote work was a factor in the layoffs, Mencini said it was not a main consideration for the changes.

A year ago, Google combined its Android unit with its hardware group under the leadership of Rick Osterloh, a senior vice president. Osterloh said in January that the voluntary exit plan may be a fit for employees who struggle with the hybrid work schedule.

Mencini told CNBC that, since the groups merged, the team has “focused on becoming more nimble and operating more effectively and this included making some job reductions in addition to the voluntary exit program.” She added that the unit continues to hire in the U.S. and globally.

WATCH: Interview with Google Cloud CEO Thomas Kurian