President Donald Trump said in a post on Thursday that the National Guard was preparing to “surge” San Francisco, but he was swayed by Nvidia CEO Jensen Huang, Salesforce Marc Benioff and others to hold off on the deployment.

Trump said in a post on Truth Social that he also spoke with Democratic Mayor Daniel Lurie, who “was making substantial progress” on crime.

“Great people like Jensen Huang, Marc Benioff, and others have called saying that the future of San Francisco is great,” Trump wrote.

The reversal marks a major political win for the city of San Francisco and Lurie, who is in his first term.

“The president told me clearly that he was calling off any plans for a federal deployment in San Francisco,” Lurie said in a statement. “Secretary of Homeland Security Kristi Noem reaffirmed that direction in our conversation this morning.”

Lurie, a moderate Democrat, has taken a different approach with Trump than other California officials, like Rep. Nancy Pelosi and Governor Gavin Newsom, who publicly fire back at the president’s administration. Instead, Lurie consistently does not evoke Trump by name publicly or privately.

In recent addresses on the potential for a deployment, Lurie has touted the city’s progress on business development and crime, often citing data that shows San Franciscans feel the city is on the right track.

“We have work to do, and we would welcome continued partnerships with the FBI, DEA, ATF, and U.S. Attorney to get drugs and drug dealers off our streets, but having the military and militarized immigration enforcement in our city will hinder our recovery,” Lurie said.

The potential Guard deployment became a larger flashpoint when Benioff told the New York Times that he’d support Trump’s call for federal troops to be sent to San Francisco.

His sentiments were publicly supported by Elon Musk and David Sacks, high-profile techies with close ties to the Trump administration.

On Friday, facing mounting criticism, Benioff backtracked.

“Having listened closely to my fellow San Franciscans and our local officials, and after the largest and safest Dreamforce in our history, I do not believe the National Guard is needed to address safety in San Francisco,” he posted on X.

The data show a changing tide in the city.

Crime rates are down 30% from 2024, homicide levels hit their lowest levels in 70 years and car break-ins haven’t been at current levels in 22 years.

Meanwhile, event bookings and tourism are on the rise, residential real estate is becoming more scarce and the office market is heating up.

Business momentum in the city is largely built on the AI boom, post-pandemic. New CBRE data show venture funding in 2025 is expected to surpass the record reached in 2021, thanks in large part to AI investments in San Francisco and Silicon Valley.

Super Micro Computer shares fell 6% on Thursday after the company released weak preliminary results for its fiscal first quarter of 2026.

The server maker said it expects to report $5 billion in revenue for the quarter, down from the $6 billion to $7 billion guidance that the company had previously issued.

Super Micro said “design win upgrades” pushed some expected first-quarter revenue to the second quarter.

“We see customer demand accelerating, and we are gaining AI share, reiterating revenue of at least $33B for FY 2026 with the expectation of delivering more.” Super Micro CEO Charles Liang said in a statement.

Super Micro said it has had “recent design wins” of more than $12 billion, and that delivery has been requested during its fiscal second quarter.

The company will provide further updates on its expected second-quarter deliveries and revenues during its earnings call on Nov. 4, when it will officially report its first-quarter results.

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All eyes were on Tesla yesterday, when the electric vehicle maker became the first Magnificent Seven company to report earnings for the new season. Investors weren’t impressed: Though quarterly revenue was higher than a year ago, snapping two down quarters, earnings per share came in below Wall Street’s expectations amid rising capital expenditures.

Here’s what happened on the earnings call:

• CEO Elon Musk and other executives offered little forward guidance or insight into the auto business. Instead, the focus was on Tesla’s work in Robotaxis and Optimus humanoid robots, CNBC’s Lora Kolodny reports.
• Musk also discussed the company’s expected artificial intelligence chip, but acknowledged that Tesla is “not about to replace Nvidia.”
• Heading into the report, a group of unions and watchdogs launched the “Take Back Tesla” campaign to urge investors to oppose Musk’s new compensation plan. The highly publicized pay package would give the billionaire entrepreneur an opportunity to rake in almost $1 trillion in stock.
• Musk addressed the pay plan at the end of the earnings call, calling proxy advisors who oppose the package “corporate terrorists.”
• “If we build this robot army, do I have at least a strong influence over that robot army?” Musk said on the call. “I don’t feel comfortable building that robot army if I don’t have at least a strong influence.”
• Tesla shares fell more than 3% in premarket trading this morning. Follow live markets updates here.

On the other hand, Southwest Airlines beat expectations on both lines. Of note: The Dallas-based carrier posted a profit for earnings per share, while the Street had penciled in a loss. Still, shares are more than 1% lower before the bell this morning.

American Airlines also reported better earnings than analysts forecasted and gave an upbeat outlook for the remainder of the year. Shares rose nearly 4% following the release.

Next up on airline investors’ agendas: Alaska earnings due after the bell today.

The White House yesterday placed more sanctions on Rosneft and Lukoil — Russia’s two largest crude oil companies. Oil prices surged as a result, with the global benchmark Brent jumping more than 5%.

The Treasury Department cited Russia’s “lack of serious commitment to a peace process to end the war in Ukraine.” Treasury Secretary Scott Bessent warned that the Treasury could take “further action if necessary.”

These sanctions are related to plans for a meeting between President Donald Trump and Russian leader Vladimir Putin falling through, a senior White House official told NBC News.

While many tech companies race to hire AI talent, Meta appeared to take the opposite approach yesterday.

The Facebook parent is cutting around 600 roles from its AI business, which people familiar with the matter described to CNBC as bloated. No one from TBD Labs — the division that includes many of Meta’s major AI hires this summer — is on the chopping block, the people said.

Meanwhile, several big names in technology are calling for a pause on one form of AI development called “Superintelligence.” As CNBC’s Dylan Butts notes, the buzzy term refers to a hypothetical form of AI that would essentially outperform humans on basically everything. Signatories of the statement calling for a pause included Virgin Group founder Richard Branson and Apple cofounder Steve Wozniak.

Breaking news this morning: The Starbucks Workers United union will start voting tomorrow on whether to authorize a strike. The group also said it will also organize rallies and pickets across the country with member baristas and their allies.

The union and Starbucks are not currently in negotiations over a contract after talks broke down late last year, CNBC’s Kate Rogers reports. The union said it wants higher pay, improved hours and resolutions on outstanding labor disputes. A Starbucks spokesperson told CNBC that the union “chose to walk away from the bargaining table. If they’re ready to come back, we’re ready to talk.”

Starbucks is slated to report earnings next week.