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Exterior view of Macy’s herald square store in New York City, on November 28, 2025.

Kena Betancur | Afp | Getty Images

This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.

Here are five key things investors need to know to start the trading day:

1. Shopping around

Macy’s beat Wall Street’s top- and bottom-line expectations for the third quarter this morning, posting its strongest growth in more than three years. The department store operator’s results are only one of several recent data points investors have received on the state of the U.S. consumer.

Here’s what to know:

  • Despite the strong results, shares of Macy’s dropped more than 6% before the bell. The retailer displayed caution about the current quarter, citing consumer spending concerns and pressure from tariffs.
  • Meanwhile, American Eagle Outfitters shares surged 12% after the apparel company posted better-than-expected earnings and provided upbeat guidance for fourth-quarter comparable sales.
  • American Eagle said its ad campaigns with actress Sydney Sweeney and NFL star Travis Kelce are “attracting more customers,” though they’ve not yet been a major revenue driver.
  • Sweeney is just one of several celebrities who has starred in a denim ad for a clothing brand. As CNBC’s Gabrielle Fonrouge and Natalie Rice report, companies are pulling out all the stops in hopes of winning the so-called “denim war.”
  • Plus, the numbers are in: More than 202 million Americans shopped in the five-day period from Thanksgiving through Cyber Monday, the highest number on record since the National Retail Federation began tracking in 2017.
  • Follow live markets updates here.

2. Hiring or firing?

A ‘Now Hiring’ sign sits in the window of a Denny’s restaurant on Nov. 19, 2025 in Miami, Florida.

Joe Raedle | Getty Images

President Donald Trump has said his tariffs will bring production jobs back to the U.S. But as CNBC’s Jeff Cox reports, corporate executives and economic forecasters are concerned the opposite could happen.

Respondents to an Institute for Supply Management survey said the duties are pushing them to start reducing headcount and offering severance packages. “Conditions are more trying than during the coronavirus pandemic in terms of supply chain uncertainty,” one respondent said. A Federal Reserve report from last week also showed employment “declined slightly” over the past several weeks.

We’ll be keeping a close eye on the ADP private payrolls report due out this morning. Economists polled by Dow Jones are expecting growth of 40,000 jobs in November.

3. Under pressure

OpenAI CEO Sam Altman speaks to media following a Q&A at the OpenAI data center in Abilene, Texas, U.S., Sept. 23, 2025.

Shelby Tauber | Reuters

OpenAI is feeling the heat as rivals Alphabet and Anthropic gain ground in the artificial intelligence race. Earlier this week, CEO Sam Altman reportedly sent a staff memo laying out a “code red” effort to improve its ChatGPT bot.

It comes amid growing fanfare for Alphabet’s Gemini 3 model, which beat industry benchmarks. Anthropic, meanwhile, is reportedly readying for one of the largest IPOs ever.

As CNBC’s Pia Singh reports, Wall Street now sees Alphabet’s Google as the AI leader. Shares of Alphabet and its chip partner Broadcom have surged in recent weeks, while Nvidia and Microsoft — both business partners of OpenAI — pulled back.

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4. Wires crossed

The Sinclair Broadcast Group, Inc. headquarters are seen July 17, 2024 in Cockeysville, Maryland.

Kevin Dietsch | Getty Images

Broadcast station owners are running toward industry consolidation, but they’re hitting roadblocks.

Nexstar is attempting to buy Tegna, while Sinclair made a hostile bid last week to acquire E.W. Scripps. These companies, like their larger media counterparts, have been trying to find ways to bolster their businesses as profitability tied to the traditional cable bundle shrinks.

But as CNBC’s Lillian Rizzo and Alex Sherman report, Sinclair’s attempt to scale up has been marred by family ownership challenges. Meanwhile, the Nexstar-Tegna deal requires changes to decades-old regulatory rules.

5. Taking off

Boeing Co. 737 Max fuselages at the company’s manufacturing facility in Renton, Washington, on April 15, 2025.

Bloomberg | Bloomberg | Getty Images

Boeing investors needed their seatbelts for yesterday’s ride.

Shares soared more than 10% — their best day since April — after CFO Jay Malave said the plane maker expects higher deliveries of its 737 and 787 jets in 2026. He also said the delayed certification for the 737-10 model could come later next year.

Malave notably said the higher deliveries will be “a big driver” for cash flow. As CNBC’s Laya Neelakandan notes, the Virginia-based company hasn’t posted an annual profit since 2018.

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Correction: Nexstar is attempting to buy Tegna. An earlier version of this story misspelled the latter company’s name.

CNBC’s Gabrielle Fonrouge, Natalie Rice, Jeff Cox, Ashley Capoot, Dylan Butts, Pia Singh, Alex Sherman, Lillian Rizzo, Laya Neelakandan and Hayley Cuccinello contributed to this report. Josephine Rozzelle edited this edition.

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A little-known startup just used AI to make a moon dust battery for Blue Origin

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A little-known startup just used AI to make a moon dust battery for Blue Origin

Istari Digital CEO Will Roper talks about the AI technology that built the Blue Origin moon vacuum

Artificial intelligence has created a device that turns moon dust into energy.

The moon vacuum, which was unveiled on Wednesday by Blue Origin at Amazon‘s re:Invent 2025 conference in Las Vegas, was built using critical technology from startup Istari Digital.

“So what it does is sucks up moon dust and it extracts the heat from it so it can be used as an energy source, like turning moon dust into a battery,” Istari CEO Will Roper told CNBC’s Morgan Brennan.

Spacecraft carrying out missions on the lunar surface are typically constrained by lunar night, the two-week period every 28 days during which the moon is cast in darkness and temperatures experience extreme drops, crippling hardware and rendering it useless unless a strong, long-lasting power source is present.

“Kind of like vacuuming at home, but creating your own electricity while you do it,” he added.

The battery was completely designed by AI, said Roper, who was assistant secretary of the Air Force under President Donald Trump‘s first term and is known for transforming the acquisition process at both the Air Force and, at the time, the newly created Space Force.

Read more CNBC tech news

A major part of the breakthrough in Istari’s technology is the way in which it handles and limits AI hallucinations.

Roper said the platform takes all the requirements a part needs and creates guardrails or a “fence around the playground” that the AI can’t leave while coming up with designs.

“Within that playground, AI can generate to its heart’s content,” he said.

“In the case of Blue Origin’s moon battery, [it] doesn’t tell you the design was a good one, but it tells us that all of the requirements were met, the standards were met, things like that that you got to check before you go operational,” he added.

Istari is backed by former Google CEO Eric Schmidt and already works with the U.S. government, including as a prime contractor with Lockheed Martin on the experimental x-56A unmanned aircraft.

Watch the full interview above and go deeper into the business of the stars with the Manifest Space podcast.

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Nvidia CEO Jensen Huang talks chip restrictions with Trump, blasts state-by-state AI regulations

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Nvidia CEO Jensen Huang talks chip restrictions with Trump, blasts state-by-state AI regulations

Jensen Huang: State-by-state AI regulation would drag industry to a halt

Nvidia CEO Jensen Huang said he met with President Donald Trump on Wednesday and that the two men discussed chip export restrictions, as lawmakers consider a proposal to limit exports of advanced artificial intelligence chips to nations like China.

“I’ve said it repeatedly that we support export controls, and that we should ensure that American companies have the best and the most and first,” Huang told reporters on Capitol Hill.

Lawmakers were considering including the Guaranteeing Access and Innovation for National Artificial Intelligence Act in a major defense package, known as the National Defense Authorization Act. The GAIN AI Act would require chipmakers like Nvidia and Advanced Micro Devices to give U.S. companies first pick on their AI chips before selling them in countries like China.

The proposal isn’t expected to be part of the NDAA, Bloomberg reported, citing a person familiar with the matter.

Huang said it was “wise” that the proposal is being left out of the annual defense policy bill.

“The GAIN AI Act is even more detrimental to the United States than the AI Diffusion Act,” Huang said.

Nvidia’s CEO also criticized the idea of establishing a patchwork of state laws regulating AI. The notion of state-by-state regulation has generated pushback from tech companies and spurred the creation of a super PAC called “Leading the Future,” which is backed by the AI industry.

“State-by-state AI regulation would drag this industry into a halt and it would create a national security concern, as we need to make sure that the United States advances AI technology as quickly as possible,” Huang said. “A federal AI regulation is the wisest.”

Trump last month urged legislators to include a provision in the NDAA that would preempt state AI laws in favor of “one federal standard.”

But House Majority Leader Steve Scalise (R-LA) told CNBC’s Emily Wilkins on Tuesday the provision won’t make it into the bill, citing a lack of sufficient support. He and other lawmakers will continue to look for ways to establish a national standard on AI, Scalise added.

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Design executive behind ‘Liquid Glass’ is leaving Apple

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Design executive behind 'Liquid Glass' is leaving Apple

File: Then Apple Creative Director Alan Dye celebrates the launch of the July Issue at the new WIRED office on June 24, 2015 in San Francisco, California.

Kimberly White | Getty Images

Apple‘s head of user interface design, Alan Dye, will join Meta, in a notable shift of executive talent in Silicon Valley.

The iPhone maker confirmed Dye’s departure on Wednesday and Apple CEO Tim Cook said in a statement that the company prioritizes design and has a strong team. The statement said that veteran designer Stephen Lemay will succeed Dye.

“Steve Lemay has played a key role in the design of every major Apple interface since 1999,” Cook said in a statement.

Meta CEO Mark Zuckerberg in a Wednesday social media post said that Dye would lead up a new creative studio that brings together design, fashion and technology.

“We plan to elevate design within Meta,” wrote Zuckerberg, who did not say what specific products Dye will work on.

Compared to other Silicon Valley companies, Apple has always emphasized design to customers and investors as one of its strengths. Apple prominently features its design executives to discuss interface changes at the company’s launch events.

In June, Dye revealed a redesign of Apple’s software interface for iPhones, Macs and the Apple Watch called Liquid Glass. The company described it as an “elegant” new design with translucent buttons, updated app icons and fluid animations.

Dye said it was the “next chapter” of the company’s software and said it “sets the stage” for the next era of Apple products.

“Our new design blurs the lines between hardware and software to create an experience that’s more delightful than ever while still familiar and easy to use,” Dye said at the launch.

Reviews were mixed on the Liquid Glass update, which shipped with new iPhones in September.

Apple announces liquid glass during the Apple Worldwide Developers Conference (WWDC) on June 9, 2025 in Cupertino, California.

Justin Sullivan | Getty Images

For years, Apple design was embodied by executive Jony Ive, who left Apple in 2019 and is now working with OpenAI on artificial intelligence hardware alongside Sam Altman.

Dye took over user interface design and became one of the design studio’s leads in 2015 when Ive stepped back from a day-to-day role. Dye started at Apple in 2006 and worked on software for the iPhone, iPad, Mac, Apple Watch, Apple TV and Vision Pro, according to his LinkedIn profile.

He was also partly responsible for the first iPhone in 2017 that did away with the home screen button at the bottom of the device and replaced it with a software-based swipe-up motion.

Meta has said in recent years that it wants to be a major developer of hardware and Zuckerberg has said Apple is one of his company’s biggest competitors.

The social media company currently makes several virtual reality headsets under its Quest brand, and recently scored its first hardware hit with Ray-Ban Meta smart glasses, which are stylish sunglasses equipped with cameras and the ability to run an AI model that can answer questions. Sales of the device tripled over the past year, Ray-Ban parent company EssilorLuxottica said in July.

“We’re entering a new era where AI glasses and other devices will change how we connect with technology and each other,” Zuckerberg wrote.

Bloomberg first reported the move.

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