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Is it too late for Intel stock to catch up in AI? It’s CEO thinks so

3 Mins Read

Intel Corp (NASDAQ: INTC) chief executive Lip-Bu Tan reportedly conceded in a recent Q&A session with employees that it’s too late for the semiconductor firm to catch up to Nvidia in AI.

“On training, I think it is too late for us,” – Tan noted, adding INTC doesn’t even have a spot on the list of “top 10 semi companies” in the world in 2025.

At the time of writing, Intel stock is down some 15% versus its year-to-date high in mid-February.

Intel stock is not out of the AI race

According to Tan’s remarks leaked via OregonTech, Intel is no longer chasing Nvidia in the data centre race as the battle has already been lost.

Instead, the chip firm is now turning its focus to edge AI. INTC sees it as a more attainable frontier – especially as demand grows for AI-enabled PCs, industrial sensors, and embedded systems.

Tan also highlighted agentic AI, systems that act autonomously without constant human input, as a key growth area. This emerging field could reshape how devices interact with users, from smart assistants to autonomous robotics.

Intel plans to invest in talent and infrastructure to support this shift, with Tan teasing upcoming high-level hires: “Stay tuned. A few more people are coming on board.”

Note that INTC shares are currently down more than 35% versus their 52-week high.

INTC shares to benefit from cost cuts

Intel’s manufacturing struggles have compounded its AI shortcomings. Once proud of its vertical integration, the company now outsources roughly 30% of its chip production to TSMC.

Its flagship 18A node, once touted as a comeback vehicle, is now being reconsidered in favor of the more promising 14A process. Analysts warn that billions in capital expenditures may be written off if Intel shelves external 18A volumes.

Tan’s leadership marks a departure from his predecessor’s expansive IDM 2.0 strategy.

Instead of competing on all fronts, Tan is streamlining operations, cutting costs, and laying off thousands globally. The goal is to focus on what Intel can do well, starting with AI at the edge, not the cloud.

For now, though, Wall Street rates Intel shares at “hold” only.

Intel needs time to regain momentum

Despite the bleak outlook, Tan remains cautiously optimistic. He’s called Intel’s turnaround a “marathon,” not a sprint, and emphasized the need for cultural transformation.

“We need to be humble,” he told employees, urging the company to listen more closely to market demands.

Whether Intel can regain its footing remains uncertain. But one thing is clear: the company is no longer pretending to lead the AI race. Instead, it’s recalibrating – hoping that by shifting its focus and shedding legacy baggage, it can carve out a meaningful role in the next chapter of computing.

That said, Intel likely has a long road ahead, which is why analysts’ mean target of $21.50 on INTC stock indicates potential downside of nearly 9.0% from here.

The post Is it too late for Intel stock to catch up in AI? It’s CEO thinks so appeared first on Invezz

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In World news

JZR Gold Inc. Announces Private Placement Offering of Units to Raise Up To $1,500,000

6 Mins Read

 

(TheNewswire)

 

     

   
             

 

July 11, 2025 TheNewswire – Vancouver, British Columbia, Canada JZR Gold Inc. (TSXV:  JZR) (the ‘ Company ‘ or ‘ JZR ‘) is pleased to announce that it intends to undertake a non-brokered private placement offering (the ‘ Offering ‘) of up to 5,000,000 units (each, a ‘ Unit ‘) at a price of $0.30 per Unit, to raise aggregate gross proceeds of up to $1,500,000.  Each Unit will be comprised of one common share (each, a ‘ Share ‘) and one share purchase warrant (each, a ‘ Warrant ‘). Each Warrant will entitle the holder to acquire one additional common share (each, a ‘ Warrant Share ‘) of the Company at an exercise price of $0.40 per Warrant Share for a period of two (2) years after the closing of the Offering. The Warrants will be subject to an acceleration clause whereby, in the event that the volume weighted average trading price of the Company’s common shares traded on TSX Venture Exchange, or any other stock exchange on which the Company’s common shares are then listed, is equal to or greater than $0.75 for a period of 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants by giving written notice to the holders of the Warrants that the Warrants will expire on the date that is not less than 30 days from the date that notice is provided by the Company to the Warrant holders. The Units, Shares, Warrants and any Shares issued upon the exercise of the Warrants will be subject to a hold period of four months and one day from the date of issuance.

 

  The Units will be offered pursuant to available prospectus exemptions set out under applicable securities laws and instruments, including National Instrument 45-106 –   Prospectus Exemptions.  

 

  The Offering may close in one or more tranches, as subscriptions are received.  The Securities will be subject to a hold period of four months and one day from the date of issuance.  Closing of the Offering, which is expected to occur on or about July 21, 2025, will be subject to satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including approval by the Exchange.  

 

  The Company intends to use the net proceeds from the Offering to fund operations of the fully constructed 800 tonne-per-day gravimetric mill, as well as future exploration work on the Vila Nova Gold project located in Amapa State, Brazil, and for general working capital purposes. JZR has been advised by its Joint Venture Royalty Agreement partner, ECO Mining Oil & Gaz Drilling and Exploration Ltda. (EIRELI) (‘ECO’), that the Mill is fully operational, but ECO is completing a few minor improvements to the Mill to improve operational efficiency. There will be further updates regarding operations in the immediate future.  

 

For further information, please contact:

 

Robert Klenk

 

Chief Executive Officer

 

rob@jazzresources.ca

 

Forward-Looking Information

 

  This press release contains certain ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes all statements that are not historical facts, including, without limitation, statements with respect to the details of the Offering, including the proposed size, timing and the expected use of proceeds and the receipt of regulatory approval for the Offering.  Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it.  Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.  These factors include, but are not limited to:   the Company may not complete the Offering; the Offering may not be approved by the TSX Venture Exchange;   risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with the Canadian securities regulators.  The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.  The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.  

 

  Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.  

 

None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or ‘U.S. persons’ (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

 

Copyright (c) 2025 TheNewswire – All rights reserved.

 

 

News Provided by TheNewsWire via QuoteMedia

This post appeared first on investingnews.com

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In Business

Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

2 Mins Read

What’s “Froot Loops” in Italian?

The European confectionary company Ferrero has agreed to buy WK Kellogg Co., the manufacturer of iconic American cereals, for $3.1 billion.

The acquisition is set to bring the publicly traded maker of Froot Loops, Frosted Flakes and Rice Krispies under the privately owned Italian manufacturer of Nutella, Tic Tac and Kinder chocolates.

WK Kellogg, based in Battle Creek, Michigan, was spun off from Kellogg’s in 2023, splitting the company’s North American cereal business from its other snack products like Pringles and Pop-Tarts, a unit that is now owned by the publicly traded conglomerate Kellanova. WK Kellogg, one of North America’s largest cereal makers, saw its shares surge more than 30% Thursday on the news of the deal.

The agreement comes after years of slowing demand for sugary breakfast cereals as many consumers look for healthier options. WK Kellogg came under fire last year when CEO Gary Pilnick said on CNBC that households squeezed by food companies’ price hikes should consider eating “cereal for dinner” to save money, part of a marketing pitch the company was making as an answer to inflation.

Yet snack demand, too, has flagged recently, with The Campbell’s Co. and General Mills each warning this year of slower sales as customers prioritize square meals.

Ferrero Rocher chocolates.Alexander Sayganov / SOPA Images / LightRocket via Getty Images file

Ferrero, perhaps best known for its namesake Ferrero Rocher chocolates in gold foil, originated in Alba, Italy, after World War II and is now a multinational food maker headquartered in Luxembourg. The company reported revenue of 18.4 billion euros last fiscal year, up nearly 9% from the one before.

Ferrero executive chairman Giovanni Ferrero described the acquisition Thursday as “a key milestone” in an effort to grow its footprint in North America, where the closely held company sells an array of popular candies.

The deal is among a series of high-profile Ferrero acquisitions in recent years. The firm bought Butterfinger, Baby Ruth and other U.S. candy brands from Nestlé in 2018, then acquired Kellogg’s bakery business, including Famous Amos and Keebler, in 2019 along with the manufacturer of Halo Top ice cream in 2022.

After the transaction closes, WK Kellogg will be delisted from the New York Stock Exchange and become a wholly owned subsidiary of Ferrero. The deal is expected to close later this year.

This post appeared first on NBC NEWS

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In Politics

David Gergen, trusted White House advisor to 4 US presidents across decades, dies at 83

2 Mins Read

David Gergen, who worked for four presidents, including Richard Nixon, Gerald Ford, Ronald Reagan and Bill Clinton, before becoming an academic and political TV pundit, has died. He was 83. 

Gergen died in a retirement home in Massachusetts on July 10, his son said, according to several outlets. 

The Washington, D.C., veteran had been suffering from Lewy body dementia, his son said. 

Those who knew and admired Gergen took to X to express their condolences. 

Former California first lady Maria Shriver wrote on X: ‘David Gergen was total professional and a really kind man. My thoughts are with his family. He loved politics and he loved being in service to this country.’

‘RIP, Mr. Gergen,’ CBS reporter Robert Costa wrote. 

Former Democratic Tennessee Congressman Harold Ford, Jr. wrote: ‘We lost a good one, a really good one – RIP, my friend David Gergen

Gergen came up with the line that then-candidate Reagan said in the 1980 election: ‘Are you better off than you were four years ago?’ according to The New York Times. 

He later said of the line: ‘Rhetorical questions have great power.’ 

Of his time with the Nixon administration, Gergen told the Washington Post in 1981, ‘I was young, and I was too naive. It hardened me up a lot. It was an extremely difficult experience emotionally, in terms of belief in people.’ 

After leaving public office, Gergen worked as an editor and columnist, as well as for the conservative American Enterprise Institute and the liberal Kennedy School of Government at Harvard University. He was also a commentator for PBS, CNN and NPR. 

‘To say that I rely on him is an understatement,’ Reagan’s White House Chief of Staff, James A. Baker III, told The Washington Post in 1981. ‘He’s the best conceptualizer, in terms of communications strategy, that we have.’

This post appeared first on FOX NEWS

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Jim Cramer names his top 4 stocks that are trading at a big discount

3 Mins Read

US stocks have been in a sharp uptrend since early April, but higher tariffs set to go live on August 1 could reverse some of the recent gains, potentially resulting in meaningful losses in the second half of 2025.

Still, famed investor Jim Cramer says some stocks are currently trading at a significant discount, not because of legitimate reasons, but due to misperceptions only.

Four of those, the former hedge fund manager particularly recommends buying, are: Starbucks, Home Depot, Costco, and McDonald’s – all major names within their respective sectors.

Let’s dive deeper into Cramer’s view on these four behemoths individually.

Costco Wholesale Corp (NASDAQ: COST)

Jim Cramer recommends owning Costco stock on the recent pullback primarily because the retailer relies heavily on a subscription model for revenue, enabling it oto ffer hard-to-beat prices even amid challenging times.

According to the Mad Money host, Issaquah-headquartered Costco will succeed in keeping prices low despite tariffs, potentially leading to an increased footfall over the next few quarters.  

A 0.54% dividend yield on COST shares, while not much, is still an added reason to own them in the back half of 2025.

Starbucks Corp (NASDAQ: SBUX)

Starbucks stock has come under renewed pressure in recent sessions because the US announced a rather steep 50% tariff on Brazil, its primary supplier of coffee beans.

However, Cramer believes the related concerns are overblown, given Starbucks’ scale positions it better than rivals to find a cheaper source of coffee beans.

Moreover, he has immense confidence in the company’s chief executive, Brian Niccol’s, ability to turn this ship around.

Note that SBUX shares also currently pay a dividend yield of 2.56%.

Home Depot Inc (NYSE: HD)

Home Depot stock has been out of favour with investors primarily because the US housing market just isn’t showing any signs of a recovery.

Still, Jim Cramer recommends owning HD shares because its business isn’t confined to home sales – the retailer has also been making significant strides in remodelling and renovation via acquisitions.

It’s a crucial element of the company’s overall growth story that’s been discounted in 2025, but stands to drive the Home Depot stock price up over time.

McDonald’s Corp (NYSE: MCD)

Cramer disagrees with the broader narrative that McDonald’s stock has “lost its way,” even though it really hasn’t done much since the start of 2025.

According to the former hedge fund manager, this too shall pass as the fast food behemoth has the marketing and sheer scale to navigate the current macroeconomic environment.  

Much like other names on his list, McDonald’s is also a dividend stock that currently yields 2.37%, making it all the more attractive to own at current levels, at least for the income investors.  

The post Jim Cramer names his top 4 stocks that are trading at a big discount appeared first on Invezz

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In World news

EVs Now Emit 73 percent Less Than Gasoline Cars Over Their Lifetime, Says ICCT Study

4 Mins Read

A new analysis from the International Council on Clean Transportation (ICCT) has found that battery electric vehicles (BEVs) sold in Europe today produce 73 percent fewer greenhouse gas emissions over their lifetime than comparable gasoline-powered cars

The findings are based on an updated life-cycle assessment (LCA) of all major vehicle powertrain types, including internal combustion engine vehicles (ICEVs), hybrids (HEVs), plug-in hybrids (PHEVs), battery electric vehicles (BEVs), and hydrogen fuel cell electric vehicles (FCEVs).

The report accounts for emissions from vehicle and battery manufacturing, energy production, use and maintenance, while crucially considering changes in the EU’s electricity mix over a car’s operational life.

“Battery electric cars in Europe are getting cleaner faster than we expected and outperform all other technologies, including hybrids and plug-in hybrids,” said lead researcher Dr. Marta Negri. “This progress is largely due to the fast deployment of renewable electricity across the continent and the greater energy efficiency of battery electric cars.”

Further estimates show that BEVs sold this year emit an average of 63 grams (g) of CO₂-equivalent per kilometer (e/km)—down from 83 g CO₂e/km in the ICCT’s 2021 study, and far below the 235 g CO₂e/km estimated for gasoline ICEVs.

The improvement, the ICCT said, reflects rapid decarbonization of Europe’s grid and growing efficiency gains in battery and vehicle production.

When BEVs are powered solely by renewable electricity, their life-cycle emissions fall even further—to 52 g CO₂e/km, or 78 percent lower than those of gasoline cars.

In contrast, the ICCT found that other powertrain types show only limited progress. Plug-in hybrids emit about 30 percent less than gasoline cars over their lifetime, and hybrids achieve just a 20 percent reduction. Natural gas vehicles offer only a 13 percent cut, and diesel cars show emissions similar to gasoline models.

The report also assessed hydrogen fuel cell vehicles. When powered by hydrogen derived from renewable electricity—a technology not yet widely available—FCEVs can reduce emissions by 79 percent compared to gasoline cars.

However, nearly all hydrogen currently used in Europe is produced from natural gas, limiting the actual emission savings to around 26 percent.

Decarbonizing the grid key to BEV success

The ICCT attributes the growing emissions advantage of electric cars to the rapid transition toward renewable energy across the EU.

In 2025, renewables are expected to make up 56 percent of electricity generation, up from 38 percent in 2020. This trend is projected to continue, reaching 86 percent by 2045, based on data from the EU’s Joint Research Centre.

Even with their higher production emissions—largely due to battery manufacturing—electric cars close the “emissions debt” within the first 17,000 kilometers of use, typically within the first one to two years in Europe.

Another purpose of its updated LCA, according to ICCT, was to counter widespread misinformation about electric vehicles’ environmental impacts.

“We hope this study brings clarity to the public conversation, so that policymakers and industry leaders can make informed decisions,” said Dr. Georg Bieker, co-author of the report. “We’ve recently seen auto industry leaders misrepresenting the emissions math on hybrids.”

“Life-cycle analysis is not a choose-your-own-adventure exercise. Our study accounts for the most representative use cases and is grounded in real-world data. Consumers deserve accurate, science-backed information,” he added.

A common misperception, the ICCT notes, is that electric cars are worse for the climate because of their manufacturing footprint.

However, the study concludes that failing to account for the evolving electricity mix and real-world driving patterns leads to distorted comparisons that undervalue electric cars’ advantages.

The full report can be viewed on the ICCT’s website.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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In Business

White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

2 Mins Read

President Donald Trump’s budget chief on Thursday said that Federal Reserve Chairman Jerome Powell “has grossly mismanaged the Fed” and suggested he had misled Congress about a pricey and “ostentatious” renovation of the central bank’s headquarters.

The broadside by Office of Management and Budget Director Russell Vought opened up a new front in Trump’s war of words against Powell.

Trump has repeatedly called on the Fed chairman to cut interest rates, without success. He reportedly has considered firing Powell and, more recently, publicly naming the chairman’s replacement months earlier than the end of Powell’s term next spring.

Vought’s letter raises the question of whether Trump will seek to remove Powell for cause, at least ostensibly.

But the Supreme Court in a recent decision strongly suggested that Federal Reserve board members have special protection from being fired by a president.

“While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters,” Vought wrote in a post on the social media site X.

“Now up to $2.5 billion, roughly $700 million over its initial cost,” Vought wrote. “The cost per square foot is $1,923–double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today’s dollars!”

Vought’s tweet linked to a letter he sent Powell that referenced the Fed boss’s June 25 testimony before the Senate Banking Committee.

“Your testimony raises serious questions about the project’s compliance with the National Capital Planning Act, which requires that projects like the Fed headquarters renovation be approved by the National Capital Planning Commission,” Vought wrote.

“The plans for this project called for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more,” he wrote.

But Powell, in his testimony, said, “There’s no VIP dining room. There’s no new marble. There are no special elevators. There are no new water features. There’s no beehives and there’s no roof terrace gardens,” Vought wrote.

“Although minor deviations from approved plans may be inevitable, your testimony appears to reveal that the project is out of compliance with the approved plan with regard to major design elements,” Vought wrote.

This post appeared first on NBC NEWS

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In Politics

Duffy just got an additional job in Trump’s administration, and he’s not the only one wearing multiple hats

9 Mins Read

The Trump administration repeatedly has assigned additional job roles to Cabinet members and other officials amid government shake-ups as the president solidifies his agenda for the coming years, Fox News Digital found. 

Secretary of Transportation Sean Duffy was the latest Trump official assigned an additional role Wednesday. The Transportation chief and Trump ally now also serves as the administration’s acting NASA administrator after the president pulled a former nominee’s name from consideration to lead NASA. 

Duffy, however, is not alone in taking on multiple roles within Trump’s second administration. Fox News Digital looked back on the various Trump Cabinet members and officials wearing multiple hats as the president works to realign the federal government with his ‘America First’ policies. 

Sean Duffy 

Duffy, a former Republican congressman from Wisconsin, was tapped to oversee the Department of Transportation and was confirmed by the Senate Jan. 28. Since his confirmation, Duffy has juggled a handful of crises related to tragic plane crashes, including the Potomac River midair collision Jan. 29 and air traffic control issues that plagued New Jersey’s Liberty International Airport earlier in 2025. 

Trump posted to Truth Social Wednesday evening that Duffy would also serve as interim chief of NASA. 

‘I am pleased to announce that I am directing our GREAT Secretary of Transportation, Sean Duffy, to be Interim Administrator of NASA,’ Trump wrote in his announcement. 

‘Sean is doing a TREMENDOUS job in handling our Country’s Transportation Affairs, including creating a state-of-the-art Air Traffic Control systems, while at the same time rebuilding our roads and bridges, making them efficient, and beautiful, again. He will be a fantastic leader of the ever more important Space Agency, even if only for a short period of time. Congratulations, and thank you, Sean!’

Duffy replaced Janet Petro, who has served as acting NASA administrator since Trump’s inauguration. The president had previously nominated an Elon Musk ally named Jared Isaacman to lead NASA but pulled his nomination in June as Trump’s and Musk’s relationship hit the rocks over the ‘big, beautiful bill.’

‘Honored to accept this mission. Time to take over space. Let’s launch,’ Duffy posted to X of the new role. 

Marco Rubio 

Rubio and the Trump administration came under fire from Democrats for the secretary of state holding multiple high-profile roles in the second Trump administration, including Democrats sounding off on the national security council shake-up on Sunday news shows. 

‘There’s no way he can do that and do it well, especially since there’s such incompetence over at DOD with Pete Hegseth being secretary of defense and just the hollowing out of the top leadership,’ Illinois Democratic Sen. Tammy Duckworth told CBS’ ‘Face the Nation.’ ‘There’s no way he can carry all that entire load on his own.’

‘I don’t know how anybody could do these two big jobs,’ Democratic Virginia Sen. Mark Warner said on CNN’s ‘State of the Union.’

Rubio’s roles in the administration include leading the State Department, serving as acting archivist of the United States after Trump ousted a Biden-era appointee, serving as acting administrator of the U.S. Agency for International Development as the administration who works to dissolve the independent agency by September and taking the helm as the interim national security advisor. Rubio’s role overseeing USAID concluded at the start of July when the State Department officially absorbed the agency. 

When asked about the trend of Trump officials wearing multiple work hats in May, the White House reflected in a comment to Fox News Digital on former President Joe Biden’s ‘disaster of a Cabinet.’ 

‘Democrats cheered on Joe Biden’s disaster of a Cabinet as it launched the botched Afghanistan withdrawal, opened the southern border to migrant criminals, weaponized the justice system against political opponents and more,’ White House spokesperson Anna Kelly told Fox News Digital in May. ‘President Trump has filled his administration with many qualified, talented individuals he trusts to manage many responsibilities.’ 

The Trump administration repeatedly has brushed off concerns over Rubio holding multiple roles, most notably juggling both his State Department leadership and serving as acting national security advisor. Similarly, former President Richard Nixon in 1973 named National Security Advisor Henry Kissinger to simultaneously serve as secretary of state. 

‘You need a team player who is very honest with the president and the senior team, not someone trying to build an empire or wield a knife or drive their own agenda,’ an administration official told Politico. ‘He is singularly focused on delivering the president’s agenda.’ 

Despite Democratic rhetoric that Rubio was taking on too many roles, the former Florida senator helped oversee successful U.S. strikes on Iran in June, which destroyed a trio of nuclear sites and decimated the country’s efforts to advance its nuclear program. 

Kash Patel

FBI Director Kash Patel, who railed against the ‘deep state’ and vowed to strip corruption from the federal law enforcement agency ahead of his confirmation, was briefly charged with overseeing the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) in February after the Biden-era director resigned in January. 

Patel was later replaced by Secretary of the Army Daniel Driscoll as acting ATF director in a job change that was reported publicly in April. 

‘Director Kash Patel was briefly designated ATF director while awaiting Senate confirmations, a standard, short-term move. Dozens of similar re-designations have occurred across the federal government,’ the White House told Reuters in April. ‘Director Patel is now excelling in his role at the FBI and delivering outstanding results.’

Daniel Driscoll 

Driscoll was sworn in as the 26th secretary of the Army in February. The secretary of the army is a senior-level civilian official charged with overseeing the management of the Army and also acts as an advisor to the secretary of defense in matters related to the Army. 

It was reported in April that Driscoll was named acting ATF director, replacing Patel in that role. 

‘Mr. Driscoll is responsible for the oversight of the agency’s mission to protect communities from violent criminals, criminal organizations, and the illegal trafficking of firearms, explosives, and contraband,’ his ATF biography states. ‘Under his leadership, the ATF works to enforce federal laws, ensure public safety, and provide critical support in the investigation of firearms-related crimes and domestic and international criminal enterprises,’

Ahead of Trump taking office, Republican representatives Eric Burlison of Missouri and Lauren Boebert of Colorado introduced legislation to abolish the ATF, saying the agency has worked to strip Second Amendment rights from U.S. citizens. 

The ATF has been tasked with assisting the Department of Homeland Security in its deportation efforts under the Trump administration. 

Doug Collins 

Former Georgia Republican Rep. Doug Collins was sworn in as the Trump administration’s secretary of Veterans Affairs in February, a Cabinet-level position tasked with overseeing the department and its mission of providing health, education and financial benefits to military veterans. 

Days after his confirmation as VA secretary, Trump tapped Collins to temporarily lead two oversight agencies, the Office of Government Ethics and the Office of Special Counsel. 

The Office of Government Ethics is charged with overseeing the executive branch’s ethics program, including setting ethics standards for the government and monitoring ethics compliance across federal agencies and departments. 

The Office of Special Counsel is charged with overseeing and protecting the federal government’s merit system, most notably ensuring federal whistleblowers don’t face retaliation for sounding the alarm on an issue they’ve experienced. The office also has an established secure channel to allow federal employees to blow the whistle on alleged wrongdoing. 

The Office of Special Counsel also enforces the Hatch Act, which bans executive branch staffers, except the president and vice president, from engaging in certain forms of political activity. 

Jamieson Greer 

Trump’s trade representative, Jamieson Greer, has also been tapped for multiple roles within the administration, in addition to helping lead the administration’s tariff negotiations to bring parity to the chronic U.S. trade deficit with other nations. 

Greer took on Collins’ roles as acting director of the Office of Government Ethics and as acting special counsel of the Office of Special Counsel April 1. 

Trump nominated conservative attorney Paul Ingrassia to lead the Office of Special Counsel in May. 

Russell Vought 

Trump named his former director of the Office of Management and Budget under his first administration, Russell Vought, to the same role in his second administration. Vought was confirmed as the federal government’s budget chief in February. 

Days later, Vought was also named the acting director of the Consumer Financial Protection Bureau (CFPB).  

The CFPB is an independent government agency charged with protecting consumers from unfair financial practices in the private sector. It was created in 2010 under the Obama administration after the financial crash in 2008. Democratic Massachusetts Sen. Elizabeth Warren originally proposed and advocated for the creation of the agency.

The CFPB came under fierce investigation from the Department of Government Efficiency in February, with mass terminations rocking the agency before the reduction in force initiative was tied up in court. 

Ric Grenell 

President Donald Trump’s former ambassador to Germany and acting director of national intelligence under his first term, a pair of roles held at separate times in the first administration, currently serves as president of the Kennedy Center and special presidential envoy for special missions of the United States. 

The John F. Kennedy Center for the Performing Arts serves as the national cultural center of the U.S. Trump notably serves as the center’s chair of the board, and Grenell said the center will see a ‘golden age’ of the arts during Trump’s second administration through productions and concerts that Americans actually want to see after years of the performing arts center running in the red. 

Trump named Grenell as his special presidential envoy for special missions to the United States in December 2024 before his inauguration, saying Grenell will ‘work in some of the hottest spots around the world, including Venezuela and North Korea.’

In this role, Grenell helped lead the administration through its response to the wildfires that tore through Southern California in the last days of the Biden administration through the beginning days of the Trump administration. 

Fox News Digital’s Jasmine Baehr contributed to this report. 

This post appeared first on FOX NEWS

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In Stocks

Core Scientific deal reveals cracks in CoreWeave’s bull case

3 Mins Read

Shares of Core Scientific plunged after AI cloud provider CoreWeave announced plans to acquire the data center firm in an all-stock deal, a reaction that defies the typical market response to acquisition news.

Instead of rallying to reflect the purchase price, Core Scientific stock dropped 25%, closing at $13.43 on Wednesday—far below the deal’s implied value.

The trading pattern indicates that investors anticipate a significant drop in CoreWeave’s stock price before its acquisition of Core Scientific is finalized.

The acquisition is expected to close in the fourth quarter.

Deal value hinges on volatile CoreWeave stock

The agreement, announced Monday, would see Core Scientific shareholders receive 0.1235 shares of CoreWeave for every Core Scientific share.

At CoreWeave’s pre-deal trading price of $165.20, that implied a value of $20.40 per Core Scientific share.

However, CoreWeave shares have already fallen to $153.05, dragging the implied deal value down to $18.90.

Even that figure may be overly optimistic. Based on options market pricing, CoreWeave stock could trade closer to $115 by November.

At that price, the value of the deal to Core Scientific shareholders would be just $14.20—a level far closer to where shares are currently trading.

This uncertainty stems from a key feature of the deal: it lacks the usual protections often included in all-stock mergers.

There’s no price collar or floor to safeguard Core Scientific shareholders if CoreWeave’s stock declines before the deal closes.

That omission has left investors wary and the stock vulnerable.

Arbitrage traders stay cautious

Normally, such a large discount between the current trading price and the implied deal value would attract merger arbitrage traders hoping to profit from the spread.

But the lack of price protection and volatility in CoreWeave’s stock complicates such bets.

“Using the options market, you can currently buy or sell shares of CoreWeave in November for $115,” says Kevin Mak, a trader and director of the Real-Time Analysis and Investment Lab at Stanford Graduate School of Business, in a Barron’s report.

“This is not a judgment; this is what the market is pricing it at.”

Adding to the pressure, CoreWeave is a richly valued stock.

Since its IPO, the company has surged 283% on the back of triple-digit revenue growth and limited share liquidity.

However, it trades at 8.7 times projected 12-month sales—nearly double the Nasdaq Composite average of 4.4.

The average Wall Street price target for CoreWeave is $94.56, suggesting further downside from current levels.

Lockup expiry could trigger stock pressure

Investor concerns may intensify in August, when CoreWeave’s IPO lockup period expires.

Early backers—including Magnetar Financial, which owns more than 30% of the company—will be free to unload their shares.

Magnetar’s stake, worth around $14.7 billion, accounts for three-quarters of its portfolio.

A move to reduce exposure could flood the market with stock, driving prices lower.

Despite CoreWeave’s strategic rationale for buying Core Scientific—mainly to gain control over the data center capacity it already leases—investors are signaling doubts over the sustainability of its valuation and the fairness of the deal terms.

The post Core Scientific deal reveals cracks in CoreWeave’s bull case appeared first on Invezz

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