Shares of chip design software makers Cadence and Synopsys tumbled in Wednesday trading after The Financial Times reported that the White House told them to stop selling to clients in China. Cadence closed more than 10% lower while Synopsys closed down by more than 9%. The Bureau of Industry and Security under the U.S. Commerce Department sent letters to both companies and to Siemens, the newspaper said. Cadence and Siemens representatives did not immediately respond to requests for comment. Nvidia celebrated the change, but it's not clear how forthcoming policy from the White House might affect Nvidia's business. Nvidia reports results after the bell on Wednesday. Earlier this month the Bureau of Industry and Security issued a warning about using Huawei Ascend AI chips, saying organizations that adopt them could be subject to enforcement action. A spokesperson for China's Ministry of Commerce said the move undermined the two countries' preliminary trade agreement and demanded that the White House "correct its mistakes." Read The Financial Times' full report here. Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Apple Inc. is planning the most sweeping change yet to its operating system names, part of a software overhaul that extends to all its devices. The next Apple operating systems will be identified by year, rather than with a version number, according to people with knowledge of the matter. That means the current iOS 18 will give way to “iOS 26,” said the people, who asked not to be identified because the plan is still private. Other updates will be known as iPadOS 26, macOS 26, watchOS 26, tvOS 26 and visionOS 26.

President Donald Trump's executive orders on nuclear power could lead to the deployment of small modular reactors in the U.S. by late 2030, GE Vernova CEO Scott Strazik said Wednesday. Trump on Friday ordered the Nuclear Regulatory Commission to decide on applications to construct and operate new nuclear plants within 18 months. This would create a "credible shot" of adding these reactors to the U.S. nuclear fleet in late 2030 or 2031, the CEO said. Small modular reactors (SMRs) are plant designs that many in the industry view as the future of nuclear power. SMR developers including GE Vernova believe the reactors will one day lower the cost of building nuclear plants and speed up construction because they are smaller and assembled onsite with prefabricated parts. Large nuclear plants such as Plant Vogtle in Georgia have been plagued with multi-billion dollar cost overruns and lengthy construction delays. "It's just the beginning of what could very much become a very meaningful part of our business in the 2030s. We're very encouraged by this," Strazik said of Trump's executive order. GE Vernova received approval earlier this month to deploy its BWRX-300 reactor in Ontario, Canada. The Tennessee Valley Authority filed an application with the NRC earlier this month to build a GE Vernova reactor at Oak Ridge, Tenn. "We expect more customers to put in applications to construct new SMRs with our technology before the year is over," Strazik said. Customer interest in GE Vernova's SMR is "very high," with users increasingly willing to pay a premium for nuclear because it doesn't emit carbon dioxide, the CEO said. GE Vernova's core business is manufacturing and servicing natural gas-powered turbines, which is seeing high demand as electricity consumption grows in the U.S. The company's stock has soared nearly 48% this year. Sign up for free newsletters and get more CNBC delivered to your inbox

Federal Reserve officials at their meeting earlier this month worried that tariffs could aggravate inflation and create a difficult quandary with interest rate policy, minutes released Wednesday show. "Participants agreed that uncertainty about the economic outlook had increased further, making it appropriate to take a cautious approach until the net economic effects of the array of changes to government policies become clearer," the minutes said. "Participants noted that the Committee might face difficult tradeoffs if inflation proves to be more persistent while the outlooks for growth and employment weaken." Though policymakers expressed concern about the direction of inflation and the vagaries of trade policy, they nevertheless said that economic growth was "solid," the labor market is "broadly in balance" though risks were growing that it could weaken, and consumers were continuing to spend. As it has done since the last cut in December, the FOMC kept its benchmark federal funds rate in a target between 4.25%-4.5%. "In considering the outlook for monetary policy, participants agreed that with economic growth and the labor market still solid and current monetary policy moderately restrictive, the Committee was well positioned to wait for more clarity on the outlooks for inflation and economic activity," the summary said. Also, the committee said meeting its dual goals of full employment and low inflation have been complicated due to policy uncertainty. Since the meeting, officials have repeated that they will wait until there's more clarity about fiscal and trade policy before they will consider lowering rates again. Market expectations have responded in kind, with futures traders now pricing in virtually no chance of a cut until the Fed's September meeting. Trade policy also has evolved since the Fed last gathered. Tariffs and ongoing saber-rattling between the U.S. and China eased a few days after the central bank meeting, with both sides agreeing to drop the most onerous duties against each pending a 90-day negotiation period. That in turn helped kindle a rally on Wall Street, though bond yields continue to climb, something President Donald Trump has sought to contain. Amid the trade war and signs that inflation is slowly coming in toward the Fed's 2% target, Trump has hectored central bank officials to lower rates. When officials last visited their long-range policy, they devised what became known as "flexible average inflation targeting," which essentially asserted that officials could allow inflation to run above their 2% target for a while in the interest of promoting more inclusive labor market gains. In their discussion, officials noted that the strategy "has diminished benefits in an environment with a substantial risk of large inflationary shocks" or rates aren't near zero, where they had been in the years after the 2008 financial crisis. The minutes noted a desire for policy that is "robust to a wide variety of economic environments." Officials also said they have no intention on altering the inflation goal. Sign up for free newsletters and get more CNBC delivered to your inbox

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 War in Ukraine: President Donald Trump speaks in the Oval Office of the White House on May 28. President Donald Trump said he's holding off on new sanctions against Russia in order to preserve the chance for a deal with President Vladimir Putin to end the war in Ukraine. “If I think I'm close to getting a deal, I don't want to screw it up by doing that,” Trump said Wednesday at the White House. “Let me tell you, I'm a lot tougher than the people you're talking about.”

President Donald Trump on Wednesday pushed back against an emerging critique of his on-again, off-again tariff threats, which has been derisively summed up as the "TACO trade." The term coined by a Financial Times columnist — which stands for "Trump Always Chickens Out" — describes a pattern in which Trump announces heavy new tariffs, sending markets tumbling, and then later pauses or lightens them, causing markets to rebound. When asked by CNBC about the term at the White House, Trump denied that he had ever backed down and suggested that his moves have helped the U.S. gain ground in trade negotiations. "After I did what I did, they said, 'We'll meet anytime you want,'" Trump said of the European Union, which he had recently targeted with a 50% U.S. tariff — before announcing two days later that he was delaying that new levy. "It's called negotiation," he added, after criticizing the question as "nasty." On Sunday, Trump said he would delay that deadline to July 9 after European Commission President Ursula von der Leyen asked for an extension. In the next trading session on Tuesday, stocks rallied across major indexes. "The sad thing is, now, when I make a deal with them, it's something much more reasonable, they'll say, 'Oh, he was chicken, he was chicken,'" Trump said. The EU-tariff turnabout is not Trump's first time abruptly reversing his own trade policies. After weeks of buildup, Trump on April 2 unveiled individualized "reciprocal" tariff rates against almost every country on Earth, with some getting hit with massive duties of 30% or more. One week later — and following several bouts of stock-market turmoil — Trump said he would drop all of those tariffs down to 10% for 90 days. Markets responded with one of the biggest single-day rallies in history. The Trump administration's trade war with China has followed a similar path. The president in April ratcheted up blanket tariffs on Beijing as high as 145%, spurring retaliation and spooking investors. He dropped them to 30% a month later, following an initial round of trade talks. — CNBC's Laya Neelakandan contributed to this report. Sign up for free newsletters and get more CNBC delivered to your inbox

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 A Victoria's Secret store in Beijing. Victoria's Secret & Co. shares fell after the lingerie maker took down its website and some in-store services to address a “security incident.” The company's website showed a black page on Wednesday with a message to customers, some of whom had been unable to shop online since at least Monday.

The Justice Department on Wednesday said that it was investigating whether a California law allowing trans athletes on female sports teams at state schools violates federal civil rights law. The department disclosed the investigation to California's attorney general and other officials a day after President Donald Trump threatened in a social media post to revoke large-scale federal funding from the state if it ignored his executive order banning transgender athletes from women's sports. "The investigation is to determine whether California, its senior legal, educational, and athletic organizations, and the school district are engaging in a pattern or practice of discrimination on the basis of sex," the U.S. Attorney's Office for the Central District of California said in a statement. At the same time, the Justice Department said it had filed a statement of interest in a federal court lawsuit filed on behalf of girls' athletes that argues trans athletes should be barred from competing with them under federal laws. At issue in the probe is the question of whether California's School Success and Opportunity Act, the state law also known as AB 1266, conflicts with Title IX, the federal law that bans sex discrimination in schools or educational programs that receive funding from the U.S. government. AB 1266 allows students to participate in school programs and athletic events consistent with their gender identity. "Title IX exists to protect women and girls in education. It is perverse to allow males to compete against girls, invade their private spaces, and take their trophies," said Harmeet Dhillon, assistant attorney general for civil rights, in a statement. "This Division will aggressively defend women's hard-fought rights to equal educational opportunities." Trump, in his Truth Social post Tuesday, wrote, "This week a transitioned Male athlete, at a major event, won 'everything,' and is now qualified to compete in the 'State Finals' next weekend." As a Female, this transitioned person is practically unbeatable. We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox

The company has a project to expand its retail footprint, which is not broadly known internally yet, according to an internal communication seen by BI. The communication also said Meta planned to hire retail employees. The store lets shoppers test out some of its hardware products, including its Meta Quest VR headsets and Ray-Ban Meta smart glasses, much like its rival Apple, which has more than 500 retail stores globally. It's unclear how many stores Meta might open or on what timeline, but it experimented with the idea last year by opening a pop-up store, Meta Lab, to sell its smart glasses in Los Angeles. An expansion could boost its sales of hardware products, such as smart glasses. In an all-hands meeting earlier this year, Meta CEO Mark Zuckerberg said it was a "great start" but "not going to move the needle and the business in a core way." He added that 2025 would offer an indication of whether the product line will become a "long-term grind" or whether AI glasses will become a "really prominent computing platform" in the near term. The company is also on a mission this year to "drive sales, retention, and engagement," Andrew Bosworth, its chief technology officer, said last year in an internal memo. He also said Meta planned to launch half a dozen more AI-powered wearables this year. Meta is set to face more competition, with OpenAI this month acquiring the former Apple design chief Jony Ive's startup, IO, to build a new type of device for the artificial intelligence era. Big Tech companies have a history of venturing into retail stores. But it has scaled back some of those stores in recent years. Apple, meanwhile, has made brick-and-mortar an important part of its sales strategy. It has sleek stores around the world that are designed to allow consumers to explore its suite of products and engage with the brand. Microsoft closed all of its retail stores amid the COVID-19 pandemic in 2020 but continues to operate a small number of Experience Centers and more than 40 Innovation Hubs. Where Big Tech secrets go public — unfiltered in your inbox weekly.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 War in Ukraine: Germany agreed to provide Ukraine with €5 billion ($5.7 billion) in military aid as part of Chancellor Friedrich Merz's pledge to help Kyiv build long-range weapons to hit targets on Russian territory. The German funds will flow to the war-battered nation's production infrastructure, with a “significant” number of weapons to be built this year, the Defense Ministry said in a statement. The first systems will be operational in the coming weeks. Berlin will also step up deliveries of components for weapons systems in addition to badly needed artillery.

It has been edited for length and clarity. I bought a Tesla Model 3 three years ago. It was my first electric car, and I'd wanted a Tesla for years. My kids even pushed me because they knew I was looking for a car. They said: "Mom, it should be a Tesla. It was such a big step up from the normal combustion engines and had so many cool features. I bought mine right before, so that hurt. I love cars, but if owning one gets overruled by the constant noise about the CEO and people asking whether it bothers me, then the fun goes out of it. I just didn't want the headache anymore. I know there is more to the company. But when you have a CEO who's so visible, he just becomes one with the company. But this was a step too far. It really made me say, you know what? I'm going to get rid of this car. It's not going to get any better from here, so I'll just cut my losses. I sold my Model 3 for 150,000 Danish Krone, or about $22,000, in April, having paid 350,000 Krone for it in 2022, and I bought a BYD Sealion 7 Excellence the same month. [Editor's Note: BI was unable to verify the purchase price of Gielen's BYD Sealion 7 Excellence. It starts from roughly 390,000 Danish krone, or about $59,000.] I wasn't going to buy an SUV, but I saw the Sealion 7 in a showroom and thought it looked amazing. Things are different, but it has so many cool features, like a head-up display and actual physical buttons, which I missed as the Tesla didn't have them. I always tell people the Tesla felt like a toy car compared to this one, because it was always rattling. Sometimes, when it was freezing, you couldn't close the door because it wouldn't catch, and when you drove the Tesla around in the rain, sometimes you would hear sloshing sounds like water was dripping in the car. So the build quality is completely different. It's a bit slower and less intuitive than the software in the Tesla, but overall, I like it. I think it's great that Chinese EV brands are entering Europe. I absolutely believe that the market should be open, and they have something to offer. For me, many European brands seem kind of boring. Even if people don't buy them, it will probably make the European brands push their boundaries a bit and do more stuff. So I think it's absolutely good for everyone if more become available in Europe. There are a few features I still miss about the Tesla, but I'm hoping they could be added to the BYD with software updates. The Tesla auto-locks and unlocks when you just have your phone in your bag or on you. When you charged your car, the Tesla automatically opened its charger port flap and closed it again. So, I didn't have to remove ice for the last few years. You could overlook some of the things that were wrong with the Tesla because it was so easy to use, it was almost like an iPhone. But in the end, some things are just not right. Mine was beginning to get a bit older, and I was in the shop with it more and more. The path Musk has taken is extremely frustrating. It seriously hurts because I was really rooting for the brand. I think it's sad for a company that was so promising and could have done much more. Where Big Tech secrets go public — unfiltered in your inbox weekly.

President Donald Trump said Canada could be protected under his theorized Golden Dome missile defense system for $61 billion. "I told Canada, which very much wants to be part of our fabulous Golden Dome System, that it will cost $61 Billion Dollars if they remain a separate, but unequal, Nation, but will cost ZERO DOLLARS if they become our cherished 51st State," Trump wrote in a Truth Social post on Tuesday. Trump's representatives didn't respond to a request for comment about how he arrived at the $61 billion figure. The ambitious plan, which Trump announced on 20 May, is meant to put American antimissile weapons into space. The system, theoretically, would detect air strikes before they're launched and destroy them. Trump's new comments have come at a tense time for US-Canada relations. For several months now, Trump has floated the idea of Canada being absorbed into the US and becoming its 51st state. Canada's newly minted prime minister, Mark Carney, has been clear on his opinion on the topic, saying Canada is not for sale. "As you know from real estate, there are some places that are never for sale," Carney told Trump during their meeting in the Oval Office on May 6. Canada was also one of the earliest targets of Trump's tariffs, after Trump imposed a 25% tariff on imports from Canada on March 4. Canada retaliated with its own 25% tariff on goods from the US. Several Canadian provinces have pulled US-made alcohol off their stores' shelves and stopped buying new products. On May 17, Canada's finance minister, François-Philippe Champagne, said most of the country's tariffs on US goods were still in place.

Elon Musk's most ambitious project spun out of control before his eyes once again. SpaceX's Starship mega-rocket launched from its Texas facility on Tuesday evening to make an ill-fated third attempt at a huge milestone: releasing its first payload into orbit. That's the key to Starship bringing in the big bucks to fund Musk's visions of building a city on Mars. The first step is releasing a batch of eight mock Starlink satellites into orbit. SpaceX tried to do this twice already — in January and March — only to see Starship explode before it could even try opening its payload doors. It's not yet clear what caused that first mishap. A few minutes later, though, that test went out the window too when Starship started spinning as it cruised above Earth. "We did spring a leak in some of the fuel tank systems inside Starship," Dan Huot, a SpaceX communications manager, said on the SpaceX livestream. He added that, with no control over the spaceship's orientation, it was unlikely SpaceX would be able to test the heat shield. Indeed, SpaceX later confirmed the ship had experienced a "rapid unscheduled disassembly," which is the company's way of saying "exploded." After being on a promising upward trajectory for nearly two years, SpaceX's vanguard rocket program has backslid. As a super-heavy-lift vehicle, Starship's appeal to the space industry is its massive power. It can haul giant payloads into space, but that's not worth much if it can't release them into orbit. Some space experts and Musk have said that if it succeeds, it could help cut the cost of spaceflight by an order of magnitude. Want to build giant hotels in Earth's orbit? Want to mine the moon or asteroids for rare minerals? You'll need to haul a lot of stuff into space. The up-front costs will be high, so you'll need to do it for cheap. "In order to have a sustained economy around the moon, I think we need a heavy lift launch vehicle," Steve Altemus, the CEO of Intuitive Machines, which has landed two robotic missions on the moon, previously told Business Insider. Musk said in an interview with Ars Technica on Tuesday that he initially expected Starship and SpaceX's satellite internet service, Starlink, to fail. "Well, by far the biggest thing is Starship. If the Starship program is successful—and we see a path to success, it's just a question of when we will have created the first fully reusable orbital launch vehicle, which is the holy grail of rocketry, as you know," Musk said. Starship is still in its testing and development stage, but it has made major strides toward commercial flight. The rocket has flown to space multiple times. Starship has returned in one piece and landed in the ocean with its engines firing — a crucial demonstration before it can try landing on the ground. Starship's luck changed in January, though, when the rocket was first set to attempt a mock satellite deployment. On that flight, the vehicle reached space and quickly spun out of control, eventually tumbling back toward Earth and blowing up. In that instance, too, the FAA briefly grounded flights across Florida's east coast to avoid raining rocket debris. According to SpaceX, the ensuing investigation found that a "hardware failure" in one of the ship's Raptor engines had probably allowed its highly reactive propellants to mix and ignite, disabling all the engines. SpaceX said on X that the March flight was "a reminder of the value of putting hardware into a real-world environment as frequently as possible." It could be weeks or months before SpaceX shares a verdict on what caused Tuesday's mishap.