OpenAI Takes On Nvidia, Cut Bets Drive Stocks, Armani's Legacy & Empire

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Broadcom is helping OpenAI design and produce an artificial intelligence accelerator from 2026, getting into a lucrative sphere dominated by Nvidia.

(2) President Donald Trump said he would be imposing tariffs on semiconductor imports “very shortly” but spare goods from companies like Apple that have pledged to boost their US investments.

(3) Bond and currency traders are bracing for Friday’s US employment report, which stands to solidify views on Federal Reserve policy and determine the near-term trajectory of interest rates. (4) French Prime Minister Francois Bayrou said he doesn’t regret calling a confidence vote putting his government on the line, as France is “burdened with debt” and the political parties must “each take responsibility.”

(5) UK Prime Minister Keir Starmer said he would “act on” the outcome of an independent investigation into his deputy Angela Rayner’s tax affairs, signaling he would fire her if the inquiry found she had breached rules governing ministers’ behavior.

(6) Giorgio Armani fought for decades to keep the fashion empire he founded independent, as Italian icons like Gucci and Fendi were snapped up by larger luxury chains. It will be his heirs who decide what the future will hold.

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