Jeffrey Cane
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Deputy managing editor for business @ Axios
"Keep your mind in hell, and despair not."
Articles by Jeffrey Cane
Schwab: Retail investors keep on buying tech stocks Original
The stock market's record-breaking run paused in June, but retail investors kept on the gas, new data from Charles Schwab shared exclusively with Axios shows. Why it matters: The monthly report shows that retail investors continue to buy dips in the market and favor tech stocks even as worries about an AI bubble persist. By the numbers: The Schwab Trading Activity Index, or STAX, increased to 59.12 in June, up 7.33% from May's score of 55.08.
Investors remain bullish, yet cautious
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Schwab: Investors remain bullish, yet cautious
Illustration: Aïda Amer/Axios Stocks rallied so it's perhaps not surprising that retail investors were net buyers of stocks for the month, new data from Charles Schwab shared exclusively with Axios shows. Yet investors also showed some caginess. Why it matters: Investors remain bullish amid an AI-fueled rally that has lifted the S&P 500 and Nasdaq indexes to new highs, even as they may be seeking to limit their risk.
South Korea's stock rally is outpacing the rest of the world
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South Korea's stock rally is outpacing the rest of the world
Data: Financial Modeling Prep; Chart: Jeffrey Cane/Axios If the U.S. stock market is now largely a bet on the AI boom, then South Korea's market is a supersized, turbocharged version of that wager. Why it matters: Investors' optimism about the promise of AI is global, but such a concentration of wealth in one sector could be risky in a market downturn.
Amazon takes aim at the supply chain
Data: Financial Modeling Prep; Chart: Jeffrey Cane/Axios Amazon is offering its distribution, parcel shipping and fulfillment services to outside businesses, not just to those on its marketplace. Why it matters: The $2.9 trillion company is now aiming to be a dominant force in the global supply chain, going head-to-head against delivery companies like FedEx and UPS, as well as air freight and logistics firms. By the numbers: Shares of those companies tumbled after Amazon's announcement Monday.
Snowflake launches new AI platform
Snowflake, the cloud-based data storage company, is rolling out a new autonomous AI platform on Wednesday that will enable users to quickly access enterprise data and execute business functions. Why it matters: The product launch shows how enterprise software companies are aggressively responding to a workplace reshaped by AI.
Snowflake launches new AI platform
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Meta and AMD set huge AI chips pact
Advanced Micro Devices has agreed to sell AI chips to Meta that will enable the Facebook parent to deploy six gigawatts of computing power. The deal will also allow Meta to acquire as much as 10% of AMD. Why it matters: It comes just a week after Meta announced a deal to buy chips from AMD rival Nvidia and shows that the arms race in AI continues to escalate.
Walmart joins the trillion-dollar stock club
Illustration: Aïda Amer/Axios Walmart's stock climbed roughly 1% on Tuesday morning, vaulting the world's biggest retailer into the trillion-dollar market valuation club. Why it matter: The stock gain is an affirmation of both Walmart's status as the biggest shopping destination in the trade-down economy and its transformation into an online powerhouse. Zoom out: Walmart has thrived despite the challenges of higher costs as a result of inflation and Trump's tariffs.
S&P 500 tops 7,000 for the first time ever
The S&P 500 stock index has crossed the 7,000 threshold for the first time in its 68-year history. Why it matters: The S&P 500 is among the most widely followed stock indexes in the world. It's replicated by numerous mutual funds and exchange-traded funds and is considered the benchmark that investors, both professional and casual, measure their performance against.
Dollar falls after Trump comments
Data: Financial Modeling Prep; Chart: Axios Visuals The dollar weakened against other major currencies Tuesday afternoon after President Trump told reporters in Iowa that he was not concerned about the recent decline in the dollar and wanted the currency to "seek its own level," per Bloomberg. Why it matters: U.S. presidents historically talk up the dollar's strength whenever asked.
Dollar falls after Trump comments
2 hours ago This summer’s North American World Cup is inextricably tied to President Donald Trump. Some of his critics are questioning the fitness of the U.S. as a host. This summer’s World Cup is inextricably tied to President Donald Trump. He has for months cast the soccer tournament — to be held in cities …
Nvidia takes $2 billion stake in CoreWeave
Nvidia, the company at the center of the AI boom, said on Monday that it would invest $2 billion in data center company CoreWeave. Why it matters: The investment shows that the AI spending spree is far from slowing, even with questions over circular deals growing. Driving the news: Nvidia is buying CoreWeave Class A common stock at a purchase price of $87.20 per share. The companies said the investment was part of an expansion of their partnership.
Trump wants to buy $200B in mortgage bonds to lower housing costs
President Trump said in a post on Truth Social on Thursday that the government would buy $200 billion in mortgage bonds in an effort to reduce housing costs. Why it matters: The directive is one of a series of steps that Trump has recently announced to address the affordability concerns of voters. It's not clear it would make a big impact on housing.
Silver's record-breaking rally stumbles
Silver prices had a bit of a reality check on Monday, pulling back after a yearlong surge had taken the metal to record highs just last week. Why it matters: In a year of geopolitical uncertainty triggered by Trump's tariffs, wars and worries over sovereign debt, silver and gold have been preferred by many investors over stocks and bonds.
Gold and silver prices surge to new record highs
Gold and silver prices, which have been on fire all year, surged Monday to record highs. Why it matters: The rallies in gold and silver, and in other precious metals, are seen in large part as an investor response to ongoing global tensions, including the recent pressure the U.S. is putting on Venezuela. Platinum and palladium also rose.
Why the company keeps sparking AI-bubble fears
Oracle keeps making investors nervous. Not just about the company itself, but about Big Tech's enormous bet on AI that has been the engine of our economic growth and the bull market. Why it matters: With so much money at stake, any sign of a delay in AI profits raises the risk that some players may never get there.
Walt Disney to invest $1 billion in OpenAI, license characters for Sora
Zoom in: As part of the agreement, Disney will make a $1 billion equity investment in OpenAI. It will also receive warrants to buy additional shares. Under the arrangement, social videos can be generated from from a set of more than 200 animated, masked and creature characters from Disney, Marvel, Pixar and Star Wars. "The agreement does not include any talent likenesses or voices," the companies said in a statement. The big picture: This is a a breaking news story.
Warren Buffett's Berkshire Hathaway shakes up its leadership
Driving the news: In addition to Combs' departure, Berkshire Hathaway announced a number of other leadership changes Monday, including: Adam Johnson, currently CEO of the Berkshire unit NetJets , was named president of the conglomerate's consumer products, service and retailing businesses. Nancy Pierce has been appointed CEO of the insurer Geico, replacing Combs. Marc Hamburg, the chief financial officer, will retire in June 2027. Charles Chang will succeed him as CFO in June 2026.
Warren Buffett's Berkshire Hathaway shakes up its leadership - Editor and Publisher
Berkshire Hathaway investment manager Todd Combs is leaving to join JPMorgan Chase, as Warren Buffett's conglomerate announces a series of leadership changes. Why it matters: Buffett is set to retire as chief executive at the end of the year, and the moves are meant to position the company to navigate a future without the legendary investor at the helm.
Women CEOs are more often activist targets, study finds
Driving the news: The Conference Board on Wednesday released a report showing an upswing in efforts by shareholder activists to replace company CEOs. Between 2018 and 2025, there have been 127 such campaigns, with their frequency increasing after the pandemic. Zoom out: The report also indicates that women CEOs receive more than their fair share of attention from activist investors.
Anthropic CEO: Government will need to help retrain the post-AI workforce
As AI technology transforms the economy, the government will need to step in and retrain the workforce, Anthropic CEO Dario Amodei told a conference on Wednesday. Why it matters: While some business leaders have played down the danger of AI taking jobs, the Anthropic CEO has been vocal in warning that we should be expecting it —and that the government has a role to play in helping the economy transition.
Nvidia's massive investments are shaping the AI bubble debate
Driving the news: Nvidia said on Monday that it would take a $2 billion stake in the shares of chip-software designer Synopsys as part of a broader partnership. Shares of Synopsys were up 3.6% in early trading. Last month, Nvidia joined with Microsoft to announce a $15 billion investment ($10 billion of that from Nvidia) in AI developer Anthropic, one of many deals the company has struck of late.
Eli Lilly joins the $1 trillion club
By the numbers: Shares of Lilly have risen more than 36% so far this year. Since the launch of its flagship obesity drug, Zepbound, two years ago, Lilly's shares have risen more than 75%, Reuters notes. Lilly is the first healthcare company and the only non-tech company other than Warren Buffett's Berkshire Hathaway (counting Tesla as tech) in the trillion-dollar club. Zoom out: Lilly has overtaken Novo Nordisk as the leader in the obesity market.
Trump on Fed Chair Powell: "I'd love to fire his ass"
What they're saying: Trump has previously said he could justify the Fed chair's removal for cause and that Powell should be "sued for spending $4 billion to build a little building," in reference to Fed headquarters renovations going over budget. The Federal Reserve did not immediately respond to Axios' request for comment. Treasury Secretary Scott Bessent is leading the search for the next Fed chair. The president, however, appeared critical, if teasing, of Bessent's efforts.
Trump to host Wall Street CEOs at White House dinner
Zoom in: Trump is scheduled to host a private dinner at the White House at 7:30pm, according to the White House. By the names: Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will both be at the dinner, CBS News reported. Among the executives who have been invited, according to various news reports, are: Jamie Dimon, CEO of JPMorgan. David Solomon, CEO of Goldman Sachs. Adena Friedman, CEO of Nasdaq. Ted Pick, CEO of Morgan Stanley.
Trump to dine with Wall Street chieftains
These are the 37 donors helping pay for Trump's $300 million White House ballroom WASHINGTON (AP) — President Donald Trump says his $300 million White House ballroom will be paid for “100% by me and some friends of mine.” The White House released a list of 37 donors, including crypto billionaires, charitable organizations, sports team owners, powerful financiers, tech and tobacco …
Nvidia CEO says China on track "to win the AI race"
Nvidia CEO Jensen Huang has sounded his loudest alarm to date about the U.S. falling behind to China on AI, telling the Financial Times that "China is going to win the AI race." Why it matters: The trillion-dollar bet on AI's success, pushed by the Trump administration, hinges in large part on Nvidia, the dominant maker of chips for AI computing.
Nvidia CEO says China on track "to win the AI race"
What a Rough Day in Court Means for Trump’s Tariffs Businesses and investors are bracing for uncertainty after Supreme Court justices questioned the legality of a core part of the president’s trade policy. In today's newsletter: A new wave of tariff jitters • The toll of the shutdown • Mamdani turns up the heat • Will Beijing win the A.I. race? Andrew here. The …
New bank with tech and Trump ties clears key regulatory hurdle
Thiel, Luckey and the bank's other co-founder, Joe Lonsdale, have been major Republican donors. A fundraising memo to prospective bank investors touted that Luckey's "political network" would help the review process, Business Insider reported in August. Zoom out: Erebor said in its charter application that it would provide "virtual currency-related products and services," as well as traditional banking.
New bank with tech and Trump ties clears key regulatory hurdle
I Tried the Red Light Therapy Mask Celebrities Keep Using — Here’s Why It Did More for My Skin Than I Expected One thing you should know about me: If something gives me glowing results, I’m absolutely going to use it, no matter how crazy I look. Case in point: the Solawave Wrinkle Retreat Face Mask. I’ll be honest, I definitely freaked out my brother’s dog and my entire family the very first time I walked …
The U.S. bought Argentine pesos, Bessent says
Treasury Secretary Scott Bessent said on Thursday that the U.S. government has bought Argentine pesos as part of a program to help the struggling South American nation. Why it matters: While an important boost to a political ally in Argentine President Javier Milei, the move could rekindle complaints that a bailout was done at the expense of American farmers.
2 regional banks agree to merge in $10.9 billion deal
Fifth Third announced Monday that it would acquire Comerica for $10.9 billion in stock in a deal that would create the nation's ninth-largest bank. Why it matters: The merger could be the start of a long-anticipated consolidation among the bigger regional banks. It also reflects an expectation that the Trump administration will look more favorably on such deals.
Amazon reaches $2.5 billion settlement over FTC's Prime lawsuit
Amazon.com will pay $2.5 billion in penalties and refunds to settle allegations that it enrolled customers for its Prime subscriptions without their consent and made it difficult for them to cancel. Why it matters: The settlement demonstrates that Trump administration regulators are willing to stand up to Big Tech on antitrust even as their CEOs woo the president.
Nvidia to invest $5 billion in Intel and co-develop chips
AI chip maker Nvidia is coming to the aid of its struggling rival Intel, agreeing to invest $5 billion in the company and to collaborate on developing chips for data centers and PCs. Why it matters: It's a huge vote of confidence in Intel, which last month agreed to allow the U.S. government to take a nearly 10% stake in the company for $8.9 billion. By the numbers: Nvidia is buying common stock at $23.28 a share, a nearly 7% discount to Intel's closing price Wednesday.
Musk companies sue Apple, OpenAI, accusing them of thwarting competition
Elon Musk's X, formerly known as Twitter, and his AI startup xAI, have sued Apple and OpenAI, accusing the pair of having "locked up markets to maintain their monopolies and prevent innovators like X and xAI from competing." Why it matters: The lawsuit is the latest salvo in an escalating war among Silicon Valley titans over the future of AI. It also represents another chapter in Musk's long-running feud with OpenAI CEO Sam Altman.
Stocks surge after Powell signals rate cuts ahead
Investors got what they were betting on Friday —but perhaps not as much as they secretly hoped—as Fed chair Jerome Powell indicated the central bank's policymakers were open to cutting interest rates at their meeting next month. Why it matters: Hopes for lower rates should keep the market's summertime rally going, after weakness in the jobs market and worries about AI spending slowed the bulls.
Trump administration in talks to take Intel stake, reports say
The U.S. government has been holding discussions on taking an equity stake in the chip maker Intel, Bloomberg and the Wall Street Journal reported on Thursday. Why it matters: A deal would be another turn by the Trump administration away from laissez-faire policies and toward state capitalism, as it seeks to bolster the domestic fabrication of semiconductors.
Trump administration in talks to take Intel stake, reports say
FDA warns this cookware could be leaching lead into your food Cookware that is likely still on shelves could be leaching lead into your food, the Food and Drug Administration said in an Aug. 13 warning. The FDA became aware of the issue after testing pots made by an Indian manufacturer and finding that they were made with Hindalium/Hindolium or …
How Biden-era antitrust decisions are driving dealmaking
President Trump prides himself on being a dealmaker, but some eye-popping dealmaking of late comes thanks to his predecessor's administration. Why it matters: The Biden administration's antitrust crackdown, at the time sharply criticized by many in Silicon Valley, has now spawned a few interesting deal scenarios in tech.
Embattled Intel CEO appears to win over Trump
What they're saying: After a meeting Monday at the White House with Tan, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, Trump posted on Truth Social that Tan's "success and rise is an amazing story. Mr. Tan and my Cabinet members are going to spend time together, and bring suggestions to me during the next week." The context: Trump called for Tan's resignation last week after Sen.
Trump puts big banks in his crosshairs, claiming discrimination
Driving the news: Appearing on CNBC Tuesday morning, Trump seemed to give a nod to a Wall Street Journal report that the White House is preparing an executive order directing regulators to penalize any bank found to have dropped a client on political grounds. The president accused both JPMorgan Chase and Bank of America of discrimination, by refusing to take his personal business.
Used Car Prices Spike Amid Declining Inventory Levels Original
Used vehicles might not be the bargain they used to be. Trade and economic uncertainty are shrinking vehicle supply and pushing prices higher, data from Cox Automotive shows. At the start of May, dealers held a 43-day supply of vehicles, the lowest level "since 2021 for this time of year," Cox Automotive said. While that is better than what it was at the start of April — 40.5 days — supply has been getting tighter over the last 12 months.
Trump weighs taking $3 billion in frozen Harvard grants and giving the money to trade schools instead Original
President Donald Trump continued his war of words and funding on Harvard University on Monday, announcing that he is weighing taking $3 billion in grants frozen from the Ivy and giving it to trade schools instead.
AI is core to JPMorgan's $18 billion tech investment. Here's what its execs revealed about how it's reshaping the bank. Original
When JPMorgan CFO Jeremy Barnum recently took some time to experiment with "vibe coding," he was amazed. Computer scientists at the firm told him that using plain-language prompts to generate code with AI — known as vibe coding — has improved their efficiency, too. Barnum told investors and analysts at JPMorgan's 2025 Investor Day on Monday. "We have high hopes for the efficiency gains we might get," he added.
Trump's EPA is trying to reverse a Biden climate initiative that would have provided financing for new housing projects Original
President Donald Trump has dismantled federal agencies and slashed spending as he's pledged to "gut the weaponized deep state." He has also vowed to ease the housing shortage across the nation. One promise may come at the expense of the other in the case of one agency's retrenchment. In February, his administration sought to take back $20 billion awarded by the Environmental Protection Agency during Joe Biden's presidency to fund decarbonization projects around the country.
7 Goldman Sachs insiders explain how the bank's new AI sidekick is helping them crush it at work Original
Goldman Sachs' Marco Argenti, Ashish Shah, and Kerry Blum Goldman Sachs 2025-04-18T09:02:01Z Facebook Email X LinkedIn Copy link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? . Goldman Sachs has been deepening its investments in generative artificial intelligence.
'They're pretty quiet:' Wall Street dealmakers thought Trump was the answer. Now, they're not so sure. Original
Wall Street had high hopes for President Trump's second term in office. Now, some are not so sure. Brendan SMIALOWSKI / AFP via Getty Images 2025-04-15T20:00:55Z Facebook Email X LinkedIn Copy link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? . Wall Street earnings have shown early signs of how the Trump presidency is impacting banks.
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