Greetings N2K reader!

This week’s world famous news haiku competition™ is about the New York Times taking the Pentagon to court in a battle over the First Amendment. Send me your entry — to our spiffy new email address, haiku at cheddar dot com — by noon ET today for consideration by your Cheddar peers! And now for something completely different!

—Matt Davis, Need2Know Chedditor

News You Need2Know

• America’s chipmaking comeback: Why the US is racin …

• What’s wrong with sports betting? Nothing! Says sp …

• Trump approves sale of some Nvidia chips to China

• Philanthropist MacKenzie Scott gave $7.1 billion t …

• OpenAI names Slack CEO Dresser as first chief of r …

• Poll of the day: Pick your poison

• Don’t miss the Sunset gift guide!

What’s the stock market up to, eh?

$SPX ( ▼ 0.09% ) $DJI ( ▼ 0.38% ) $NDX ( ▲ 0.13% )

Companies mentioned in today’s newsletter

$TSM ( ▲ 0.51% )  $INTC ( ▲ 0.5% )  $MGM ( ▲ 1.61% )  $AMZN ( ▲ 0.45% )  $WORK ( ▲ 0.09% ) OpenAI

America’s chipmaking comeback: Why the US is racing to reshore semiconductors

The U.S. is experiencing a “chipmaking boom,” driven by geopolitical and technological urgency, according to Justine Calma, a senior science reporter at The Verge. The drive to reshore semiconductor manufacturing, a trend seen for several years, is “intensifying because of this this AI arms race.”

A major catalyst is the CHIPS and Science Act, which has resulted in a big investment. As Calma notes, “Arizona is quickly becoming a hub for semiconductor manufacturing,” with leading firms like TSMC $TSM ( ▲ 0.51% ) and Intel $INTC ( ▲ 0.5% ) expanding operations thanks to billions in federal funding.

However, the industry faces significant headwinds. Calma highlights the resource-intensive nature of production, especially in the desert climate of Phoenix: "This is an industry that requires a lot of water and power." Furthermore, she stresses that manufacturing in the U.S. will be more expensive due to "labor operational costs and dealing with those resource issues like rising electricity prices." The effort to onshore chips is also inherently linked to managing geopolitical risk and ensuring the U.S. has access to the most advanced chips. But when a worker in China can make them for a fraction of the cost and with none of the labor protections, who you gonna call?

Song of the Day: Guns’n’Roses, “Nothin.”

Guns N’ Roses have dug into their Chinese Democracy archives to release two revamped singles, including “Nothin’” now featuring new parts from guitarist Slash and bass player Duff McKagan (whose pancreas once exploded on their Use Your Illusion tour in the 1990s, around the last time I had a picture of Axl Rose on my bedroom ceiling). “Nothin’,” a piano-led piece, evolves into a dramatic ballad with Slash’s soaring guitar solo. First leaked in 2019, the song hints at the band’s unfinished treasure trove. Expect these tracks on their 2024 world tour, beginning in March. I think they peaked in 1987, but that doesn’t mean I didn’t enjoy this one.

What’s wrong with sports betting? Nothing! Says sports betting CEO

"It is very, very busy, and this is when it gets fun, really," says Adam Greenblatt, CEO of BetMGM $MGM ( ▲ 1.61% ) , describing the current sports calendar driven by the NFL and college football. The uncertainty of the NFL season, with "lots of underdogs winning," is creating "really fertile ground for expressing one's opinion through through choices in betting," he said.

Beyond futures and MVPs, Greenblatt highlighted a major industry trend: "the rise and rise of live betting." He noted its explosive growth — on one recent day, "we saw more than sixty-two percent of total amount wagered, wagered on live." This activity is becoming an essential part of the "multi-screen game viewing experience."

The company continues its expansion, recently launching in its thirtieth state, Missouri, and is "now serving more than 50% of the population." Looking ahead, Greenblatt is confident in BetMGM’s offering: "Our product is better than it has ever been," and players can find "exceptional value on on select Thursday night NFL games." He also maintained a clear stance on the firm’s competition, viewing prediction markets "in essence as illegal sports betting,” which of course sports betting used to be until relatively recently.

Quote of the Day

Trump approves sale of some Nvidia chips to China

President Donald Trump has approved sales of Nvidia’s $NVDA ( ▼ 0.31% ) H200 computer chips, critical for artificial intelligence (AI) development, to “approved customers” in China.

Trump celebrated the move as a win for the U.S. economy. “This policy will support American Jobs, strengthen U.S. Manufacturing, and benefit American Taxpayers,” he declared on social media, adding that Chinese President Xi Jinping “responded positively” to the announcement. Nvidia also commended the decision, with the company stating it “strikes a thoughtful balance” between advancing economic opportunities and addressing security concerns.

However, a group of Democratic senators raised alarms about the potential risks of such sales. “Access to these chips would give China’s military transformational technology to make its weapons more lethal, carry out more effective cyberattacks, and strengthen their economic and manufacturing sector,” said Senators Chris Coons, Jeanne Shaheen, and others, in a joint statement. They argued the decision could undermine U.S. security while boosting Chinese AI projects.

The move reflects the growing clout of Nvidia CEO Jensen Huang, whose close relationship with policymakers has influenced decisions.

Should you check your 401(k) today?

👎️ 

Not today.

Philanthropist MacKenzie Scott gave $7.1 billion to nonprofits in 2025, a major increase

Billionaire philanthropist MacKenzie Scott continues to reshape philanthropy, announcing a staggering $7.1 billion in donations to nonprofits in 2025. Writing on her website, Scott emphasized the spirit of giving: “Any dollar amount is a vanishingly tiny fraction of the personal expressions of care being shared into communities this year.” Her total donations since 2019 now exceed $26.3 billion, making her one of the most impactful benefactors in modern history.

The money comes from divorcing Jeff Bezos of $AMZN ( ▲ 0.45% ) , and Ms. Scott has expressed a desire to “give until the safe is empty,” which is not exactly her husband’s approach to shepherding his enormous wealth.

Scott’s gifts stand out because they come with no strings attached — a rarity in philanthropy. Recipients, such as historically Black colleges and universities (HBCUs), have reported transformative impacts. Rutgers University professor Marybeth Gasman praised Scott’s focus on equity, saying, “One of the things that I really admire about MacKenzie Scott is that she is like an equity machine.”

California nonprofit 10,000 Degrees — which provides scholarships and wrap-around support for low income students — received $42 million, double its annual budget. CEO Kim Mazzuca described feeling “speechless” upon hearing the news.

Scott’s philosophy exemplifies deep care and reflection. “There are many ways to influence how we move through the world,” she wrote, urging others to join her mission to create ripples of generosity that influence future generations.

Elon Musk could not be heard dashing to his checkbook as Scott typed.

OpenAI names Slack CEO Dresser as first chief of revenue

OpenAI has named Denise Dresser, former CEO of Slack $WORK ( ▲ 0.09% ) , as its first Chief of Revenue in an effort to strengthen its profitability and reassure investors about its commercial strategy. Announced on Tuesday, Dresser will oversee the company’s global revenue strategy and help businesses integrate OpenAI’s technology into daily operations.

OpenAI CEO Sam Altman praised Dresser’s leadership, saying her appointment signals the company’s commitment to scaling and transforming its commercial success. “This ensures we stay focused on turning AI’s fascination into lasting impact,” Altman said in an internal memo.

Dresser brings over a decade of experience at Salesforce, including leading the integration of Slack after Salesforce acquired the platform for $27.7 billion in 2020. Her role as Slack CEO since 2023 further solidified her reputation for driving strategic growth.

Despite boasting 800 million weekly users and a valuation of $500 billion, OpenAI has yet to turn a profit. Investor concerns loom large, especially with $1 trillion in financial commitments to cloud providers and chipmakers. To date, revenue primarily comes from ChatGPT’s premium subscriptions.

Poll of the day: Pick your poison

Poll of the day: Health care subsidy concerns

We asked: “Are you concerned about the expiration of healthcare subsidies?”

You answered:

🟩🟩🟩🟩🟩🟩 Yes. Costs are too high already. (693)

⬜️⬜️⬜️⬜️⬜️⬜️ No. I'm sure they'll figure out a way to extend the subsidies. (76)

769 Votes via @beehiiv polls

Don’t miss the Sunset gift guide!

Need the perfect gift? Or even a pretty good one? Sunset’s 2025 Holiday Gift Guide has you covered! With beautifully curated selections, there’s something for everyone on your list. Cozy up in the luxurious Flock Robe ($165) or add charm to any table with the Otto Napkin ($20). For the chefs, the Little Zipper Pot Holder ($35) is as stylish as it is practical. Nature lovers will adore the Case Study® Ceramics Birdhouse ($75) or the stunning Ceramics Small Cylinder with Stand. Want to give experiences? Share joy with the Sunset Box ($69.99) or a subscription to Sunset Magazine ($29.95). Shop now for thoughtful, unique gifts!

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