Hello, N2K’ers!

The subject of this week’s world famous News Haiku^TM competition is that Robert Redford has died at 89. Email me through your tears by Thursday at noon ET with your entry!

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Nvidia is investing $100 billion in OpenAI

• U.S. sues Ticketmaster for ‘deceptive practices’

• $100K H-1B visa change sparks global response

• Noted TikTok teens Rupert Murdoch and Larry Elliso …

• $10 billion merger for Compass and Anywhere

What’s the stock market up to, eh?

$SPX ( ▲ 0.44% ) $DJI ( ▲ 0.14% ) $NDX ( ▲ 0.7% )

Companies mentioned in today’s newsletter

$NVDA ( ▲ 3.93% )  $LYV ( ▲ 0.87% )  $TKTMV ( 0.0% )  $COMP ( ▼ 15.75% )  $HOUS ( ▲ 45.55% )  

Nvidia is investing $100 billion in OpenAI

Nvidia $NVDA ( ▲ 3.93% ) is set to bolster OpenAI's capabilities with a monumental $100 billion investment, further enhancing the chatbot giant, ChatGPT. The investment aims to inject at least 10 gigawatts of Nvidia AI data centers into OpenAI, which, incidentally, is one of the reasons your power bill is going up. It’s like a nice little tax we’re all paying for our robot overlords to enrich themselves.

OpenAI’s CEO Sam Altman, underscored the necessity of infrastructure development: “Building this infrastructure is critical to everything we want to do,” he said. “Without doing this, we cannot deliver the services people want.” 

Earlier this month, the attorneys general of California and Delaware warned OpenAI that they have “serious concerns” about the safety of ChatGPT, especially for children and teens. The two state officials, who have unique powers to regulate nonprofits such as OpenAI, noted “deeply troubling reports of dangerous interactions between” chatbots and their users, including the suicide of one young Californian after he had prolonged interactions with an OpenAI chatbot. The parents of the 16-year-old California boy, who died in April, sued the company and Altman last month.

OpenAI says it has 700 million weekly active users.

Song of the day: Nation of Language, “Inept Apollo”

New York synth pop trio Nation of Language released this song in May, and it’s got an optimistic theme — working through grief by throwing yourself into activity.

“Work is a respite from pain,” the lead singer said about the track. “Whether it’s a paying job or just the thing you pour yourself into, having a direction to move in, finding a flow state, it can move focus away from the heaviness of the heart. So after life’s losses, in moments of despair, we resolve time and time again to dive headfirst into the work as best we can.

U.S. sues Ticketmaster for ‘deceptive practices’

The Federal Trade Commission has filed a lawsuit against Ticketmaster $LYV ( ▲ 0.87% ) and its parent company, Live Nation, accusing them of deceptive practices in ticket resales. Joined by seven states, the lawsuit alleges that the companies coordinated with brokers to harvest millions of tickets, which were then resold at significant markups, making events less accessible for consumers.

The FTC’s complaint also highlights Ticketmaster's use of “bait-and-switch” pricing tactics, where tickets were advertised at lower prices than their actual final purchase cost. Additionally, the lawsuit accuses Ticketmaster of claiming to impose strict buying limits for consumers while brokers routinely exceeded those limits, reselling tickets at a profit.

FTC Chairman Andrew Ferguson stressed the importance of fair ticketing practices: “American live entertainment is the best in the world and should be accessible to all of us. It should not cost an arm and a leg to take the family to a baseball game or attend your favorite musician's show,” he said.

You’ll need at least the leg to pay your electricity bill (see story above).

He called the lawsuit "a monumental step" toward protecting fans.

Today on the ‘gram: Gold prices up yet again

Post of the day: “I am Spartakimmel”

Quote of the Day

$100K H-1B visa change sparks global response

The recent decision from President Trump to charge an extra fee of $100,000 on H-1B visas has sent shockwaves across industries worldwide. The hike targets new applicants, leaving aspiring workers, employers, and even education institutions grappling with its potential fallout. While the White House sought to calm concerns over the weekend by clarifying that the fee is a one-time cost for new applicants only, the impact on the long-standing H-1B program — which has been instrumental in bridging talent gaps in the U.S. — remains profound.

Immigration experts warned the BBC of dire consequences. Gil Guerra, an analyst at the Niskanen Center, highlighted how the increase could create labor shortages: “This is more likely to cause medium and long-term labor shortages instead of immediate disruption,” he said. David Bier, immigration studies director at the Cato Institute, echoed that sentiment, warning that the change may devastate U.S. innovation: “It will deal a devastating blow to U.S. innovation and competitiveness,” he said.

India, which accounts for over 70% of H-1B recipients, is expected to feel the immediate shock. Entire industries — from IT outsourcing to U.S. hospitals reliant on international medical graduates — are bracing for disruption. Sudhanshu Kaushik, founder of the North American Association of Indian Students, believes this move may drive talent away from the U.S.: “Most Indian students will opt for countries where they can put down permanent roots,” he said.

Should you check your 401(k) today?

👍️ 

Yet again, yes!

Noted TikTok teens Rupert Murdoch and Larry Ellison might take over TikTok

Speculation is swirling around a potential U.S. acquisition of TikTok, with Donald Trump naming Rupert Murdoch and Larry Ellison as part of a group considering a takeover of the app in an interview on Fox News’s’s’s The Sunday Briefing. Trump described the group as “really great people, very prominent people” who are also “American patriots.”

The men are, let’s say, divisive characters. Murdoch has admitted responsibility for a phone hacking scandal in the UK that shocks the conscience, and Ellison once joked about shooting a commercial rival dead with a gun. Only one of them, however, has appeared on The Simpsons.

The move is tied to a 2024 law requiring ByteDance, the China-based parent company of TikTok, to sell its U.S. operations or face a nationwide ban. While Trump announced that a deal had been approved in conversations with Chinese President Xi Jinping last week, specifics remain scarce.

Larry Ellison, a major Oracle executive and currently the world’s second richest man, was singled out by Trump as “a great guy” who could play a significant role.

$10 billion merger for Compass and Anywhere

Compass $COMP ( ▼ 15.75% ) and Anywhere Real Estate $HOUS ( ▲ 45.55% ) have announced their merger into a single powerhouse valued at approximately $10 billion. It will unite major brokerage brands such as Compass, Century 21, Coldwell Banker, Sotheby’s International Realty, and Better Homes and Gardens under one umbrella, positioning the combined company as a monopoly dominant force in the industry.

The merger, approved by both companies’ boards, will expand Compass’ global network of agents from a mere 40,000 to a slightly more impressive 340,000. Compass expects to leverage Anywhere’s escrow, title, and relocation services to drive additional revenue, estimating an increase of over $1 billion from these areas. 

CEO Robert Reffkin expressed his optimism about the partnership, saying, “By bringing together two of the best companies in our industry, we now have the resources to build a place where real estate professionals can thrive for decades to come.”

The deal comes amidst challenges in the U.S. housing market, including elevated mortgage rates and rising prices, which have slowed buyer activity.

Poll of the day: Trust issues

Poll of the day: Your hair is on fire

We asked: How concerned are you about the president's wanting to cancel broadcast licenses for TV stations with critical coverage?

You answered:

⬜️⬜️⬜️⬜️⬜️⬜️ I'm not concerned; I think it's fair. (20 votes)

⬜️⬜️⬜️⬜️⬜️⬜️ I'm slightly concerned but not too worried. (39 votes)

🟨⬜️⬜️⬜️⬜️⬜️ I'm concerned but not freaking out about it (yet). (140 votes)

 🟨⬜️⬜️⬜️⬜️⬜️ I'm kind of freaking out about it. (221 votes)

🟩🟩🟩🟩🟩🟩 My hair is on fire. That's how concerned I am! (638 votes)

1058 Votes via @beehiiv polls