Trump's tariffs, Walmart's DEI rollback, and Elon Musk's Nvidia chips: Business news roundup

Quartz
·3-min read
Image: INA FASSBENDER (Getty Images), Justin Sullivan (Getty Images), John Greim / Contributor (Getty Images), Photo: Joe Raedle (Getty Images), Saul Loeb (Getty Images), Brandon Bell (Getty Images), Kevin Carter (Getty Images), Andrew Harnik (Getty Images)
Image: INA FASSBENDER (Getty Images), Justin Sullivan (Getty Images), John Greim / Contributor (Getty Images), Photo: Joe Raedle (Getty Images), Saul Loeb (Getty Images), Brandon Bell (Getty Images), Kevin Carter (Getty Images), Andrew Harnik (Getty Images)

Walmart just became the biggest company to roll back its DEI initiatives

Walmart - Photo: Joe Raedle (Getty Images)
Walmart - Photo: Joe Raedle (Getty Images)

Walmart (WMT) is joining a slew of other major corporations — including automakers Toyota Motor (TM) and Ford Motor Co. (F) — in rolling back its diversity, equity, and inclusion (DEI) initiatives after facing potential conservative boycotts.

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They gave Donald Trump millions. Here’s what they want

Photo: Saul Loeb (Getty Images)
Photo: Saul Loeb (Getty Images)

For many of America’s top business and finance leaders, backing Trump in his quest to return to the White House was a straightforward financial investment that in some cases is already paying off handsomely. It’s not unusual for presidents to hand out diplomatic posts to — and make policy to benefit — their supporters. What happens next could be at another level.

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Trump is threatening new tariffs on China, Canada, and Mexico. Here’s what products they would hit

President-elect Donald Trump - Photo: Brandon Bell (Getty Images)
President-elect Donald Trump - Photo: Brandon Bell (Getty Images)

President-elect Donald Trump appears to be making good on at least one of his campaign promises: slapping tariffs on imports from the United States’ biggest trade partners.

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Spirits Airlines filed late earnings — and they show how bad things got before bankruptcy

A Spirit Airlines plane - Photo: Kevin Carter (Getty Images)
A Spirit Airlines plane - Photo: Kevin Carter (Getty Images)

Spirit Airlines has just given the world a peek into how bad things got at the end before it filed for bankruptcy.

After formally declaring that it would not be able to file its third-quarter earnings report on time, the company finally filed the document Monday. There are no surprises in it. As had been the case for every quarter for the last three years, Spirit presented a loss: $308 million against $1.2 billion in revenue.

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Jersey Mike’s is getting an $8 billion boost. What’s next for the iconic sandwich chain?

A Jersey Mike’s Subs shop on April 05, 2024 in Petaluma, California. - Image: Justin Sullivan (Getty Images)
A Jersey Mike’s Subs shop on April 05, 2024 in Petaluma, California. - Image: Justin Sullivan (Getty Images)

Jersey Mike’s has big plans. The beloved sandwich chain has secured an $8 billion investment from private equity giant Blackstone (BX), which has taken a majority stake.

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More than 72,000 pounds of meat products are being recalled in a deadly, multi-state listeria outbreak

Frozen food section of a supermarket. - Image: John Greim / Contributor (Getty Images)
Frozen food section of a supermarket. - Image: John Greim / Contributor (Getty Images)

A listeria outbreak linked to ready-to-eat meat and poultry products has left one infant dead and least 11 people sick, federal regulators are reporting.

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Elon Musk is straining Nvidia’s supply of AI chips

Elon Musk on Capitol Hill on November 13, 2024 in Washington, D.C. - Photo: Andrew Harnik (Getty Images)
Elon Musk on Capitol Hill on November 13, 2024 in Washington, D.C. - Photo: Andrew Harnik (Getty Images)

Tesla (TSLA) CEO Elon Musk’s aggressive pursuit of artificial intelligence chips for his supercomputer has pushed Nvidia (NVDA) to its production limits.

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JPMorgan Chase leads its banking rivals in AI adoption

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Alexandra Mousavizadeh, chief executive officer of Evident, breaks down how Jamie Dimon’s bank has become an AI trailblazer

Streaming was made to escape ads. Now they’re back with a vengeance

Nearly 95% of U.S. households now subscribe to at least one streaming service, with most viewers opting for ad-supported tiers to save money
Nearly 95% of U.S. households now subscribe to at least one streaming service, with most viewers opting for ad-supported tiers to save money

The first television commercial aired on July 1, 1941, in New York City just before a Brooklyn Dodgers and Philadelphia Phillies baseball game on an NBC-owned (CMCSA) station. The minimalistic black-and-white ad promoting Bulova watches featured a simple branded illustration of a clock over a map of the United States. It was just under 10 seconds long and had a voiceover that said, “America runs on Bulova time.”

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