Stories from New York · United States

Perplexity AI case. The filing, identified as Doc #132, concerns an extension of time to complete the discovery process regarding copyright and false designation of origin claims. A pretrial conference for the copyright and false designation of origin lawsuit filed by News Corp against Perplexity AI is scheduled for December 14, 2026. The S&P 500 reached a record high, gaining 21 points or 1.3% to close at 7,230. The NASDAQ rose by 222 points, or 0.9%, to finish at 25,114.

The United Nations passed a resolution titled 'Artificial Intelligence in the Military Domain' at the end of 2024. This resolution represents early attempts to establish guardrails for the use of AI in warfare.

Bill Ackman's Pershing Square Funds announced on Tuesday that it has raised $5 billion for a new closed-end fund. The capital is designated for a new U.S.-based fund. Nathan Bill Ackman's combined initial public offering for his closed-end fund and alternative asset manager raised $5 billion. The report noted that earnings are accelerating both in the U.S. and globally, particularly in emerging markets. The fund's raise comes as hyperscalers prepare to report earnings after the close. Pershing Square USA shares are indicated to open below the $50 per share IPO price. The company is facing questions regarding what will drive demand in the secondary market. Pershing Square is preparing to go public following a successful five billion dollar fundraising effort.

Visa reported fiscal second quarter earnings that exceeded analyst estimates. Revenue for the company rose by 17 percent. The report comes as markets react to potential capital expenditure pullbacks from key players.

The United Nations Security Council imposed sanctions on Abdelrahman Hamdan Dagalo, the younger brother of Rapid Support Forces leader Mohamed Hamdan Dagalo. The sanctions follow losses in lives and equipment for the RSF in Darfur, including the destruction of 20 combat vehicles.

Subway may receive a $500 million benefit from reduced tariff costs. This potential relief follows a Supreme Court decision to strike down reciprocal tariffs previously imposed by President Trump. The company is also expanding its menu to include 15 items.

Bruce Springsteen will receive the Harry Belafonte Prize for social justice at the Tribeca Film Festival in New York on June 13. The event will feature celebrities including Bono, Patti Smith, and Robert De Niro. The festival announced the award on Tuesday, noting the prize recognizes artists who use their platforms to promote equality, dignity, and human rights. The festival will feature a conversation between Springsteen and Bono of the band U2. Co-founders Robert De Niro and singer Patty Smith will also participate in the tribute. Musician Bruce Springsteen will be honored at the upcoming Tribeca Festival. The festival is scheduled to run from June 3rd through June 14th in New York.

The Nasdaq fell 223 points on Tuesday. The Dow Jones Industrial Average decreased by 25 points, and the S&P 500 slipped 35 points. Major companies are reporting earnings this week. General Motors reported a solid first quarter despite consumer trends.

Technology stocks fell from recent record highs due to concerns regarding the artificial intelligence boom. These declines follow a Wall Street Journal report questioning OpenAI's weekly growth. Shares of major technology companies fell as investors scrutinized reliance on OpenAI to drive cloud ambitions. Nvidia, AMD, and Broadcom shares slid between approximately 2 and 4 percent. Nvidia-backed CoreWeave dropped nearly 6 percent. The market focus shifts to upcoming earnings results from several major AI-linked companies this week. Investors are scrutinizing reliance on OpenAI for cloud ambitions. The report raised questions regarding OpenAI's weekly technology use, revenue, and the ability of the AI leader to sustain spending on data centers. The stock's IPO price was 24.8. The surge follows a period of volatility in new stock listings.

The Port Authority plans to expand transponder use across its airports following a deadly crash at LaGuardia last month. The agency stated these devices provide air traffic controllers with additional visibility for tracking vehicles on runways. A preliminary report from the National Transportation Safety Board indicated the fire truck involved in the collision lacked a transponder. The move aims to improve safety protocols according to the agency. Officials have not specified the exact timeline for the rollout.