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December 4, 2025

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S&P 500 Breaking Out Again: What This Means for Your Portfolio

Stock 3 Mins Read

The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.

How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.

While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.

From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.

New 52-Week Highs Finally Picking Up

If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.

As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.

Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.

The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.

Trend Check: GoNoGo Still “Go”

The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.

Active Bullish Patterns

We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.

Failed Bearish Patterns

In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.

The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.

We’ll continue to monitor these formations as they develop because, at some point, that will change.

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Copper Price 2025 Year-End Review

Investing 6 Mins Read

Copper prices were volatile in 2025, with high levels of uncertainty influencing the market.

Changing US trade policy, as well as traditional supply and demand fundamentals, worked together to move the metal.

Increasing demand and a lack of new supply have long been key drivers for copper, and this year new forces played a role in the form of tariff threats caused by significant policy shifts from the Trump administration.

Copper price in Q4

Experts have widely predicted a copper supply deficit over the last few years.

On the demand side, industrial usage tied to the energy transition is rising, and that’s on top of high copper consumption due to increasing rates of urbanization in the Global South.

Further consternating the market is a concerning supply situation. First Quantum Minerals’ (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine, which previously contributed approximately 1 percent of global copper supply, has been on care and maintenance since the Panamanian government ordered its closure at the end of 2023.

More recently, in September, Freeport-McMoRan (NYSE:FCX) announced the temporary closure of its Grasberg mine in Indonesia due to an ingress of 800,000 metric tons of wet material into the main Grasberg block cave (GBC), killing seven workers. The company has launched an investigation and adjusted its annual guidance.

Even though both operations are expected to return to full production, the process will take time.

In September, Panama said it would initiate an environmental and social audit of Cobre Panama by the end of 2025, with the mine to begin production in early 2026. Tied to the restart will be a significant change to the contract under which First Quantum had previously been operating, ensuring state ownership of the land and its resources.

Meanwhile, Freeport said that operations will resume at the unaffected Big Gossan and Deep Mill Level Zone mines before the end of 2025, but extraction at the GBC won’t restart until the second quarter of 2026. Freeport also noted that it isn’t expecting the GBC to return to full production until 2027.

Once restarted, the mines will be a welcome relief to an overburdened copper market, but in their closed state, their lack of contribution is significantly shifting the supply situation.

In an October report, the International Copper Study Group predicted a 178,000 metric ton global refined copper surplus for 2025, saying it would shift to a 150,000 metric ton deficit in 2026.

However, by the end of November, the situation had evolved, with the group noting a smaller refined copper surplus of about 94,000 metric tons through the first nine months of 2025.

With just one month left in the year, the market looks to be approaching a deficit sooner than expected.

The November release outlines growing use of refined copper, which rose 5.5 percent during the first nine months of 2025; refined copper output rose just 4.3 percent, while mining production increased 2.2 percent.

One moderating factor for supply/demand could be a soft macroeconomic environment, particularly in the US.

“US demand from construction and manufacturing is expected to remain steady but not robust, as policy headwinds for renewables and EVs, elevated input costs, and project delays persist,’ she said.

‘Most market watchers anticipated continued arbitrage opportunities between US and global benchmarks with periodic local price spikes as trade policies evolve.’

How did copper perform for the rest of the year?

Copper price, January 1 to December 3, 2025.

Copper price in Q1

The copper price rose sharply in the first quarter amid strong supply and demand fundamentals.

These included supply chain disruptions following a major power outage in Chile at the end of February, which caused a temporary shutdown at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida, the world’s largest copper mine.

Prices also saw major momentum amid tariff threats, as US President Donald Trump made several significant trade policy announcements at the start of his second term in office.

Among them was the signing of an executive order at the end of February that invoked Section 232 of the Trade Expansion Act and initiated a national security investigation into the impacts of copper imports into the US.

Although tariffs wouldn’t be applied to copper until Q3, the move still prompted traders to stockpile refined copper at Chicago Mercantile Exchange warehouses to get ahead of any potential tariffs.

Copper price in Q2

Volatility was the story in Q2, as markets were affected by a widening supply deficit and the threat of US tariffs.

The start of the quarter saw markets plummet following Trump’s ‘Liberation Day’ tariff announcement, which applied a baseline 10 percent tariff to all imports into the US, with additional retaliatory tariffs following shortly after.

Additionally, the US and China butted heads and initiated a tariff war that saw Chinese goods entering the US hit with 145 percent tariffs; US goods entering China were levied with 125 percent tariffs.

The tariffs caused a great deal of uncertainty to creep into the US bond market, pushing yields on 10 year treasuries up sharply as investors began dumping these assets. The move sparked fears of an imminent recession, prompting broad selloffs across commodities and equity markets.

Copper price in Q3

The third quarter was also defined by high volatility, with copper prices in the US surging as traders sought to import large volumes of the metal before the implementation of Section 232 tariffs.

The imports caused a significant disparity between the US and international markets, with premiums on the Comex rising to 30 percent above those at the London Metal Exchange. Putting that disconnect into context, Jacob White, exchange-traded fund product manager at Sprott Asset Management, explained that a copper short squeeze on the Comex in 2024 pushed premiums to a high of 8 percent. The London Metal Exchange and Comex are typically much closer to par, with an average differential of 0.5 percent over the past five years.

Ultimately, refined copper was exempted for the time being, with tariffs set to be phased in at 15 percent in 2027 and 30 percent in 2028. The move pulled the rug out from under traders, causing the US prices to collapse.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Edward Sterck: Platinum in “Deep Deficit” Again, Will Price Keep Rising in 2026?

Investing 1 Min Read

Edward Sterck, director of research at the World Platinum Investment Council (WPIC), shares the organization’s platinum outlook heading into 2026.

After a third consecutive deficit in 2025, the WPIC anticipates balance next year, but Sterck explained that there are factors that could change that outlook.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Gold Price Forecast: Top Trends for Gold in 2026

Investing 5 Mins Read

Gold has reached once-unthinkable prices in 2025, gaining over 60 percent by early December.

Looking ahead to 2026, experts believe the major themes that carried the gold price to new heights this year will continue to underwrite its trajectory in the months ahead, boosting the metal even further.

What are the top trends shaping the gold market, and what should investors expect in the new year?

Trade tensions to stoke ETF and central bank gold demand

US President Donald Trump’s aggressive trade policies have injected a high level of volatility into a world economy that was already reeling from ongoing regional conflicts.

This type of uncertainty reliably encourages investors to seek safe havens, and that theme dominated much of the gold story for 2025. Heading into the new year, analysts see no end to this trend.

Strong gold exchange-traded fund (ETF) inflows and central bank purchases are projected to continue into next year as investors, particularly in the west, increasingly recognize the hedge value of gold.

Global financial services firm Morgan Stanley (NYSE:MS) sees demand for gold from ETFs and central banks pushing the gold price back up above US$4,500 per ounce by mid-2026.

The World Gold Council (WGC) also expects the themes of risk and uncertainty to continue driving gold.

“My sense is that we’re going to continue to see these challenges in 2026.”

Cavatoni expects this will translate into continued strong ETF flows and central bank demand for the monetary metal for 2026, although central bank buying may come at a slower pace than the past few years.

Gold as a hedge against potential AI stock bubble

Another potential 2026 tailwind for gold is a correction in artificial intelligence (AI) stocks.

Analysts are increasingly warning that this could happen, and it’s possible that AI bubble meltdown concerns may push more investors away from equities and into gold in the coming year.

Michael Hartnett, chief investment strategist at Bank of America Global Research, told his clients in late October that gold may be one of the strongest hedges if the AI bubble bursts.

Similarly, Macquarie analysts are warning that if AI tech firms and their clients can’t demonstrate a return on their huge investments in the emerging technology, gold may be the best bet for protection against the resulting market fallout: “Optimists buy tech, pessimists buy gold, hedgers buy both.’

Weak US dollar, low interest rates price positive for gold

The gold price has an inverse relationship with the US dollar and real interest rates. Indeed, Morgan Stanley’s US$4,500 gold forecast for mid-2026 is predicated on a weaker dollar and lower rates.

Lower rates typically weaken the dollar, and Trump has been pressuring the US Federal Reserve to drop rates since taking office. With Fed Chair Jerome Powell’s term due to end next year, market watchers are anticipating that a more dovish Fed head will take the helm. This means that more rate cuts are likely on the table for 2026.

A softer dollar and a low rate environment would provide foundational support for further gold price gains. The resulting inflation is expected to push the Fed toward quantitative easing (QE), or the purchasing of government bonds to increase money supply and lower long-term rates, which would further bolster the yellow metal’s appeal.

At its October policy meeting, the Fed stated that its quantitative tightening activities (allowing bonds to mature without reinvesting the proceeds) would end on December 1.

“Frankly … interest expense for the federal government is running at US$1.2 trillion a year (and) the budget deficit is US$1.8 trillion a year, so the interest is really contributing to the deficit,” he said. “The US federal government really needs lower rates, or else interest is going to continue to consume a big piece of their revenues.”

Lepard believes investors are keenly aware that lower rates are coming, which naturally means more inflation. This realization is enhancing gold’s investment appeal.

Gold price forecasts for 2026

Heading into 2026, Fed monetary policy changes are likely to give gold another boost to the upside.

“As we move through the year, as the Federal Reserve transitions to QE and maybe yield curve control and money printing, the (precious) metals themselves will catch another leg up,” said Lepard.

“Gold will go through US$4,500 toward US$5,000, silver will go to US$60 or US$70 and (gold and silver) stocks will all go up another 30 percent pretty easily, and then maybe more over the next 12 months,’ he added.

Global financial services provider B2PRIME Group also sees gold’s average price in 2026 at around US$4,500 as US debt challenges and possible Fed rate cuts continue to bolster the value of the precious metal.

Overall, most analysts’ gold price predictions for the upcoming year are in the US$4,500 to US$5,000 range.

Metals Focus is forecasting an annual average high of US$4,560 in 2026, with gold potentially reaching a record US$4,850 in the fourth quarter. The firm sees these gains materializing despite a projected gold surplus of 41.9 million ounces in 2026, up 28 percent year-on-year; that would take mine production to another record high in 2026.

Goldman Sachs (NYSE:GS) is predicting that gold could reach as high as US$4,900 next year on increased central bank buying and anticipated inflation-causing interest rate cuts by the Fed.

For its part, Bank of America (NYSE:BAC) sees the yellow metal breaching US$5,000 in 2026 on growing deficit spending in the US and Trump’s ‘unorthodox macro policies.’

Investor takeaway

Ongoing uncertainty from trade tensions, a potential market correction in the AI sector, US debt challenges and anticipated shifts in Fed policy have fueled strong investment demand for gold as a safe-haven asset.

Those demand drivers are not going away in 2026; in fact, they are likely to provide further foundational support that could propel the gold price to new record highs.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Sankamap Updates Status on Late Filing of Financial Statements; Extends MCTO

Investing 6 Mins Read

Sankamap Metals Inc. (CSE: SCU) (‘Sankamap’ or the ‘Company’) further to the Company’s news releases dated October 21, 2025, November 4, 2025, and November 18, 2025, the Company continues to work towards the filing of its annual audited financial statements and management’s discussion and analysis for the fiscal year ended June 30, 2025 (the ‘Required Filings’). The Company has obtained approval from the Alberta Securities Commission to extend the Management Cease Trade Order (‘MCTO’) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203’) until December 28, 2025.

While the audit of Sankamap’s private subsidiary has now been completed, timing adjustments in the subsidiary’s audit resulted in a brief postponement of fieldwork and the review of Sankamap’s audit file. The upcoming holiday period is also expected to affect scheduling. To support timely completion of the audit, the Company intends to appoint the subsidiary’s auditor as its auditor, as their familiarity with the Company’s mineral property and the Solomon Islands jurisdiction is expected to facilitate an expedited process. A change of auditor is underway, and the Company expects to file the required change of auditor documentation shortly.

The Required Filings were due to be filed by October 28, 2025. In connection with the anticipated delays in making the Required Filings, the Company made an application for a Management Cease Trade Order (‘MCTO‘) under National Policy 12-203 Management Cease Trade Orders (‘NP 12-203‘) to the Alberta Securities Commission, as principal regulator for the Company, and the MCTO was issued on October 29, 2025. The MCTO restricts all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until the Required Filings are filed or until it is revoked or varied.

The Company expects to proceed with the filing of its interim first-quarter financial statements shortly after the Required Filings have been completed and submitted.

The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release until it meets the Required Filings requirement. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.

About Sankamap Metals Inc.

Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newcrest’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).

Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.

At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au2; underscoring the area’s significant potential.

At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au3. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au3, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au3, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.

1.Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)

2. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012

3. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012

QP Disclosure

The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.

Contact:
John Florek, CEO
T: (807) 228-3531
E: johnf@sankamap.com

The Canadian Securities Exchange has not approved nor disapproved this press release.

Forward-Looking Statements

Certain statements made and information contained herein may constitute ‘forward-looking information’ and ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to Sankamap and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as ‘anticipates,’ ‘believes,’ ‘targets,’ ‘estimates,’ ‘plans,’ ‘expects,’ ‘may,’ ‘will,’ ‘could’ or ‘would.’

This press release contains forward-looking statements, including, but not limited to, statements regarding management’s expectations about obtaining the MCTO and completing the Required Filings within the anticipated timeline. Forward-looking statements are subject to various risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such statements. Sankamap does not undertake any obligation to update forward-looking statements or information, except as required by applicable securities laws. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276869

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

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Crypto Market Update: Strategy Faces MSCI Index Removal, SEC Freezes Ultra-Leveraged ETF Approvals

Investing 3 Mins Read

Here’s a quick recap of the crypto landscape for Wednesday (December 3) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$92,758.95, up by 4.1 percent over 24 hours.

Bitcoin price performance, December 3, 2025.

Chart via TradingView.

After Bitcoin stared the week with its largest single-day decline in a month, it rallied about 6.6 percent in 24 hours to reclaim US$93,000. This now marks Bitcoin’s highest intraday level in more than two weeks.

Despite the cryptocurrency’s rebound, analysts are still urging caution and advising investors to await clearer macro signals before fully re-entering higher-risk assets.

Ether (ETH) also regained ground and is currently priced at US$3,051.34, up 7.1 percent over 24 hours.

Altcoin price update

  • XRP (XRP) was priced at US$2.19, an increase of 4.6 percent over 24 hours.
  • Solana (SOL) was trading at US$142.17, up by 6.6 percent over 24 hours.

Today’s crypto news to know

Strategy faces possible removal from MSCI indexes

Michael Saylor’s Strategy (NASDAQ:MSTR) is in discussions with index provider MSCI as the company thinks about removing Strategy from major stock indexes, according to Reuters.

MSCI is considering cutting companies whose business model is to buy crypto. Strategy currently holds about 650,000 BTC and has relied on new debt and equity issuance to add to its holdings.

JPMorgan Chase (NYSE:JPM) estimates a removal could trigger up to US$8.8 billion in outflows if other index providers follow suit. Saylor said the company is participating in MSCI’s review process, but questioned the scale of possible selling projected by JPMorgan. A verdict is expected by January 15 of next year.

Sony partner launches stablecoin for Soneium

Startale Group has launched USDSC, a stablecoin pegged to the US dollar that is designed to serve as the default settlement currency on Sony Group’s (NYSE:SONY,TSE:6758) Soneium blockchain.

According to a Decrypt report, the launch includes a new rewards program called STAR Points that is geared at encouraging user activity across payments, liquidity supply and app interaction. Soneium went live earlier this year following a test phase that drew 14 million users and processed 50 million transactions.

Startale CEO Sota Watanabe said USDSC aims to support payments and yield generation across the network’s creator-focused ecosystem. Stablecoin infrastructure firm M0 is providing backend support for issuance and liquidity.

A waitlist for the Startale app is open to users seeking early access to USDSC features and rewards.

SEC blocks rollout of high-leverage ETFs

The US Securities and Exchange Commission (SEC) has halted the approval process for multiple ultra-leveraged exchange-traded funds (ETFs), citing concerns about investor risk.

Warning letters were sent to nine issuers, including Direxion, ProShares and Tidal, affecting products designed to offer more than 2x exposure to equities, commodities and cryptocurrencies.

The SEC said the proposals exceed regulatory limits on allowable leverage and rely on benchmark definitions that may fail to reflect true market volatility. Some of the planned funds target exposure to highly volatile assets. No 3x or 5x single-stock ETFs currently exist in the US due to existing restrictions.

Leveraged ETF trading has surged since 2020, with total assets rising to around US$162 billion.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Apple’s AI chief abruptly steps down

Business 3 Mins Read

Apple’s top artificial intelligence executive is stepping down and will retire in 2026, the company announced Monday.

John Giannandrea had been at Apple since 2018, where his official title was senior vice president for machine learning and AI strategy.

He will be replaced by Amar Subramanya, who comes to Apple after a brief stint as corporate vice president of AI at Microsoft and more than a decade at Google.

Subramanya will report to one of CEO Tim Cook’s deputies, Craig Federighi, rather than to Cook directly, as Giannandrea had.

‘AI has long been central to Apple’s strategy, and we are pleased to welcome Amar to Craig’s leadership team and to bring his extraordinary AI expertise to Apple,’ Cook said Monday.

The abrupt change at a company known for its careful succession planning highlights Apple’s challenge as it tries to compete with top AI developers such as Google, ChatGPT owner OpenAI, Meta and Microsoft.

Earlier this year, Apple delayed the release of an upgraded version of Siri with AI powered features. At the time, it said it was going to ‘take us longer than we thought’ to develop the new version.

The company said it anticipated rolling out new features ‘in the coming year,’ but it has not offered any more specifics.

‘We’re making good progress on it, and, as we’ve shared, we expect to release it next year,’ Cook said on the company’s quarterly earnings call in late October.

“With Apple Intelligence, we’ve introduced dozens of new features that are powerful, intuitive, private and deeply integrated into the things people do every day,” Cook said on the Oct. 30 call

The company is targeting the spring to release the upgraded Siri, Bloomberg News recently reported.

When a user grants permission, Siri can tap into ChatGPT’s broad world knowledge and present an answer directly.Apple

While Apple’s iOS and macOS are integrated with ChatGPT, those features are somewhat limited.

In recent weeks, Apple has reportedly neared deals to integrate with Google’s Gemini, as well as AI models from Perplexity and Anthropic.

Apple introduced Apple Intelligence on June 10, 2024.Apple

Apple’s stock has also felt the effect of what some perceive to be its lagging AI services.

This year, Apple shares have returned 13%, which tops both Amazon and Microsoft. But shares of Oracle have popped 20%, Nvidia has surged 34%, and Google parent company Alphabet has soared 65%.

Still, Apple remains the world’s second-largest publicly traded company, with a market value of $4.2 trillion, behind only Nvidia.

Overall, the S&P 500 has risen almost 16% this year.

This post appeared first on NBC NEWS

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Starbucks to pay about $35M to NYC workers to settle claims it violated labor law

Business 2 Mins Read

Starbucks will pay about $35 million to more than 15,000 New York City workers to settle claims it denied them stable schedules and arbitrarily cut their hours, city officials announced Monday.

The company will also pay $3.4 million in civil penalties under the agreement with the city’s Department of Consumer and Worker Protection. It also agrees to comply with the city’s Fair Workweek law going forward.

A company spokeswoman said Starbucks is committed to operating responsibly and in compliance with all applicable local laws and regulations in every market where it does business, but also noted the complexities of the city’s law.

“This (law) is notoriously challenging to manage and this isn’t just a Starbucks issue, nearly every retailer in the city faces these roadblocks,” spokeswoman Jaci Anderson said.

Most of the affected employees who held hourly positions will receive $50 for each week worked from July 2021 through July 2024, the department said. Workers who experienced a violation after that may be eligible for compensation by filing a complaint with the department.

The $38.9 million settlement also guarantees employees laid off during recent store closings in the city will get the chance for reinstatement at other company locations.

The city began investigating in 2022 after receiving dozens of worker complaints against several Starbucks locations, and eventually expanded its investigation to the hundreds of stores in the city. The probe found most Starbucks employees never got regular schedules and the company routinely reduced employees’ hours by more than 15%, making it difficult for staffers to know their regular weekly earnings and plan other commitments, such as child care, education or other jobs.

The company also routinely denied workers the chance to pick up extra shifts, leaving them involuntarily in part-time status, according to the city.

Starbucks Workers United members and supporters picket outside a Starbucks in New York on Nov. 21.Michael Nagle / Bloomberg via Getty Images

The agreement with New York comes as Starbucks’ union continues a nationwide strike at dozens of locations that began last month. The number of affected stores and the strike’s impact remain in dispute by the two sides.

This post appeared first on NBC NEWS

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Dell family donation to offer 25 million kids $250 to open ‘Trump accounts’

Business 4 Mins Read

Tech billionaires Michael and Susan Dell announced Tuesday that they are pledging $6.25 billion to create some 25 million additional ‘Trump Accounts’ for children across the country.

These accounts will be seeded with $250 each, and available for children who missed the eligibility cutoff for the $1,000 federally funded ‘Trump Accounts’ for babies born after Jan. 1, 2025.

Children living in ZIP codes with median incomes below $150,000 will be the first to receive the funds, the White House said.

‘The greatest investment that we could possibly make is in children,’ Susan Dell said alongside President Donald Trump at the White House.

‘It’s really an amazing moment that two people would do that kind of a contribution,’ Trump said.

The president said he was also talking to other wealthy donors and friends to potentially make similar contributions.

Michael Dell; President Donald Trump.Errich Petersen; Chip Somodevilla / Getty Images

Asked how this donation came to be, Michael Dell said: ‘We started talking about Texas only at the beginning. And then we thought about it some more, and we went back and forth, as we do on these things, and this is where we ended up.’

The Dells said they considered making the pledge for a long time. But they said they didn’t want the pledge to be the end of their involvement.

Michael Dell encouraged states to ‘really grow financial literacy’ to help educate families about how the accounts and markets work.

‘These deposits will reach the accounts of most children age 10 and under who were born prior to the qualifying date for the federal newborn contribution,’ the Dells said in a statement issued by their foundation.

‘Children older than 10 may benefit, too, if funds remain available after initial sign-ups,’ the Dell family said. ‘It is an incredibly practical and direct step to help families begin saving today.’

The Dells say they ‘believe this effort will expand opportunity, strengthen communities, and help more children take ownership of their future.’

The Dell family gift “is expected to reach nearly 80% of children age 10 and under across 75% of U.S. zip codes,” according to the nonprofit Invest America.

Children born after Jan. 1 and until Dec. 31, 2028, will receive an account infused with a $1,000 investment from the U.S. Treasury, as part of the recently passed One Big Beautiful Bill.

The accounts will open and begin accepting contributions starting on July 4, 2026. The accounts will initially be held by a financial firm designated by the Treasury Department, but later will be able to be transferred to any brokerage firm.

Those accounts will also be eligible for additional contributions of up to $5,000 per year until the beneficiary child reaches age 18. Withdrawals from the accounts are not permitted until the children reach that age.

Trump accounts can be invested only in low-cost index funds or ETFs that either mirror the S&P 500 or ‘another American stock index,’ according to the White House Council of Economic Advisers.

‘These investment accounts are simple, secure, and structured to grow in value through market returns over time,’ the Dell family said.

‘Trump Accounts represent a potentially valuable tool for building up savings and tapping the power of compound growth for the young,’ Charles Schwab tax planning director Hayden Adams recently wrote.

If a family could contribute and invest the maximum $5,000 per year in the accounts, and with a reasonable growth rate of about 6%, ‘by age 18, the child’s account would hold around $191,000 in assets.’

Once a child turns 18, the accounts are eligible to be converted to a traditional individual retirement account, ‘meaning it could continue to accumulate potential gains on a tax-free basis’ for many years.

The Dells are one of the wealthiest families in America, with a fortune of nearly $150 billion, according to Bloomberg Billionaires. The family’s primary source of wealth is Dell Technologies, the company founded by Michael Dell in 1984.

In recent years, the value of Dell shares have been fueled by the booming AI revolution, for which Dell is a supplier of servers and other technology.

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Prada Group says it has purchased fashion rival Versace in a deal worth nearly $1.4 billion

Business 3 Mins Read

MILAN — The Prada Group announced Tuesday that it has officially purchased Milan fashion rival Versace in a 1.25 billion euro (nearly $1.4 billion) deal that puts the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven appeal.

The highly anticipated deal is expected to relaunch Versace’s fortunes, after middling post-pandemic performance as part of the U.S. luxury group Capri Holdings.

Prada said in a one-line statement that the acquisition had been completed after receiving all regulatory clearances.

Prada heir Lorenzo Bertelli will steer Versace’s next phase as executive chairman, in addition to his roles as group marketing director and sustainability chief.

The son of co-creative director Miuccia Prada and longtime Prada Group chairman Patrizio Bertelli has said he doesn’t expect to make any swift executive changes at Versace. But Bertelli has said that the company, which places among the top 10 most recognized brands in the world, has long been underperforming in the market.

Prada has underlined that the 47-year-old Versace brand offered “significant untapped growth potential.’’

Versace has been in the midst of a creative relaunch under a new designer, Dario Vitale, who previewed his first collection during Milan Fashion Week in September. He had previously been head of design at Miu Miu, but his move to Versace was unrelated to the Prada deal, executives have said.

Capri Holdings, which owns Michael Kors and Jimmy Choo, paid $2 billion for Versace in 2018, but had been struggling to position Versace’s bold profile in the recent era of “quiet luxury.″

Versace represented 20% of Capri Holdings 2024 revenue of 5.2 billion euros. An analyst presentation for the Prada deal said that Versace would represent 13% of the Prada Group’s pro-forma revenues, with Miu Miu coming in at 22% and Prada at 64%. The Prada Group, which also includes Church’s footwear, reported a 17% boost in revenues to 5.4 billion euros last year.

The Prada Group has already begun preparations to incorporate crosstown rival Versace into its Italian manufacturing system, a point of pride for the group.

“Making a bag for one brand or another, the know-how is the same,″ Bertelli told reporters last week at the group’s Scandicci leather goods factory, which already makes bags for the Prada and Miu Miu brands and will soon add Versace.

The Prada Group’s has invested 60 million euros in its supply chain this year, including a new leather goods factory near Siena, a new knitwear factory near Perugia as well as increasing production at its factory Church’s footwear factory in Britain and expanding another Tuscan factory. That’s on top of 200 million euros in investments from 2019-24.

Prada’s efforts include an academy that has trained some 570 new artisans over the last 25 years in an in-house training academy operating in the Tuscany, Marche, Veneto and Umbria regions.

Last year, Prada hired 70% of the 120 artisans who trained in the academy. The number of trainees rose by 28% to 152 this year.

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