Musk orders Nvidia to prioritize X, xAI over Tesla chips, emails show

CNBC has obtained and verified the authenticity of emails written by Nvidia senior staff which reveal that Elon Musk directed the semiconductor manufacturer to redirect thousands of artificial intelligence chips originally reserved for Tesla to Musk's privately held ventures X and xAI. This prioritization has resulted in a delay of more than half a billion dollars in chips for Tesla by several months.

The emails also indicate that Musk provided an exaggerated picture of Tesla's procurement of expensive processors to shareholders. These revelations come as Musk has repeatedly touted his ability to turn Tesla into "a leader in AI and robotics."

Paramount's Plan B

During an annual shareholder meeting Tuesday, Paramount's three CEOs outlined go-forward plans for if a sale of the company does not go through. CNBC reported earlier this week that Paramount and Skydance Media have agreed to terms of a merger, but the deal is awaiting signoff from controlling shareholder Shari Redstone.

The strategies include exploring streaming joint venture opportunities with other media companies, eliminating $500 million in costs, and divesting noncore assets. These plans aim to lower the company's long-term debt.

Union Unites?

The Amazon Labor Union has taken steps to affiliate with the International Brotherhood of Teamsters. The ALU was formed in 2021 as a grassroots group of current and former Amazon workers and won a historic union election in Staten Island, New York. However, it has struggled to negotiate a contract with Amazon and rifts have formed in its ranks.

The support of the Teamsters could give the ALU additional weight to jumpstart negotiations with Amazon, but the move still needs to be ratified by both the Teamsters and the ALU.

Gone to Texas

A group of more than two dozen investors, including BlackRock and Citadel Securities, wants to start a new national stock exchange in Texas. Texas Stock Exchange Chairman and CEO James Lee said the group has raised more than $120 million, so far, for the endeavor.

The Dallas-based TXSE is billing itself as a "more-CEO friendly" alternative to the New York Stock Exchange and Nasdaq as regulations rise, according to an earlier Wall Street Journal report. TXSE said it will be fully electronic and target states in the southeastern part of the country.

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