Market Beats | Nvidia to Invest $5 Billion in Intel; US Jobless Claims Fall by the Most in Nearly Four Years; Jimmy Kimmel’s Late-Night Show Suspended Indefinitely; FTC and Seven States Sue Live Nation and Ticketmaster; Tishman Speyer Sells Beverly Hills Office Building for $205 Million; Federal Reserve Cuts Rates, Signals Two More Reductions This Year; Meta Unveils First Smart Glasses With Built-In Display

—— Nvidia to Invest $5 Billion in Intel; US Jobless Claims Fall by the Most in Nearly Four Years; Jimmy Kimmel’s Late-Night Show Suspended Indefinitely; FTC and Seven States Sue Live Nation and Ticketmaster; Tishman Speyer Sells Beverly Hills Office Building for $205 Million; Federal Reserve Cuts Rates, Signals Two More Reductions This Year; Meta Unveils First Smart Glasses With Built-In Display

1. Nvidia to Invest $5 Billion in Intel

Nvidia Corp. announced it will invest $5 billion in Intel Corp. and co-develop chips for PCs and data centers, a surprising move to support its struggling rival that sent Intel’s shares soaring.

According to a joint statement Thursday, Nvidia will buy Intel common stock at $23.28 per share. Intel will incorporate Nvidia’s graphics technology into upcoming PC chips and supply processors for data center products built around Nvidia hardware. The companies didn’t provide a timeline for when products will go on sale and said the announcement won’t alter their individual future strategies. Intel shares jumped as much as 26% in pre-market trading.

The investment comes as Intel aggressively seeks outside funding. The US government agreed to take a roughly 10% stake in August, with President Donald Trump personally championing the move. Last month, Japan’s SoftBank Group Corp. made a surprise $2 billion investment, and Intel has also been raising cash by selling assets. Its current operations, weakened by market share losses, can’t sustain the heavy costs of building cutting-edge semiconductors.

The tie-up underscores how power in the computer industry has shifted. Nvidia, once sidelined by Intel, is now providing both technology and financial lifelines. “This historic collaboration tightly couples Nvidia’s AI and accelerated computing stack with Intel’s CPUs and the vast x86 ecosystem — a fusion of two world-class platforms,” Nvidia CEO Jensen Huang said in a statement. “Together, we will expand our ecosystems and lay the foundation for the next era of computing.”

Intel plans to release PC chips that combine general-purpose processors with powerful Nvidia graphics components, bolstering its ability to compete with Advanced Micro Devices Inc., which has been gaining ground in desktops and laptops. While Nvidia continues to consider outsourcing chip production to Intel, the company currently has no such plans.

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2. US Jobless Claims Fall by the Most in Nearly Four Years

Initial jobless claims in the US fell by 33,000 to 231,000 in the week ended Sept. 13, marking the biggest drop in nearly four years, according to Labor Department data released Thursday. That reversed a sharp spike the prior week, which had pushed claims to the highest level since before the pandemic. The figure was in line with recent averages this year and close to pre-pandemic levels. Economists surveyed by Bloomberg had expected 240,000 claims. Continuing claims, which track the number of people receiving benefits, fell to 1.92 million.

The prior week’s jump coincided with Labor Day, a period when claims can be more volatile. Much of the increase was concentrated in Texas, which state officials later attributed to attempted fraud. Texas also reported layoffs in wholesale trade, arts and entertainment, health care, and technical services.

The drop suggests companies are still holding onto workers despite an uncertain economic outlook. Still, the broader labor market shows signs of weakening, including a significant slowdown in job creation and cooling labor supply and demand. After holding rates steady all year, the Federal Reserve resumed rate cuts on Wednesday, citing mounting job market stress. Chair Jerome Powell said he can no longer describe the labor market as “very solid” and warned of rising unemployment risks.

“Today’s report casts doubt on any theories from last week that layoffs have suddenly taken off,” said Carl B. Weinberg, chief economist at High Frequency Economics. “It also undermines calls for more and bigger rate cuts, both at the Fed and in the markets.”

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3. Jimmy Kimmel’s Late-Night Show Suspended Indefinitely

Disney-owned ABC has suspended Jimmy Kimmel Live! indefinitely after the comedian suggested that the man accused of killing conservative activist Charlie Kirk was a supporter of Donald Trump’s MAGA movement.

The comments, made during Monday’s broadcast, drew sharp criticism, including from FCC Chair Brendan Carr. Trump welcomed ABC’s decision, praising the network for “finally having the courage to do what had to be done” and mocking Kimmel as talentless with “worse ratings than even Colbert.” He also urged NBC to cancel other late-night hosts, calling Jimmy Fallon and Seth Meyers “losers.”

The controversy comes just two months after CBS canceled The Late Show with Stephen Colbert, following Colbert’s criticism of Paramount’s decision to settle a defamation lawsuit brought by Trump as it sought FCC approval for its deal with Skydance.

The move highlights how Trump has increasingly used the FCC as a political tool to pressure liberal-leaning media figures.

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4. FTC and Seven States Sue Live Nation and Ticketmaster

The US Federal Trade Commission, along with seven states, has sued Live Nation Entertainment Inc. and its subsidiary Ticketmaster in California federal court, alleging the companies failed to curb the use of automated ticketing bots and large-scale resale operations.

According to the lawsuit, Ticketmaster systematically ignored its own purchase limits, enabling brokers to scoop up large numbers of tickets for popular events. The FTC said this was because Ticketmaster profits from resales, earning $3.7 billion in fees from secondary ticket sales between 2019 and 2024.

The agency accused Ticketmaster of “triple dipping” on fees — collecting revenue from the initial ticket sale, as well as from both the buyer and seller in the resale market.

These actions, the FTC said, violate the Better Online Ticket Sales Act (BOTS Act) of 2016, which prohibits the use of bots to circumvent per-person ticket limits and aims to curb mass ticket scalping.

Following the news, Live Nation shares fell as much as 3.5%, the steepest intraday drop since May 29.“It’s probably one of the most important medicines we’ve ever launched from a global health perspective. We’ll do everything we can to minimize the burden on patients, including financial burden.”

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5. Tishman Speyer Sells Beverly Hills Office Building for $205 Million

Tishman Speyer sold the Beverly Hills office building Maple Plaza to Kilroy Realty Corp. for about $205 million, more than double the price it paid for the property two decades ago. The deal values the building at $707 per square foot, a high figure compared with other recent Los Angeles office transactions.

According to CBRE, the largest office deal in western Los Angeles in the second quarter was Barings’ $150 million purchase of a complex in Playa Vista, priced at about $512 per square foot. The vacancy rate in western Los Angeles was 22% in Q2, compared with nearly 33% in the city’s downtown central business district.

Tishman previously sold two other Beverly Hills office properties: nearly $120 million for another Maple Avenue site bought by Fashion Nova last year, and $90 million for a building on Beverly Boulevard in December.

“These transactions have capitalized on the market’s continued appetite for top-quality office environments in premier markets, and we remain committed to the region’s long-term growth,” said Ryan Botjer, Tishman Speyer’s senior managing director.

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6. Federal Reserve Cuts Rates, Signals Two More Reductions This Year

Federal Reserve officials cut their benchmark interest rate by 0.25 percentage point and signaled two more reductions this year, after months of heavy pressure from the White House.

Chair Jerome Powell pointed to growing weakness in the labor market as the main reason for the decision, noting that job creation is running below the break-even pace needed to hold unemployment steady. “Labor demand has softened, and the recent pace of job creation appears to be running below the break-even rate needed to hold the unemployment rate constant,” Powell said. “I can no longer say the labor market is very solid.”

The move comes at an extraordinary moment for the Fed. President Donald Trump has demanded deeper rate cuts and sought to exert more control over the central bank. He is pursuing a legal battle to remove one Fed governor and replace them with his top economic adviser, Stephen Miran, who is currently on leave from the White House Council of Economic Advisers and attended the meeting.

The Federal Open Market Committee voted 11-1 to lower the target range for the federal funds rate to 4%-4.25%. Miran dissented, preferring a larger half-point cut. That was still a notable victory for Powell, as economists expected up to four dissents.

Governors Christopher Waller and Michelle Bowman, who favored a cut back in July when the Fed held rates steady, sided with the majority this time.

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7. Meta Unveils First Smart Glasses With Built-In Display

Consumer credit scores in the US saw their steepest decline since the aftermath of the 2009 global financial crisis.

According to a report released Tuesday by Fair Isaac Corp. (FICO), the average FICO score fell to 715 in April from 717 a year earlier, marking the second consecutive year-over-year drop. In 2009, the average score dropped three points to 687.

The scoring agency attributed the decline to higher utilization and delinquency rates, including the resumption of student loan delinquency reporting. Student loan delinquency reached a record high, impacting 3.1% of the entire scorable population. Meanwhile, the median FICO score edged higher to 745 from 744 a year ago.

Gen Z borrowers were hit hardest, recording the biggest annual decline of any age group since 2020, with their average score falling three points to 676, the report said.

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