AP Business SummaryBrief at 4:42 p.m. EST

Inflation runs hotter than expected as higher prices extend beyond the gas station WASHINGTON (AP) — U.S. inflation was higher than expected last month in a sign that the rising prices that powered sweeping Democratic victories in last week’s midterm elections will continue to pose challenges for the White House and Federal Reserve. The data shows that inflation remains noticeably above the Federal Reserve’s target of 2%, and Americans’ struggles with high prices were evident as they ousted Republican majorities from the House and Senate last week. Nvidia and Jensen Huang face shareholder lawsuit alleging investors were misled about spy affair A shareholder has sued Nvidia and CEO Jensen Huang, accusing them of deceiving investors about Huang's affair with a purported Chinese spy. The lawsuit, filed Monday, claims the affair threatens national security. President Donald Trump said the FBI is investigating the matter, which Huang has admitted to and apologized for. Concerns have arisen that Beijing may be using the affair to access Nvidia microchips, crucial for AI development but restricted from export to China. The complaint, filed in California, alleges Nvidia misled investors about the affair's impact. Nvidia did not immediately comment. Shares fell 4.3% on Monday. Alleged spy plot targeting CEO Jensen Huang raises questions about Nvidia's future SAN FRANCISCO (AP) — Investigations into whether Nvidia’s CEO was targeted by a Chinese intelligence effort are raising questions about the future of the chipmaker. Nvidia became one of the world’s most valuable companies by providing technology that powered the artificial intelligence boom. Jensen Huang has been synonymous with the brand since he co-founded it more than 30 years ago. The company now faces potential damage to its reputation and stock price, uncertainty over a possible successor and new scrutiny from shareholders and elected officials. With a valuation of more than $4 trillion, the company has outsized importance on Wall Street. What we know — and what we don't — as Nvidia investigates an alleged spy plot involving its CEO Stunning allegations of a spy plot have prompted investigations of Nvidia CEO Jensen Huang’s affair with a purported Chinese government agent. Huang admitted to having an extramarital affair, and acknowledged that news reports surrounding the relationship and potential national security concerns led Nvidia’s board to investigate. He did not name the person he had been intimate with, but The New York Times identified her as business executive and Chinese citizen Alice Huang — who, the outlet said, U.S. intelligence determined was gathering information for Beijing. China’s Foreign Ministry dismissed the spying allegations. Many questions remain unanswered, but the scandal is already bringing turmoil. Internal probe into CEO Jensen Huang and 'foreign intelligence' weighs on high-flying Nvidia shares Shares of Nvidia are down 4.3%  after the computer chip maker, central to the artificial intelligence race, opened an investigation into reports that CEO Jensen Huang was the “target of a foreign intelligence effort.” Nvidia’s announcement of the investigation Sunday followed Huang’s acknowledgment that he had been intimate with a business executive who, according to The New York Times, U.S. intelligence determined was gathering information for China. China’s Foreign Ministry dismissed the spying allegations, calling them a smear campaign against Beijing. Nonprofit local news isn't free! It takes reporters, editors, and resources to do this work right. Your donation keeps that work alive. MAKE YOUR DONATION TODAY US stocks slip following a discouraging update on inflation NEW YORK (AP) — The U.S. stock market dipped after a report showed inflation was worse across the country last month than economists expected. The S&P 500 slipped 0.4% Tuesday. The Dow Jones Industrial Average dropped 0.3%, and the Nasdaq composite sank 0.7%. The discouraging report on inflation caused traders to up their forecasts for coming hikes to interest rates by the Federal Reserve. One top Fed official even suggested that it could raise its main interest rate by twice the typical amount at its meeting next month. That caused Treasury yields to jump in the bond market even though oil prices fell again. Press Forward completes nearly $600M in journalism investments about 2 years early Press Forward has completed investing nearly $600 million to strengthen local news outlets, two years ahead of schedule. Executive Director Dale Anglin says the work is far from complete, as the industry undergoes significant transformation. According to Northwestern University, news deserts have grown by 12% this year. Press Forward has 144 funders and 50 local chapters, which have raised and invested another $87 million to bolster journalism. Press Forward Chicago has seen promise in pooled funds to support specific initiatives. Knight Foundation CEO Maribel Perez Wadsworth emphasizes that local funding is essential for sustainable growth. Anthropic seeks valuation of about $1.3 trillion when it becomes a publicly traded company Artificial intelligence giant Anthropic is looking for an approximately $1.3 trillion valuation in its initial public offering. The company behind the Claude chatbot said in a regulatory filing on Tuesday that it will sell 825 million shares priced between $70 and $78 a share. That would give Anthropic the ability to raise more than $61 billion, if the IPO is priced at the midpoint. The San Francisco company is anticipated to make its Wall Street debut this month. A glossary to help understand what happens in an initial public offering Anyone following Anthropic's plans to sell shares to the public is likely to hear terms thrown around that describe steps and components of an initial public offering. Here’s a quick guide. Exclusive: AP granted rare access to European Union naval patrol fighting piracy in the Gulf of Aden AT SEA IN THE GULF OF ADEN (AP) — Piracy is rising in the Gulf of Aden and threatening vital shipping lanes. Spanish special forces are conducting exercises to combat this threat. The European Union's Operation Atalanta leads maritime security efforts in the region. Vice Adm. Ignacio Villanueva says instability in nearby areas like Yemen and Iran fuels piracy. The Bab el-Mandeb Strait is crucial for global trade with 12% of the world's trade passing through. There have been 79 pirate attacks since November 2023. Pirates exploit regional turmoil and capture vessels and demand ransoms. Shipping companies are increasing security and rerouting vessels to avoid capture. Donate now to support local nonprofit news in Lancaster County Newsletter Success! An email has been sent to with a link to confirm list signup. Error! There was an error processing your request. Weekly Restaurant Inspections Weekly Lancaster County restaurant inspections from the PA Department of Agriculture. Please enter a valid email address. Sign up By opting into newsletters you are agreeing to our privacy policy . What to Read Next