AP Business SummaryBrief at 9:41 a.m. EST

China dismisses as a smear campaign claims of a spy plot involving Nvidia CEO Jensen Huang BANGKOK (AP) — China is denying that there is any spy plot targeting Nvidia CEO Jensen Huang, and is calling it a smear campaign against Beijing. Huang admitted to an extramarital affair but did not name anyone. The controversy centers on whether he drove sales of advanced computer chips to China, despite U.S. tech restrictions. The New York Times reported that Huang had a close relationship with a Chinese citizen accused of smuggling chips into China. China’s Ministry of Foreign Affairs spokesperson dismissed the spy allegations on Monday as unsubstantiated. Huang had lobbied U.S. President Donald Trump to loosen chip sales restrictions to China. Nvidia slumps after a 'foreign intelligence' probe initiated by AI company into CEO Jensen Huang Shares of Nvidia are down 8% at the opening bell 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. US stocks rally as crude oil prices drop, even as Nvidia sinks NEW YORK (AP) — The U.S. stock market is rallying and clawing back more of its big loss from last week as oil prices swing lower. The strength came even though Nvidia, one of Wall Street’s most influential stocks, sank. The S&P rose 0.8% early Monday and was on track for a second straight gain following a wipeout on worries that Democratic victories in the midterm elections could mean a slowdown in the construction for AI data centers. The Dow Jones Industrial Average rose 541 points, and the Nasdaq composite was up 0.8%. Stocks got a lift from a 5.4% drop in Brent crude. Voters demanded economic relief. Trump and Democrats face tough choices on how to deliver WASHINGTON (AP) — Voters have sent a strong election-year message to President Donald Trump and the new Democratic congressional majority to repair the U.S. economy damaged by inflation. Trump insists the economy is booming and claims he's willing to work with Democrats, though he hasn't done much of that in the past. After a strong jobs report last week, Trump remains defiant and promises to veto anything that he thinks would hurt the country. Democrats are preparing for early fights on government spending, budget deficits, tariffs and Social Security. Rising prices continue to make middle-class lives less affordable. That poses political risks for both parties in future elections. Russia and Ukraine batter each other with long-range strikes a day before US-brokered talks KYIV, Ukraine (AP) — Russia has hit Ukraine's power grid again while Ukrainian forces targeted a major Russian oil refinery. Officials reported the developments Monday on the eve of expected U.S.-brokered talks between Russia and Ukraine in the United Arab Emirates. The conflict has been ongoing for nearly five years and it shows no signs of resolution. But U.S. President Donald Trump mentioned in a “60 Minutes” interview that the two sides are “very close” to a deal. Russia's Defense Ministry said that Russian forces targeted electrical substations in several Ukrainian regions. Ukraine's long-range drones started a fire at a large Russian refinery meanwhile. Talks in Abu Dhabi will explore security guarantees with the U.S. mediating. 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 Staff at the US center for AI safety are reporting to the White House, raising independence concerns SAN FRANCISCO (AP) — The tiny U.S. government division charged with assessing the safety of new artificial intelligence offerings doesn’t have a permanent leader and has stopped publishing its research. This comes as anxiety grows over reports about out-of-control AI agents. Officials with the Center for Advancing Innovation and Standards for Super Intelligence, an independent Commerce Department division, recently were asked to informally report to an office of the White House. That’s according to two former government officials with knowledge of the ongoing conversations. Critics worry that under this arrangement, the executive branch could politicize key decisions and alter research in deference to the tech industry. Democrats plan to push clean energy to lower bills and challenge Trump’s fossil fuel agenda Some Democrats are promising to push for more clean energy to help tackle rising energy costs when they take control of Congress in January. But President Donald Trump says he'll use his veto power aggressively. With new majorities in the House and Senate after last week’s midterms, Democrats can set an agenda boosting clean energy and addressing climate change. Democrats can begin investigations and hold hearings into climate policy rollbacks and elimination of green energy grants, potentially trying to undo some administration moves and restore renewable energy incentives. Trump predicts that he and Democrats eventually will find ways to work together “after a couple of months of vetoes.” UN climate summit kicks off in Turkey after a disastrous year of extreme weather ANTALYA, Turkey (AP) — World leaders, delegates and climate activists are in Antalya, Turkey, for a U.N. climate summit. The two-week event started on Monday. This year's summit, known as COP31, follows a disastrous year linked to climate change, including deadly heat waves in Europe and floods in Nepal. Delegates at the summit are under pressure to take effective action as climate scientists predict the world will exceed the 1.5 degree Celsius global warming threshold set by the Paris Agreement. Turkey's environment minister, Murat Kurum, wants the summit to focus on turning previous commitments into action. A central theme is promoting electrification to reduce greenhouse emissions. Explosion at steel plant in western Turkey leaves 10 dead and 4 missing ISTANBUL (AP) — Turkish officials say that a huge explosion and fire at an iron and steel works in western Turkey have left at least 10 people dead. Officials said that rescuers were searching for four missing workers. The blast and blaze happened Monday at the HABAS plant in Izmir province. A further 15 people were injured. Two of them were in critical condition. Search and rescue efforts are underway to reach those trapped under the rubble. Turkey's interior minister said that emergency teams were fighting the blaze while searching for casualties. The explosion occurred when an overhead crane toppled into a furnace. An investigation has been launched. From high-flying AI stocks to tariff-hit alcohol companies, the midterms shook up Wall Street NEW YORK (AP) — The overwhelming victory by the Democrats in the midterm elections shook up Wall Street this week. The biggest tremors were felt in shares of companies tied to the boom in artificial intelligence on concerns that a Democratic Congress will put the brakes on further development of data centers. Defense and oil companies fell on expectations Democrats would push for an end to the U.S.-Iran war, which would likely lower energy prices. Hospital shares rose on the possibility that funding for several government programs could be restored or boosted. Liquor companies and others buffeted by tariffs rose on hopes for relief. 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. Business Our weekly business newsletter highlighting the l a