Newsletter May 22, 2023

Quick Six

Biden turns attention to debt ceiling crisis after G7 summit
President Joe Biden intervened Sunday to try and break the US debt ceiling deadlock with a call to the top Republican leader before the clock ticks down on a national default. Winding up a three-day G7 meeting in Hiroshima, Japan, Biden planned to call House Speaker Kevin McCarthy before returning to Washington. The Treasury Department confirmed Sunday that the government will default on its $31 trillion debt on June 1 if Congress, where Republicans control the House, fails to approve more borrowing.
US HAS 10 DAYS TO RAISE DEBT LIMIT OR FACE DEFAULT

China puts Micron on black list over national security risks
US semiconductor giant Micron has failed a national security review, China's cybersecurity watchdog said Sunday, telling operators of "critical information infrastructure" to stop buying its products. It marked the latest escalation in the bitter chip war between the United States and China, with Washington looking to cut off Beijing's access to cutting-edge semiconductors.
THE ONGOING MICROCHIP WAR BETWEEN US AND CHINA

Prohibitive costs cast cloud over generative AI revolution
The explosion of generative AI has taken the world by storm, but one question all too rarely comes up: Who can afford it? OpenAI bled around $540 million last year as it developed ChatGPT and says it needs $100 billion to meet its ambitions. Building on the scale of OpenAI, Microsoft or Google requires an eye-watering investment on state-of-the-art chips and recruiting researchers.
MANY COMPANIES ARE PRICED OUT OF AI DEVELOPMENT

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* As of market close

G7 hosts Zelensky amid Bakhmut confusion

Ukrainian President Volodymyr Zelensky addressed Group of Seven leaders on Sunday, the final day of their meeting in Hiroshima, Japan, while reports of his forces back home were mixed. After receiving pledges of more support from the G7 in the ongoing war with Russia, Zelensky vowed that his country would withstand the invasion with their help. However, both sides were making claims of key gains in the embattled city of Bakhmut as Ukraine unleashes a counteroffensive.

GET THE LATEST ON CONFLICTING REPORTS ABOUT BAKHMUT

Israel makes 'provocative' visit to Al-AqSa

Israel's National Security Minister Itamar Ben-Gvir visited the flashpoint Al-Aqsa mosque compound Sunday, a controversial move by the far-right politician amid heightened tensions in annexed east Jerusalem. The visit came three days after Ben-Gvir and Jewish nationalists marched through the Old City and just over a week into a fragile Gaza ceasefire. Al-Aqsa mosque is the third holiest site in Islam and the most sacred site for Jews, who pray below it at the Western Wall.

SEE WHY THE WHITE HOUSE CALLED THE VISIT 'PROVOCATIVE'

Cobain's smashed guitar auctions for $600K

A guitar smashed on stage by Nirvana front man Kurt Cobain sold for nearly $600,000, almost 10 times its original estimate, at a weekend auction. The busted black Fender Stratocaster was put back together, but is no longer playable. It was signed by all three members of the 1990s Seattle grunge outfit. The auction house said it had expected the instrument to sell for $60,000 at the event in front of a live audience at the Hard Rock Cafe in New York City. Instead, it went for $595,000.

SEE HOW OTHER ROCK MEMORABILIA FARED AT THE AUCTION

Extra point

What former Nirvana member went on to front another band that also made the Rock & Roll Hall of Fame? Name the artist and the band.

Friday's answer: In Lomal, Montana, the temperature went from -54°F to 49°F in 24 hours -- a world record 103-degree swing -- on Jan. 15 1972.