FTC sues Ticketmaster, saying it forces fans to pay more for concerts and events - The Boston Globe
Nvidia, the world's dominant maker of artificial intelligence chips, said on Thursday that it would invest $5 billion in its struggling rival, Intel, a deal that illustrates how booming demand for AI is reshaping the global technology industry. The deal is a lifeline for Intel and highlights a reversal of fortune between two Silicon Valley companies. Once an industry leader, Intel has struggled to keep up with technology shifts to mobile devices and AI. Last month, the Trump administration agreed to buy a roughly 10 percent stake in the company to bolster its shaky financial position. Nvidia, by contrast, is one of the world's biggest and most geopolitically significant companies, producing the key chips needed for developing AI. Jensen Huang, the company's chief executive, has become an industry superstar and joined President Trump in Britain this week for a state dinner at Windsor Castle. Intel's shares soared more than 22 percent in Thursday trading, while Nvidia's stock rose about 3.5 percent. As part of their deal, Nvidia and Intel said they would collaborate in developing chips for personal computers and data centers. Intel specializes in chips known as central processing units, which serve as the "brain" of a computer by coordinating different tasks across a machine. Nvidia makes other chips, known as graphics processing units, that are powerful for narrower tasks like crunching vast amounts of data. The companies said that they would develop chips for personal computers and data centers that incorporate both strengths, which could appeal to companies that need huge amounts of computing power for data centers or research. -- NEW YORK TIMES
WORKPLACE
Starbucks workers in three states took legal action against the coffee giant Wednesday, saying it violated the law when it changed its dress code but refused to reimburse employees who had to buy new clothes. The employees, who are backed by the union organizing Starbucks' workers, filed class-action lawsuits in state court in Illinois and Colorado. Workers also filed complaints with California's Labor and Workforce Development Agency. If the agency decides not to seek penalties against Starbucks, the workers intend to file a class-action lawsuit in California, according to the complaints. Starbucks didn't comment directly on the lawsuits Wednesday, but the company said it simplified its dress code to deliver a more consistent experience to customers and give its employees clearer guidance. "As part of this change, and to ensure out partners were prepared, partners received two shirts at no cost," the company said Wednesday. Starbucks refers to its employees as "partners." -- ASSOCIATED PRESS
PERSONAL FINANCE
The Platinum Card is getting shinier and pricier. American Express' latest update to its high-end Platinum Card, unveiled Thursday, comes with a lot more perks, including a $400 credit for dining out, and a lofty annual fee of $895. The Platinum Card refresh is just the latest from the major credit card issuers, and the higher fees may put pressure on some cardholders to choose between the Platinum Card or another high-fee card like Chase's Sapphire Reserve Card. Or pay close to $2,000 in annual fees for the privilege of carrying two or more of these premium cards. As part of the revamp, the Platinum Card customers will get a $600 annual hotel credit -- up from $300 -- to use with AmEx's travel portal; a new $400 credit for using AmEx's restaurant reservation platform Resy; $300 to use at athletic apparel chain Lululemon; and an increased "digital entertainment credit" of $300 that AmEx cardmembers can put toward several streaming services or news outlets. All the new perks are available for AmEx customers to start using immediately. In all, AmEx says the value of the perks on the new Platinum Card total roughly $3,500. These perks are enough to justify the $200 increase in the annual fee, said Howard Grosfield, group president of US Consumer Services at AmEx. The annual fee on the Platinum Card was $550 just five years ago. -- ASSOCIATED PRESS
DINING
Cracker Barrel Old Country Store Inc. slumped after its sales guidance missed expectations, showing the brand is still dealing with the fallout from its controversial and short-lived logo change. Revenue in fiscal 2026, which will run through next July, is projected to be in a range of $3.35 billion to $3.45 billion, the company said in a statement Wednesday. Analysts were expecting sales of $3.52 billion in the period, according to the average of estimates compiled by Bloomberg. The mid-point of Cracker Barrel's range suggests sales will remain similar to the past two years, when growth has stagnated. The outlook assumes foot traffic at existing stores declines 4 percent to 7 percent in the coming year, the company said. "The fallout from the re-branding push-back has been severe with no sign of let-up," Truist analyst Jake Bartlett wrote in a note to clients Wednesday. Cracker Barrel's shares fell 7.6 percent in New York on Thursday. The stock had declined 6.2 percent this year through Wednesday's close. The company is dealing with the fallout from an online firestorm after it unveiled a new, streamlined logo that removed an overalls-clad character known as Uncle Herschel. Critics accused the company of erasing elements of traditional American culture and even President Trump weighed in, saying Cracker Barrel should restore its old logo. Shortly afterwards, Cracker Barrel reversed the logo change. It later halted planned remodels of restaurants. -- BLOOMBERG NEWS