CNBC's The Wrap-Up: Tariffs, AI Chips, and Major Business Investments

Global Trade and Tariffs

• 🇺🇸 Reports suggest the Trump Administration may narrow upcoming tariffs, potentially excluding sectors like autos and semiconductors while targeting countries with large trade imbalances.
• 🇲🇾 Malaysia is planning tighter restrictions on AI chips due to US pressure, with demands to track shipments of high-end Nvidia chips.

Business Investments and Developments

• 🇰🇷 Hyundai is expected to announce a significant $20 billion investment in the US, including a $5 billion steel plant in Louisiana.
• 🇨🇳 Alibaba-backed Ant Group has reportedly developed methods to train AI models using Chinese-made chips, potentially cutting costs by 20%.
• 🇺🇸 23andMe has filed for Chapter 11 bankruptcy as part of an effort to sell the company, following rejected bids by its CEO to take the firm private.

Market and Corporate News

• 🇬🇧 The UK government has ordered an investigation into the fire and power outage that caused disruptions at London's Heathrow Airport.
• 🏠 James Hardie is reportedly set to acquire the homebuilding product maker ACAC in a cash and stock deal valued at just under $9 billion, though James Hardie shares have pulled back.