The Federal Reserve on Wednesday proposed easing a key capital rule that banks say has limited their ability to operate, drawing dissent from at least two officials who say the move could undermine important safeguards.

Known as the enhanced supplementary leverage ratio, the measure regulates the quantity and quality of capital banks should be keeping on their balance sheets. The rule emanated from a post-financial crisis effort to ensure the stability of the nation’s largest banks.

However, in recent years as bank reserves have built and concerns have grown over Treasury market liquidity, Wall Street executives and Fed officials have pushed to roll back the requirements. The regulations targeted treat all capital the same.

“This stark increase in the amount of relatively safe and low-risk assets on bank balance sheets over the past decade or so has resulted in the leverage ratio becoming more binding,” Fed Chair Jerome Powell said in a statement. “Based on this experience, it is prudent for us to reconsider our original approach.”

The Fed board put the proposal open for a 60-day public comment window.

In its draft form, the measure would call for reducing the top-tier capital big banks must hold by 1.4%, or some $13 billion, for holding companies. Subsidiaries would see a larger drop, of $210 billion, which would still be held by the parent bank. The standard applies the same rules to so-called globally systemic important banks as well as their subsidiaries.

The rule would lower capital requirements to range of 3.5% to 4.5% from the current 5%, with subsidiaries put in the same range from a previous level of 6%.

Current Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller released statements supporting the changes.

“The proposal will help to build resilience in U.S. Treasury markets, reducing the likelihood of market dysfunction and the need for the Federal Reserve to intervene in a future stress event,” Bowman stated. “We should be proactive in addressing the unintended consequences of bank regulation, including the bindingness of the eSLR, while ensuring the framework continues to promote safety, soundness, and financial stability.”

On the whole, the plan seeks to loosen up banks to take on more lower-risk inventory such as Treasurys, which are now treated essentially the same as high-yield bonds for capital purposes. Fed regulators essentially are looking for the capital requirements to serve as a safety net rather than a bind on activity.

However, Governors Adriana Kugler and Michael Barr, the former vice chair of supervision, said they would oppose the move.

“Even if some further Treasury market intermediation were to occur in normal times, this proposal is unlikely to help in times of stress,” Barr said in a separate statement. “In short, firms will likely use the proposal to distribute capital to shareholders and engage in the highest return activities available to them, rather than to meaningfully increase Treasury intermediation.”

The leverage ratio has come under criticism for essentially penalizing banks for holding Treasurys. Official documents released Wednesday say the new regulations align with so-called Basel standards, which set standards for banks globally.

The Tennis Channel is extending its deal with the Women’s Tennis Association that will see the cable TV network and streaming service continue to broadcast more than 2,000 matches each season.

While terms of the deal weren’t disclosed, Tennis Channel CEO Jeff Blackburn told CNBC in an interview there was a “pretty big step up in our payments” to the WTA for the U.S. media rights, which includes international tournaments and the WTA Finals event. The new agreement lasts through 2032.

“Our goal and mission is to just cover pro tennis and the game of tennis like no one else, every day, every hour, all year round. There’s no offseason,” Blackburn said. “WTA plays a huge role in that and it was a big priority for me to make sure that we renewed our relationship and extend it as long term as we were able.”

The exclusive rights renewal comes as the Tennis Channel is in the midst of a transition on several fronts.

Last year, longtime Tennis Channel CEO Ken Solomon was ousted from the company. Blackburn stepped into the role in early May, following a 24-year career at Amazon, where he helped to build out Prime Video and expand the streaming service into sports, among other businesses.

Meanwhile, Sinclair, the owner of broadcast stations as well as the Tennis Channel, had recently considered offloading the network, CNBC previously reported. The parent company, however, is no longer exploring a sale of the Tennis Channel, particularly since Blackburn has taken the helm, according to a person familiar with the matter who spoke on the condition of anonymity to discuss nonpublic details.

In the backdrop, the Tennis Channel, like its network peers, is contending with the continued loss of customers from the pay-TV bundle. While live sports garner the biggest audiences — and leagues have reaped huge rights payouts as a result — media companies are focused on growing the profitability of their streaming businesses.

In 2014 the 24/7 tennis network took its first step into streaming with Tennis Channel Plus, and later in 2022 introduced Tennis Channel 2, a free, ad-supported streaming channel. While Blackburn said Tennis Channel 2 has been successful and attracted a younger audience, he is focused on beefing up the Tennis Channel’s recently launched direct-to-consumer streaming app.

The app, which launched in November 2024, costs $9.99 a month or $109.99 annually and offers the same programming as the pay-TV network. Media companies are increasingly offering the same live sports featured on pay-TV networks on their counterpart streaming alternatives — most notably with the launch of Disney’s flagship ESPN app later this year.

“What’s important about the partnership is that they’re committing to doing more with us,” said Marina Storti, CEO of WTA Ventures, the commercial arm of the WTA. “They’re committed to that increased exposure across all of their platforms. They’re committed to ensuring this kind of equal exposure for women and men, where they have the rights. And they’re making a significant commitment. There is a substantial increase in the rights fees, which is a big milestone for us as part of our plan and commitment to growing.”

The Tennis Channel’s agreement with the WTA covers a large swath of the WTA’s tournaments outside of North America through the season-closing WTA Finals.

The audience for WTA events on the Tennis Channel has been growing, particularly among the younger demographic. Viewership among 18- to 34-year-olds on the Tennis Channel has grown annually for each of the past two years, according to a news release.

The deal comes as American female tennis players have shot to the top of global rankings and women’s sports in general have seen a rise in popularity and investment funding.

Already in 2025, two American women have won two of the top majors: Madison Keys took the Australian Open in January, and Coco Gauff was crowned the winner of the French Open in June. Gauff and Keys will be among the participants at Wimbledon, which kicks off on Monday.

“Tennis is really the only major sport where the men’s and women’s game is on equal footing, and that’s really important,” said Blackburn. “I think for tennis it makes it unique. The growth of women’s sports overall? Maybe basketball and soccer will get there, but I think tennis is way ahead in terms of providing that for the fan.”

The Tennis Channel 2 free streaming option has earmarked every Tuesday as “Women’s Day” — showing only women’s match coverage — and Blackburn highlighted the network’s roster of heavy-hitting female talent, including former players and Hall of Famers Martina Navratilova and Lindsay Davenport, among others.

The deal extension also builds on WTA Ventures’ recent efforts to grow its commercial revenue and build the profiles of its athletes.

In 2023 the WTA formed a strategic partnership with private equity firm CVC Capital Partners, which invested $150 million for a 20% stake in the newly created WTA Ventures. The entity was formed to focus on growing commercial revenue through sponsorships and media rights deals, with the goal of tripling its revenue by 2029.

In 2024 WTA Ventures said it expected to increase revenue by 24% in its first full year.

The media rights extension marks the first renegotiation with the Tennis Channel under the WTA Ventures framework. The WTA’s long-standing media rights deal with streaming service DAZN expires at the end of next year, and talks have begun for new deals that would begin in 2027, said Storti.

WTA Ventures said its global audience surpassed 1 billion viewers on broadcast and streaming last season, and Storti said the U.S. is among one of the WTA’s biggest growth markets, along with China and Poland.

“We are a completely mass-market product that attracts hundreds of millions of fans across the world, and I would say we deliver a product that stands kind of shoulder to shoulder with the men counterpart,” Storti said.

The WTA has also recently emphasized improvements for players.

This year it’s has announced a paid maternity leave funded by the Saudi Public Investment Fund, as well as a new policy allowing players to protect their rankings during fertility treatments

Still, tennis is not without its issues of disparity. While the U.S. Open awarded equal prize money to men and women beginning in 1973, it was decades ahead of Wimbledon and other majors. And while equal prize money is given at the majors level, there’s still a considerable pay gap at lower-level tournaments.

The sport also drew criticism around the 2025 French Open when the majority of prime-time slots went to men’s matches.

Bumble shares rallied more than 26% on Wednesday after the dating app company revealed in a securities filing that it intends to slash 30% of its workforce, or about 240 roles.

The layoffs will result in $13 million to $18 million in charges for the company hitting in the third and fourth quarters of this year. Management estimates that the reductions will help the company save $40 million annually.

A Bumble spokesperson said in a statement to CNBC that the layoffs were “not made lightly.”

“Our focus now is on moving forward in a way that strengthens our core business, continues to serve our members effectively, and positions us for future growth,” they wrote.

Bumble said the cuts are part of a reconfiguration of its “operating structure to optimize execution on its strategic priorities.” The company plans to invest savings into new product and technology development.

Shares of the dating app company have plunged since their debut on the public markets in 2021. Its market value has plummeted from $7.7 billion to about $538 million as of Tuesday’s close.

Founder Whitney Wolfe Herd, who stepped down as CEO at the beginning of 2024, returned to the role earlier this year.

Along with the job cuts, Bumble updated its previously announced forecast for the current quarter.

The company now expects revenue to range between $244 million and $249 million, and adjusted earnings before interest, taxes, depreciation and amortization between $88 million and $93 million.

That’s up from the $235 million to $243 million in revenue and $79 million to $84 million in adjusted EBITDA forecast with Bumble’s first-quarter results last month.

Chris Schwegmann is getting creative with how artificial intelligence is being used in law.

At Dallas-based boutique law firm Lynn Pinker Hurst & Schwegmann, he sometimes asks AI to channel Supreme Court Chief Justice John Roberts or Sherlock Holmes.

Schwegmann said after uploading opposing counsel’s briefs, he’ll ask legal technology platform Harvey to assume the role of a legal mind like Roberts to see how the chief justice would think about a particular problem.

Other times, he will turn to a fictional character like Holmes, unlocking a different frame of mind.

“Harvey, ChatGPT … they know who those folks are, and can approach the problem from that mindset,” he said. “Once we as lawyers get outside those lanes, when we are thinking more creatively involving other branches of science, literature, history, mythology, that sometimes generates some of the most interesting ideas that can then be put, using proper legal judgement, in a framework that works to solve a legal problem.”

It’s just one example of how smaller businesses are putting AI to work to punch above their weight, and new data shows there’s an opportunity for much more implementation in the future.

Only 24% of owners in the recent Small Business and Technology Survey from the National Federation of Independent Business said they are using AI, including ChatGPT, Canva and Copilot, in some capacity.

Notably, 98% of those using it said AI has so far not impacted the number of employees at their firms.

At his trial litigation firm of 50 attorneys, Schwegmann said AI is resolving work in days that would sometimes take weeks, and said the technology isn’t replacing workers at the firm.

It has freed up associate lawyers from doing “grunt work,” he said, and also means more senior-level partners have the time to mentor younger attorneys because everyone has more time.

The NFIB survey found AI use varied based on the size of the small business. For firms with employees in the single digits, uptake was at 21%. At firms with fifty or more workers, AI implementation was at nearly half of all respondents.

“The data show clearly that uptake for the smallest businesses lags substantially behind their larger competitors. … With a little attention from all the relevant stakeholders, a more equal playing field is possible,” the NFIB report said.

For future AI use, 63% of all small employers surveyed said the utilization of the technology in their industry in the next five years will be important to some degree; 12% said it will be extremely important and 15% said it will not be important at all.

Some of the most common uses in the survey were for communications, marketing and advertising, predictive analysis and customer service.

“We still have the need for the independent legal judgment of our associate lawyers and our partners — it hasn’t replaced them, it just augments their thinking,” Schwegmann said. “It makes them more creative and frees their time to do what lawyers do best, which is strategic thought and creative problem solving.”

The NFIB data echoes a recent survey from Reimagine Main Street, a project of Public Private Strategies Institute in partnership with PayPal.

Reimagine surveyed nearly 1,000 small businesses with annual revenue between $25,000 and $50,000 and also found that a quarter had already started integrating AI into daily workflows.

Schwegmann said at his firm, AI is helping to even the playing field.

“One of the things Harvey lets us do is review, understand and incorporate and respond much faster than we would prior to the use of these kinds of AI tools,” he said. “No longer does a party have an advantage because they can paper you to death.”

Nvidia CEO Jensen Huang sold 100,000 shares of the chipmaker’s stock on Friday and Monday, according to a filing with the U.S. Securities and Exchange Commission.

The sales are worth nearly $15 million at Tuesday’s opening price.

The transactions are the first sale in Huang’s plan to sell as many as 600,000 shares of Nvidia through the end of 2025. It’s a plan that was announced in March, and it’d be worth $873 million at Tuesday’s opening price.

The Nvidia founder still owns more than 800 million Nvidia shares, according to Monday’s SEC filing. Huang has a net worth of about $126 billion, ranking him 12th on the Bloomberg Billionaires Index.

The 62-year-old chief executive sold about $700 million in Nvidia shares last year under a prearranged plan, too.

Nvidia stock is up more than 800% since December 2022 after OpenAI’s ChatGPT was first released to the public. That launch drew attention to Nvidia’s graphics processing units, or GPUs, which were needed to develop and power the artificial intelligence service.

The company’s chips remain in high demand with the majority of the AI chip market, and Nvidia has introduced two subsequent generations of its AI GPU technology.

Nvidia continues to grow. Its stock is up 9% this year, even as the company faces export control issues that could limit foreign markets for its AI chips.

In May, the company reported first-quarter earnings that showed the chipmaker’s revenue growing 69% on an annual basis to $44 billion during the quarter.

Sports merchandising giant Fanatics is aiming to build a training camp for athletes to prepare them for life off the field.

More than two dozen NBA, NFL and NHL players participated in the company’s Athlete Immersion Program this past weekend as part of Fanatics Fest in New York City. The program included three days of workshops on business, entrepreneurship, tech and more.

“This definitely opened my eyes,” said Cole Anthony, a guard for the NBA’s Memphis Grizzlies. “I’m already trying to do things on the business side with my partners, my family. It just motivates me more.”

The “coaches” for the business boot camp included Fanatics founder Michael Rubin, Goldman Sachs CEO David Solomon, Apollo Global cofounder and Philadelphia 76ers managing partner Josh Harris, Raising Cane’s founder Todd Graves, ESPN Chairman Jimmy Pitaro and Boardroom cofounder and CEO Rich Kleiman.

Aaron Donald, who retired from the NFL’s Los Angeles Rams in 2024 after winning the Super Bowl, has already begun a new career in business, including an ownership stake in sports nutrition company Ready. But Donald, likely a future Hall of Famer, said he was blown away by the all-star team of business leaders.

“I think it’s one of hell of an opportunity,” said Donald. “I’m in a room with guys running companies worth billions of dollars. How many opportunities are you going to get to do that? You have to take advantage of all of those opportunities and knowledge.”

Fanatics launched the Athlete Immersion Program in 2023 and this year is partnering with Boardroom, a media and advisory company cofounded by Kleiman and NBA superstar Kevin Durant.

“I think it’s great to be able to give them a bit of a blueprint,” said Kleiman. “Being able to put them in the room with people that have the answers, that have done it, that lead industries. I think you get so much power and opportunity just from the information you get from watching, from learning and from being in these rooms and understanding how to move.”

Kleiman pointed to former NBA player Junior Bridgeman, who made less than $3 million during his 12-year career in the league, but built a net worth of more than $1 billion after retirement primarily through investments in Wendy’s, Pizza Hut and Chili’s franchises and then later through Coca-Cola distribution.

“What he did, he’s exceptional,” said Kleiman of Bridgeman, who died in March. “He wasn’t just a name. He actually built an operational team, built them up, oversaw them, and he was a tycoon of a business mind.”

Fanatics Chief People Officer Toretha McGuire said the program is focused on helping athletes use their playing days, what they describe as their “1.0 career” to fuel their “2.0 career.”

It’s an experience similar to a business school with lectures, case studies and projects, in which each athlete creates their own limited-edition clothing line with vintage sports apparel company Mitchell & Ness, a subsidiary of Fanatics.

“They go through a base business case, we teach them business fundamentals, we take them through the Fanatics business case where we bring them to 2021 where Michael [Rubin] did a final capital raise and we basically say, ‘What would you have done?’” McGuire said.

Most professional athletes retire from playing when they’re still young, she added.

“The opportunities they have in their 1.0 careers in terms of access and expanding their networks are going to be very critical,” she said.

Graves, who founded the popular fried chicken chain Raising Cane’s, spoke on a panel about the realities and challenges of entrepreneurship

“If you absolutely want to start a business, imagine how hard it is, multiply that by infinity to be able to make it work,” he said. “You have to be passionate, you have to be in the details 100%. And you have to know what you don’t know, right? So that is bringing in great people to try and grow it.”

The Athlete Immersion Program is meant to be a continuous learning opportunity through which players receive support, education and networking opportunities from Fanatics and Boardroom before and after they begin their business journey.

The next session will be held in December for WNBA, NWSL and MLB athletes in the offseason.

For Anthony, who was recently traded to the Grizzlies from the Orlando Magic, it’s also shown him the real parallels between competing in sports and competing in business.

“The common thing with everyone who has spoken to us and I’ve been able to talk to one-on-one is that every person I met here has been a grinder,” he said. “They make whatever it is they are passionate about, or what they are working on their priority. I think that’s just dope to hear from other people I can relate to in that sense.”

A decade ago, reports suggested 16% of NFL players ultimately filed for bankruptcy — a sign of the type of financial strain many professional athletes face and a cautionary tale of life after the game.

But today, many of the people participating in the Fanatics curriculum believe opportunities like the Athlete Immersion Program can change the narrative — and their financial future.

For Donald, who will be remembered as one of the greatest defenders in NFL history, the focus now is finding the greatest opportunities for the next chapter of his life.

“It would be silly for me to stop the hard work, discipline, the structure that got me to a certain point,” he said. “I’m trying to build generational wealth for my kids.”

Apple was sued on Friday by shareholders in a proposed securities fraud class action that accused it of downplaying how long it needed to integrate advanced artificial intelligence into its Siri voice assistant, hurting iPhone sales and its stock price.

The complaint covers shareholders who suffered potentially hundreds of billions of dollars of losses in the year ending June 9, when Apple introduced several features and aesthetic improvements for its products but kept AI changes modest.

Apple did not immediately respond to requests for comment.

CEO Tim Cook, Chief Financial Officer Kevan Parekh and former CFO Luca Maestri are also defendants in the lawsuit filed in San Francisco federal court.

Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and user-friendly. But they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features and could not reasonably believe the features would ever be ready for iPhone 16s.

Shareholders said the truth began to emerge on March 7 when Apple delayed some Siri upgrades to 2026 and continued through this year’s Worldwide Developers Conference on June 9 when Apple’s assessment of its AI progress disappointed analysts.

Apple shares have lost nearly one-fourth of their value since their Dec. 26, 2024 ,record high, wiping out approximately $900 billion of market value.

Walmart has agreed to pay $10 million to settle a Federal Trade Commission civil lawsuit accusing the world’s largest retailer of ignoring warning signs that fraudsters used its money transfer services to fleece consumers out of hundreds of millions of dollars.

The settlement was filed on Friday in Chicago federal court, and requires approval by U.S. District Judge Manish Shah.

Walmart also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud.

“Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it’s sent, it’s gone for good,” said Christopher Mufarrige, director of the FTC consumer protection bureau. “Companies that provide these services must train their employees to comply with the law and work to protect consumers.”

The Arkansas-based retailer did not admit or deny wrongdoing in agreeing to settle. Walmart did not immediately respond to requests for comment.

In its June 2022 complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer services to cash out at its stores.

Walmart acts as an agent for money transfers by companies such as MoneyGram and Western Union. Money can be hard to trace once delivered.

The FTC said fraudsters used many schemes that included impersonating Internal Revenue Service agents, impersonating family members who needed money from grandparents to avoid jail, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings.

Shah dismissed part of the FTC case last July but let the regulator pursue the remainder. Walmart appealed from that decision. Friday’s settlement would end the appeal.

Tesla has inked its first deal to build a grid-scale battery power plant in China amid a strained trading relationship between Beijing and Washington.

The U.S. company posted on the Chinese social media service Weibo that the project would be the largest of its kind in China when completed.

Utility-scale battery energy storage systems help electricity grids keep supply and demand in balance. They are increasingly needed to bridge the supply-demand mismatch caused by intermittent energy sources such as solar and wind.

Chinese media outlet Yicai first reported that the deal, worth 4 billion yuan ($556 million), had been signed by Tesla, the local government of Shanghai and financing firm China Kangfu International Leasing, according to the Reuters news agency.

Tesla said its battery factory in Shanghai had produced more than 100 Megapacks — the battery designed for utility-scale deployment — in the first quarter of this year. One Megapack can provide up to 1 megawatt of power for four hours.

“The grid-side energy storage power station is a ‘smart regulator’ for urban electricity, which can flexibly adjust grid resources,” Tesla said on Weibo, according to a Google translation.

This would “effectively solve the pressure of urban power supply and ensure the safe, stable and efficient electricity demand of the city,” it added. “After completion, this project is expected to become the largest grid-side energy storage project in China.”

According to the company’s website, each Megapack retails for just under $1 million in the U.S. Pricing for China was unavailable.

The deal is significant for Tesla, as China’s CATL and carmaker BYD compete with similar products. The two Chinese companies have made significant inroads in battery development and manufacturing, with the former holding about 40% of the global market share.

CATL was also expected to supply battery cells and packs that are used in Tesla’s Megapacks, according to a Reuters news source.

Tesla’s deal with a Chinese local authority is also significant as it comes after U.S. President Donald Trump slapped tariffs on imports from China, straining the geopolitical relationship between the world’s two largest economies.

Tesla Chief Executive Elon Musk was also a close ally of President Trump during the initial stages of the trade war, further complicating the business outlook for U.S. automakers in China.

The demand for grid-scale battery installation, however, is significant in China. In May last year, Beijing set a new target to add nearly 5 gigawatts of battery-powered electricity supply by the end of 2025, bringing the total capacity to 40 gigawatts.

Tesla has also been exporting its Megapacks to Europe and Asia from its Shanghai plant to meet global demand.

Capacity for global battery energy storage systems rose 42 gigawatts in 2023, nearly doubling the total increase in capacity observed in the previous year, according to the International Energy Agency.

— CNBC’s Arjun Kharpal contributed reporting.

Crude oil futures rose more than 1% on Thursday, after Prime Minister Benjamin Netanyahu ordered Israel’s military to intensify attacks against Iran.

U.S. crude oil was last up $1.36, or 1.81%, to $76.50 per barrel by 9:38 a.m. ET, while global benchmark Brent added $1.10, or 1.43%, to $77.80 per barrel. Prices have gained more than 11% over the seven days since Israel began pounding Iran’s nuclear and missile programs.

Follow along for live coverage

Netanyahu ordered Israel’s military to intensify attacks on “strategic targets” in Iran and “government targets” in the country’s capital, Tehran, Israel Defense Minister Israel Katz said in a social media post. The goal of the strikes is to “undermine the ayatollah’s regime,” Katz said.

Israel’s decision to escalate its military operation against the Islamic Republic comes after an Iranian missile reportedly struck a major hospital in the southern city of Beersheba. Katz threatened Iran’s leader Ayatollah Ali Khamenei in the wake of the hospital strike.

Katz said Israel’s military “has been instructed and knows that in order to achieve all of its goals, this man absolutely should not continue to exist,” referring to Khamenei.

President Donald Trump is still considering whether to order a U.S. strike on Iran’s nuclear program. “I may do it, I may not do it, I mean nobody knows what I’m going to do,” Trump told reporters Wednesday.

JPMorgan warned on Wednesday that regime change in a major oil producing country like Iran could have a profound impact on global oil prices. Iran is one of the top producers in OPEC.

“If history serves as a guide, further destabilization of Iran could lead to significantly higher oil prices sustained over extended periods,” Natasha Kaneva, head of global commodities research at JPMorgan, told clients in a note.

Supply losses in the wake of a regime change “are challenging to recover quickly, further supporting elevated prices,” Kaneva said.