Edition, 18 stories.

Evening NOISE, Sep 28

Tech, 17:41, 6 sources.

AMD to acquire World Labs for $8.2 billion in AI push

AMD agreed to acquire San Francisco-based AI lab World Labs in an all-stock deal worth about $8.2 billion expected to close by the end of the year. Co-founder and CEO Fei-Fei Li will become executive vice president and chief scientist reporting to CEO Lisa Su, while the World Labs team continues AI model research including its Marble 3D world generation model. The purchase, AMD's second largest after its Xilinx deal, is aimed at shaping its hardware, software and systems around emerging world models for robotics and other physical AI applications as it competes with Nvidia.

Signal read, tense. Rocky bay. Illustration: NOISE.

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VergeAMD is acquiring AI company World Labs in a deal worth more than $8 billion CNBCAMD acquiring Fei-Fei Li's World Labs AI firm in deal worth $8.2 billion

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Signal read

Tense

Economic strain, global conflict and institutional stress dominate alongside major technology moves.

Sep 22, Tense. Sep 23, Tense. Sep 24, Busy. Sep 25, Busy. Sep 26, Tense. Sep 27, Tense. Sep 28, Tense, latest.

Sep 22Sep 28

Markets	Last	Change
S&P 500 close	7,683.69	-0.77%
Dow close	51,481.51	-0.67%
Nasdaq close	26,820.38	-0.92%
CRWD	259.25	+2.82%
AMZN	246.15	-1.41%
SPCX	145.47	-2.16%

U.S., 5 stories

Washington loosened fuel rules to 34.9 mpg while promising cheaper cars, tightened election defenses against foreign interference, and absorbed an FBI data breach. With the Court down a justice and Ohio tightening, cost and credibility dominate.

15:35 Trump administration cuts fuel economy target to 34.9 mpg by 2031 The Transportation Department finalized new Corporate Average Fuel Economy standards Monday requiring automakers to improve fleet efficiency by up to 1 percent a year to reach 34.9 miles per gallon in model year 2031, down from the Biden-era goal of 50.4 mpg. The rule also ends automaker trading of electric vehicle credits and excludes plug-in vehicles from fleet averages. Administration officials including Transportation Secretary Sean Duffy said the rollback will cut about $1,300 from new car sticker prices, but economists Sue Helper and Ellen Hughes-Cromwick said prices are driven more by larger vehicles, tariffs and high loan rates and warned weaker efficiency will raise fuel costs with gasoline near $4.50 a gallon and leave U.S. automakers less competitive globally.

4 sources

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ArsTrump cuts fuel economy standards back to 2014 levels NPRThe Trump administration weakens fuel efficiency standards for new cars

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17:36 FBI breach exposes employee data despite hackers' pledge not to publish ShinyHunters stole sensitive personal data for potentially tens of thousands of current and former FBI employees and applicants from the FBIJobs.gov portal. The stolen files include home addresses, Social Security numbers, birth dates, spouses and emergency contacts, sensitive unit assignments, TSA PreCheck numbers and medical records, and the FBI told staff Friday it assumes PII for all employees was taken. ShinyHunters said Monday it never planned to publish the data and called the hack a campaign against an FBI advisory, but officials and experts warn employees and families still face threats of harassment, revenge or espionage if the data is sold or shared, while the FBI says it is investigating and holding briefings.

2 sources

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NYTEmbarrassing Breach at F.B.I. Fuels Fears of Harm to Its Employees 404FBI Hackers Say They Won’t Publish Massive Trove of FBI Employee Data

16:13 Alito to sit out Supreme Court climate case against oil companies Supreme Court Justice Samuel Alito will not participate in Suncor Energy (USA) Inc. v. County Commissioners of Boulder County, set for argument on Oct. 5, court clerk Scott Harris told the parties on Monday. The 2018 lawsuit by Boulder city and county officials seeks damages from Exxon Mobil and Suncor Energy for harms allegedly caused by greenhouse gas emissions and asks whether federal law precludes state-law claims; Alito owns stock in ConocoPhillips and Phillips 66 but not in the two defendants and had previously declined to step aside. His absence leaves eight justices to decide a case that could affect dozens of similar state and local lawsuits, with a 4-4 tie leaving in place the Colorado Supreme Court ruling that allowed the case to move toward trial.

2 sources

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CNBCSupreme Court Justice Alito will not participate in big climate change case next week ReutersUS Supreme Court's Alito won't participate in climate case involving oil companies

12:31 Husted incumbency questioned as Ohio Senate race tightens Ohio Sen. Jon Husted is in a tightening re-election race against Democrat Sherrod Brown with many Republican voters unaware Husted is the incumbent and some believing Brown still holds the seat. Husted was appointed two years ago after JD Vance left the Senate to become vice president, while Brown served nearly two decades in the Senate, and a poll last week found nearly a quarter of voters thought Brown was the incumbent as total ad spending neared $400 million, according to AdImpact, with Republicans outspending Democrats by more than $75 million. The result could help determine control of the Senate, and Husted is courting the MAGA base ahead of President Trump's planned campaign visit to Ohio on Saturday while trying to counter anger over high gas prices and data center energy costs.

2 sources

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NYTIn Ohio, a Humbling Question For Senator Jon Husted: Are You the Incumbent?

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15:48 Hegseth directs Pentagon to counter foreign election interference Defense Secretary Pete Hegseth authorized a Sept. 22 memo directing U.S. Cyber Command, defense intelligence agencies and joint operations with the Department of Homeland Security to identify, disrupt and neutralize foreign interference in upcoming elections, Axios reported. The directive builds on President Trump's 2025 election integrity order and follows a similar 2022 effort, but does not send military personnel to polls or authorize seizure of voting machines. It comes as the administration has proposed cuts to election security funding at CISA while expanding federal reviews of past voter rolls and election records.

1 source

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AxiosExclusive: Hegseth directs Defense Dept. to fight foreigners who "meddle" in U.S. elections

World, 4 stories

Moscow plans a 27 percent rise in 2027 defense spending to 17.1 trillion roubles as a Russian drone strike killed two in Kyiv. Washington talks of a swift win over Iran while Seoul protests Kyiv over transferred North Korean soldiers.

16:26 Trump says US will win Iran war very soon Update On Sept. 28 in the Oval Office, President Donald Trump said US officials talked Monday with mediators trying to end the war with Iran and that the US will win very soon. He said it would go pretty quickly one way or the other and that gas prices will tumble after a US win. The prediction comes with US consumer prices higher, as the consumer price index sits at 3.4 percent, up a full point from 2.4 percent in late February.

2 sources

Follow-up to Oil prices jump 4% after Trump rejects Iran Hormuz proposal, September 28

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WSJA U.S. Arm-Twisting Campaign Is Cutting Iran Off From the Rest of the World ReutersTrump says US will win Iran war 'very soon'

16:29 Russia to raise 2027 defence spending 27% to 17.1 trillion roubles Russia plans to spend 17.1 trillion roubles ($202.58 billion) on defence in 2027, up 27% from the 13.5 trillion roubles originally budgeted, according to government documents seen by Reuters. The documents put total defence spending over the next three years at 50 trillion roubles and show the 2026 deficit estimate rising to 3.2% of gross domestic product from 1.6%, with 2026 spending up 13.2% to 48.6 trillion roubles. To cover the gap, the government cut its 2026 oil and gas revenue forecast, raised borrowing plans and proposed new taxes including a windfall levy on metals and mining, with state debt projected to reach 21.7% of GDP in 2027; the draft budget is due in parliament by Oct. 1.

1 source

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ReutersEXCLUSIVE: Russia raises 2027 military spending by 27%, budget documents show

10:57 Seoul summons Ukraine envoy over secret North Korean prisoner transfer South Korea summoned Ukraine's acting ambassador to protest President Volodymyr Zelensky's public announcement that two captured North Korean soldiers had been transferred to South Korea after more than a year of secret negotiations. The soldiers were captured in Russia's Kursk Oblast in early 2025 after fighting alongside Russian forces and had said they wanted to go to South Korea, and President Lee Jae Myung called the disclosure greatly disappointing and said secrecy was needed to protect their families, while Zelensky's office denied any non-disclosure agreement existed. Seoul has demanded an apology for damaging trust as Lee faces domestic criticism, while Kyiv continues to press South Korea for lethal weapons beyond its $100 million non-lethal aid package despite Russian warnings of retaliation.

2 sources

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BBCSeoul summons Ukraine envoy over North Korean prisoner-of-war row

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15:33 Russian drone hits Kyiv National Academy of Sciences, killing two A Russian jet-powered drone struck Ukraine's National Academy of Sciences in central Kyiv just before 1:30 p.m. on Monday, setting the top two floors on fire and forcing staff to crawl from windows and climb down ladders. The attack killed at least two people and injured six in the historic building. It came amid weeks of around-the-clock strikes on the capital with new jet-powered drones that are difficult for Ukrainian air defenses to stop, with another drone hitting a clinic about a mile south less than two hours later.

1 source

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NYTRussian Drone Strikes Ukraine’s Science Academy, Causing Fire in City Center

Business, 3 stories

Bond yields hit their highest since 2007 as oil climbed on fading hopes for a United States Iran deal, pressuring stocks and mortgages. Boeing slipped on certification delay while a $15 billion Iowa steel plan promised distant jobs.

17:24 FAA delays Boeing 737 Max 10 certification over software glitch The Federal Aviation Administration will delay certification of Boeing's 737 Max 10 while it investigates a software glitch Boeing flagged last month. Administrator Bryan Bedford said Monday in Washington, D.C., the agency has not determined whether the issue with vertical navigation guidance during a go-around is a safety-of-flight issue. Boeing had expected approval within weeks for the Max 10, the last uncertified model in its best-selling family originally due for delivery in 2020, and its shares fell nearly 7% Monday.

2 sources

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CNBCBoeing 737 Max 10 certification delayed by software issue, FAA says

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16:31 US bond sell-off deepens as oil prices rise Update US Treasury yields hit their highest levels since 2007 on Monday as fading hopes for a US-Iran deal lifted oil prices and deepened pressure on bonds and stocks. Brent crude rose more than 4 percent to $108.83 a barrel after President Donald Trump rejected Iran's proposal to reopen the Strait of Hormuz, before settling 0.9 percent higher at $105.28, while the 10-year Treasury yield reached 5.27 percent and the S&P 500 closed 0.8 percent lower. The move has pushed US mortgage rates above 7 percent, increased bets on further Federal Reserve rate rises by January, and spread to Britain, France and Italy where government bond yields hit multiyear highs.

2 sources

Follow-up to Oil nears $108 as Hormuz talks stall and Fed raises rates, September 28

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FTBond sell-off deepens as oil prices rise

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17:20 Trump announces plan for $15 billion Iowa steel plant President Donald Trump on Monday announced Mesabi Metallics plans to invest about $15 billion to build a steel plant in Iowa that officials say would be the largest in U.S. history. The project aims to begin production in 2030, with a first phase producing 7.5 million tons per year and supporting up to 6,000 construction jobs before expanding to 10 million tons annually and at least 1,750 permanent jobs, using iron ore from the company's Minnesota mine. The announcement follows Trump's increase of steel import tariffs to 50% and comes weeks before the November midterm elections amid sour views of his handling of the economy.

2 sources

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CNBCTrump announces plan for $15 billion steel plant, would be largest in U.S. history

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Tech, 2 stories

Starship finally hit orbit and dropped 26 Starlink satellites before a shortened splashdown with an engine out and a fiery tipover. Meanwhile Modal Labs is chasing $750 million at $15.75 billion, because AI inference money keeps flowing.

16:52 SpaceX Starship reaches orbit for first time in shortened flight Update SpaceX launched Starship on its 14th flight at 7:48 a.m. CT Monday from Starbase in Boca Chica, Texas, reaching orbit for the first time at about 17,500 mph and 170 miles altitude. The uncrewed vehicle deployed 26 Starlink V3 satellites, while its Super Heavy booster simulated a landing in the Gulf of Mexico. After one of six engines failed during ascent, flight controllers proceeded to orbit and then shortened the planned 10-hour, six-orbit flight to about three hours, splashing down north of Hawaii where the vehicle tipped over and caught fire. The milestone advances SpaceX's push to certify fully reusable Starship for satellite launches and NASA's Artemis moon missions, with the next vehicle potentially returning to the launch pad for a catch later this year or early next year.

2 sources

Follow-up to SpaceX to attempt first Starship orbital flight from Texas, September 28

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NPRSpaceX's Starship launches on first orbital mission from Texas APSpaceX’s supersized Starship launches into orbit for the first time but flight ends early

17:29 Modal Labs nears $750M round at $15.75B valuation Modal Labs is nearing a $750 million funding round led by Accel at a $15.75 billion valuation including the investment, according to a source with knowledge of the funding. The round would more than triple the New York company's $4.65 billion valuation from its $355 million raise four months ago, after it surpassed $300 million in annualized revenue in May, Reuters reported. The jump reflects growing demand for AI inference work, with Baseten nearing funding at a $26 billion valuation, Bloomberg reported, while Fireworks and Fal have discussed new rounds, according to The Information.

1 source

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TCSource: Inference provider Modal Labs closing in on $750M round at $15.75B valuation

Sports, 3 stories

The Clippers opened camp apologizing for Kawhi Leonard cap circumvention that cost picks, cash and suspensions. Elsewhere Justin Jefferson nurses an ankle sprain and Karl-Anthony Towns wants to stay with the champion Knicks.

15:52 Clippers apologize to fans after Leonard salary cap penalties The LA Clippers opened media day in Los Angeles on Monday with an apology to fans as the team begins serving NBA penalties for salary cap circumvention involving Kawhi Leonard. Interim president of basketball operations Trent Redden said the organization is working to regain fan trust while owner Steve Ballmer serves a yearlong suspension, executives Lawrence Frank and Gillian Zucker also serve suspensions and the team pays a $30 million fine and forfeits five first-round picks, with Los Angeles lawyer John S. Gibson acting as interim governor. The penalties followed findings that the Clippers arranged endorsement opportunities for Leonard, who was traded to the Toronto Raptors earlier this month for Brandon Ingram, Gradey Dick and draft assets, and Ingram will miss the start of the season after May surgery on his right heel and partially torn Achilles tendon as coach Ty Lue leads a rebuilding roster.

1 source

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ESPNClippers apologize to fans, vow to move past Leonard investigation

15:50 Justin Jefferson has ankle sprain, may play Sunday against Dolphins Minnesota Vikings star receiver Justin Jefferson has a left ankle sprain after an MRI on Monday, with a chance to play Sunday against the visiting Miami Dolphins. Jefferson was hurt on a 10-yard screen with 11:07 left in the first quarter of Sunday's 23-16 win at the Tampa Bay Buccaneers and did not return as Minnesota improved to 3-0. Coach Kevin O'Connell said Jefferson avoided anything long term and his status will depend on reducing swelling and his practice progress, leaving the Vikings offense uncertain after it managed seven first downs and one offensive touchdown without him.

1 source

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ESPNVikings' Justin Jefferson has ankle sprain, could play this week

13:58 Towns wants extension to stay with champion Knicks Karl-Anthony Towns said Monday at media day in Tarrytown, New York, that he wants a contract extension to remain with the New York Knicks as they defend their NBA title. The six-time All-Star, who turns 31 in November, is eligible for a four-year deal worth over $276 million, is due $57 million this season and holds a $61.1 million player option for next season after averaging 15.9 points, 10.6 rebounds and 4.9 assists in the run to a five-game Finals win over San Antonio that ended a 53-year drought. No deal is expected before the season starts, leaving his future tied to the Knicks effort to keep their championship core together below the second apron after losing Mitchell Robinson to Boston, with starter Josh Hart also eligible for an extension.

1 source

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ESPNKarl-Anthony Towns wants extension to stay with Knicks