CNBC

U.S. importers are being notified of an increase in canceled sailings by freight ships out of China as ocean carriers try to balance the pullback in orders resulting from President Trump's tariffs and the escalation of tensions in the trade war. A total of 80 blank, or canceled, sailings out of China have been recorded by freight company HLS Group. It wrote in a recent note to clients that with the trade war between China and the U.S. leading to a demand plummet, carriers have started to suspend or adjust transpacific services. Major ocean freight alliance ONE has "suspended until further notice" a route it had previously been planning to bring back in May, which would include ports of Qingdao, Ningbo, Shanghai, Pusan, Vancouver, and Tacoma. Meanwhile, an existing route is planning to cancel its port call at Wilmington, North Carolina.

The countdown to graduation is on for the class of 2025. For college graduates, that means it's time to decide what's next and that includes where to live — should they stay local? Move back home? Or head to an entirely new city in search of more opportunity? A new report from Apartment Advisor might help new grads better make a decision. The report, released in April, evaluated and ranked 98 cities to determine the best places for recent college grads. Apartment Advisor gave each one a final score based on the following categories:

[The stream is slated to start at 1:30 p.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chair Jerome Powell speaks Wednesday afternoon at the Economic Club of Chicago, delivering policy remarks with markets on edge over the effect of President Donald Trump's tariffs. The appearance will be the last public speech Powell delivers before the central bank's rate-setting Federal Open Market Committee meets May 6-7. Markets widely expect the FOMC to keep its key overnight borrowing rate unchanged in a range between 4.25% and 4.50%.

The federal lawsuit makes California the first state to challenge the Trump administration over its wide-ranging tariff plans. cnb.cx/4lvDQ6C

Technology stocks declined Wednesday, as the chipmaking sector signaled that President Trump’s sweeping tariff plans could hamper demand and growth. Nvidia revealed in a filing Tuesday that it will take a $5.5 billion charge tied to exporting its H20 graphics processing units to China and other countries and said the government will require a license to ship the chips there and other destinations. CNBC's Kristina Partsinevelos reports. Read more: cnb.cx/3Yu4LWv

A federal judge found probable cause to hold the Trump administration in criminal contempt for defying a court order in a high-profile deportation case: cnb.cx/4lzY8fn

OpenAI has released its latest artificial intelligence model, which it said is capable of “thinking with images,” meaning it can understand and analyze a user’s sketches and diagrams, even if they’re low quality. The main new reasoning model from OpenAI is called o3, and the company simultaneously released a smaller model dubbed o4-mini. The rollout follows the September debut of OpenAI’s first reasoning model, o1, which focused on solving complex problems and deliberating over its answers in multiple steps.

OpenAI has released its latest artificial intelligence model, which it said is capable of "thinking with images," meaning it can understand and analyze a user's sketches and diagrams, even if they're low quality. The main new reasoning model from OpenAI is called o3, and the company simultaneously released a smaller model dubbed o4-mini. The rollout follows the September debut of OpenAI's first reasoning model, o1, which focused on solving complex problems and deliberating over its answers in multiple steps. With o3, users can upload whiteboards, sketches and other images and have the AI analyze and discuss them. The models can also rotate, zoom and use other image-editing tools.

FarmboxRx might be Ashley Tyrner-Dolce's brainchild, but bringing the company to life wasn't a one-woman show. Tyrner-Dolce founded her New York-based food subscription service in 2014 after struggling to find and afford fresh fruits and vegetables as a young, single mom. Her company partners with health insurance agencies to send low-income Americans healthy groceries at a low-to-no out-of-pocket cost, and brought in roughly $55 million in annual revenue as recently as 2023, according to a company spokesperson. FarmboxRx has been consistently profitable since 2022, the spokesperson adds.

Scale AI is working with Qatar to develop artificial intelligence tools for education, civil service, contact centers, tourism, health care and transportation in the Middle Eastern nation, according to a list viewed by CNBC. The five-year deal will include creating an AI personalized learning platform and AI teacher assistant for some schools within the country. But the details could change. Scale AI, which provides training data to key AI players like OpenAI, Google, Microsoft and Meta, expects revenue to more than double in 2025 to about $2 billion, up from about $870 million in 2024, according to a person familiar with the matter, who asked not to be named because the financials are confidential.