PRESS DIGEST- New York Times business news - May 22
May 22 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- Nvidia NVDA.O CEO Jensen Huang said U.S. chip export controls on China have backfired, boosting Chinese firms like Huawei and cutting Nvidia's market share in China from 95% to 50%, while warning that the restrictions may ultimately strengthen global competition against U.S. tech.
- OpenAI is acquiring Jony Ive's A.I. hardware startup IO for $6.5 billion in stock, aiming to create a new generation of A.I.-powered devices beyond smartphones, with Ive's design studio LoveFrom leading product design and integration across OpenAI.
- U.S. President Donald Trump announced that the U.S. is close to brokering a peace deal between Rwanda and the Democratic Republic of Congo, with both nations submitting draft agreements merged by the Trump administration, as fighting continues in eastern Congo and international efforts for a ceasefire persist.
- Laurene Powell Jobs has laid off more than 10% of the staff at Emerson Collective, citing financial pressures and a need for austerity, though some insiders suggest political factors may also be influencing the cuts amid rising scrutiny of liberal non-profits under the Trump administration.
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