President Donald Trump abruptly canceled an event on Thursday just hours before he was scheduled to sign an executive order granting the government the power to test frontier AI models before their public release. As The New York Times explained, Trump had been hoping that top executives from leading AI firms would attend the signing. He decided to pull the plug after learning that some CEOs couldn't make the event. That made Trump unhappy, even though he'd only given them 24 hours' notice.

Other AI executives who quickly rearranged their schedules to go "were midair on their way to the Oval Office" when they found out that the trip was for nothing. Reporting from Semafor indicated that OpenAI "supported" the signing. However, xAI founder Elon Musk and Meta CEO Mark Zuckerberg reportedly helped "derail" the executive order, supposedly urging Trump to "call it off."

Additionally, Trump's former AI advisor David Sacks—whose special government employee designation expired in March, The Information noted—joined the push to delay the signing, Semafor reported. The executive order would have required companies developing advanced AI models to submit them for government safety testing before public release.

The cancellation highlights the ongoing tension between the Trump administration and major AI firms over regulation. The White House did not immediately comment on whether the executive order would be rescheduled. Some industry observers noted that the short notice for the event may have contributed to the low attendance.

OpenAI had expressed support for the executive order, according to Semafor. The company has previously advocated for government oversight of AI development. In contrast, Musk and Zuckerberg have been more critical of regulatory efforts, with Musk warning about AI risks but opposing certain government controls.

The event's cancellation leaves the status of the executive order uncertain. It remains unclear if Trump will attempt to sign it at a later date or if the opposition from key industry figures will permanently shelve the initiative. The White House has not released a revised schedule for the signing.

Iran has reported the destruction of 24 MQ-9 Reaper unmanned aerial vehicles throughout the ongoing conflict. The announcement was made by Iranian military officials, who stated that the drones were shot down using domestically developed air defense systems. Each MQ-9 Reaper is valued at around $30 million, bringing the total estimated cost of the downed drones to nearly $1 billion.

The MQ-9 Reaper, manufactured by General Atomics, is a remotely piloted aircraft used primarily for surveillance and precision strikes. It can carry up to four Hellfire missiles and has a flight endurance of over 24 hours. The drone is a key asset for the US military and its allies in various theaters of operation.

Iranian state media broadcast footage claiming to show the wreckage of several drones, though independent verification of the claims has not been possible. The US Department of Defense has not officially commented on the reported losses. Analysts suggest that if confirmed, this would represent a significant setback for US aerial operations in the region.

The downing of the drones is part of a broader pattern of confrontations between Iranian forces and US-operated aircraft. In recent years, Iran has invested heavily in electronic warfare and air defense capabilities, including systems that can target low-observable drones. Tehran has also claimed to have captured and reverse-engineered several US drones in the past.

The conflict has seen increased use of drones by both sides. The US has deployed MQ-9 Reapers for intelligence gathering and targeted strikes against Iranian-backed militias. Iran has employed its own fleet of drones for reconnaissance and attack missions, as well as for targeting enemy assets.

Military experts note that the loss of 24 Reapers would be unprecedented in a single conflict. The US Air Force operates approximately 300 MQ-9s globally. The reported losses could strain US drone operations in the region and prompt a reassessment of tactics and air defense suppression strategies.

Iran's announcement comes amid heightened tensions with the US and its allies. The Islamic Revolutionary Guard Corps has claimed responsibility for the drone downings, stating that they were carried out in defense of Iranian airspace. The US has not confirmed the claims but has acknowledged the loss of some drones due to technical issues or hostile fire.

The financial impact of the reported losses is substantial. Each MQ-9 Reaper costs about $30 million, not including the cost of sensors, weapons, and support equipment. The total replacement cost for 24 drones would exceed $720 million, with additional costs for training and logistics.

Iranian officials have stated that the downed drones were intercepted using a combination of electronic jamming and surface-to-air missiles. They have released images of what they claim are the wreckage of several MQ-9s, though the authenticity of the footage has been questioned. The US has not provided a counter-narrative, leaving the claims unverified.

The reported destruction of 24 MQ-9 Reapers, if accurate, would mark a significant escalation in the conflict and a major blow to US aerial capabilities. The US military has not issued an official statement regarding the claims, and independent verification remains elusive.

Nvidia announced record quarterly revenue of $81.6 billion on Wednesday, exceeding analyst forecasts as demand for its artificial intelligence hardware continues to surge. The chipmaker's data center business, which includes its H100 and Blackwell GPU lines, generated $71.2 billion in revenue, a 93% increase compared to the same period last year. Nvidia's gaming segment contributed $3.2 billion, up 15% year-over-year, while professional visualization and automotive divisions posted modest gains.

Chief Executive Jensen Huang attributed the results to an "accelerating" shift toward AI computing, with enterprises and cloud providers investing heavily in Nvidia's chips to train and deploy large language models. "The world is moving from general-purpose computing to accelerated computing," Huang said in a statement. "Nvidia is at the center of this transformation."

The company's net income for the quarter reached $37.4 billion, or $1.51 per diluted share, compared to $12.3 billion, or $0.49 per share, a year earlier. Gross margin expanded to 73.5% from 64.6% in the prior-year quarter, reflecting higher average selling prices for its data center products.

Nvidia's Blackwell architecture, which began shipping in volume during the quarter, contributed to the revenue surge. The company said demand for Blackwell-based systems remains "extraordinary," with supply constraints expected to persist through the first half of fiscal 2026. Nvidia also noted that its networking business, including InfiniBand and Ethernet switches, grew 50% year-over-year to $4.1 billion.

For the current quarter, Nvidia forecast revenue of $89 billion, plus or minus 2%, above the average analyst estimate of $82.5 billion. The company expects continued growth in data center spending as AI adoption broadens beyond hyperscalers to enterprise and government customers.

Nvidia's board authorized a $50 billion share buyback program, signaling confidence in the company's financial outlook. The company also declared a quarterly cash dividend of $0.01 per share, payable on March 28, 2025.

Shares of Nvidia rose 3.5% in after-hours trading following the earnings release. The stock has gained more than 140% over the past 12 months, making Nvidia one of the most valuable companies in the world with a market capitalization exceeding $3 trillion.

"The next wave of AI is industrial robotics and autonomous systems," Huang said during the earnings call. "We are seeing early adoption in manufacturing, healthcare, and energy, which will drive demand for years to come."

SpaceX submitted its initial public offering paperwork on Wednesday, ending years of speculation about when the company would go public. The filing, made public by the Securities and Exchange Commission, offers the first detailed look at the company's finances and strategic priorities under Elon Musk.

The document reveals that SpaceX has allocated $4 billion toward artificial intelligence initiatives, a figure that surprised many analysts. This investment covers AI systems for rocket guidance, satellite operations, and autonomous manufacturing processes. The company has been developing machine learning models to improve launch reliability and reduce costs.

SpaceX's revenue reached $8.7 billion in the last fiscal year, driven primarily by Starlink satellite internet subscriptions and commercial launch contracts. However, the filing shows the company posted a net loss of $1.2 billion, largely due to R&D spending on Starship and AI projects. Operating expenses climbed 40% year-over-year.

The IPO is expected to raise up to $10 billion, with shares priced between $55 and $65. The offering will list on the Nasdaq under the ticker SPCE. Goldman Sachs and Morgan Stanley are leading the underwriting syndicate.

Musk's AI bet comes as SpaceX faces increasing competition from rivals like Blue Origin and United Launch Alliance. The company has been testing AI-powered landing systems for its Falcon 9 boosters, achieving a 95% success rate on recent missions. The technology is also being applied to Starlink's network optimization.

SpaceX plans to use IPO proceeds to accelerate Starship development and expand Starlink's satellite constellation. The filing notes that AI investments will focus on autonomous flight control and predictive maintenance for the Starship program. The company aims to reduce per-launch costs by 30% through these technologies.

Institutional investors have already expressed strong interest, with pre-IPO orders exceeding $6 billion. The offering is expected to close by mid-December. Current SpaceX employees hold approximately 15% of the company's shares, which could be sold during the IPO.

SpaceX's board approved the IPO in a unanimous vote last month. The company stated in the filing that it intends to maintain its headquarters in Hawthorne, California, and continue operations under Musk's leadership. The offering prospectus includes a risk factor noting that AI investments may not yield expected returns.