Good morning. Nvidia Chief Executive Jensen Huang said U.S. export controls limiting the sale of advanced chips to China were a failure, contending they have galvanized Beijing to push ahead faster with its own artificial-intelligence technologies.

Nvidia has over the past four years lost market share to Chinese competitors because of the restrictions, Huang said.

“The local companies are very talented and very determined, and the export controls give them the spirit, energy and the government support to accelerate their development,” Huang said Wednesday in Taipei, where he is attending an industry conference.

The Biden administration introduced a series of measures crimping the ability of U.S. companies to sell cutting-edge chips, chip-related equipment and technologies to China over national-security concerns. The curbs have particularly affected Nvidia, the leader in chips for AI applications. Many remain in place under President Trump.

“I think all along the export control was a failure,” Huang said.

Boeing’s internal safety plan: Make problems easier to report.

Boeing is out to prove it can police itself. The jet maker said it has overhauled two flawed-but-critical internal systems in which employees flag potential safety issues and manufacturing problems.

The changes are part of Boeing’s response to last year’s near-catastrophic fuselage panel blowout on an Alaska Airlines flight. The company has said it aims to change a culture that employees, regulators and Boeing’s own executives say has historically discouraged employees from flagging problems.

Audit watchdog created after Enron might be dismantled, but its defenders are dueling with the GOP.

Former audit regulators, academics and investors are making a push to fight the proposed elimination of the Public Company Accounting Oversight Board, which a Republican-led Congress could vote to approve as part of the broader tax bill now under consideration.

Congress created the PCAOB in 2002 to boost financial oversight in the wake of the Enron and WorldCom accounting scandals. But its fate now hangs in the balance as GOP lawmakers target a July 4 bill signing by President Trump.

• The Securities and Exchange Commission sued Unicoin, a flashy crypto startup, alleging that the company and its executives misled investors while raising more than $100 million to launch a digital token that it touted as safe, stable and backed by real-world assets.
   
• A new EU proposal would require all member states to establish foreign direct investment screening mechanisms and harmonize national rules to improve security oversight.
   
• Christian Dior said it agreed to a number of commitments to improve transparency and oversight of its supply chain, settling an investigation from Italian antitrust officials into labor practices. 
   
• Phillips 66 and Elliott Investment Management split a heated boardroom battle that culminated Wednesday, with the activist winning two of the four seats it wanted on the oil refiner’s board.
   
• Some small Chinese companies are betting President Trump’s memecoin will help them save their shares from losing a place on U.S. exchanges. The moves demonstrate how Trump’s embrace of crypto has unlocked new avenues for companies and investors to profit from his brand.

Target’s sales dented by DEI boycott.

Target’s troubles are mounting. The retail company said a laundry list of problems dragged down its quarterly sales, including a boycott by shoppers who disagreed with its decision this year to end some diversity programs.

Target once was among the most outspoken corporate supporters of Black and LGBTQ rights. But in January the retailer ended its workforce and supplier diversity programs, after paring back its LGBTQ-themed merchandise in 2023.

Israeli troops fire warning shots near diplomats touring the West Bank.

Israeli soldiers fired warning shots near a large group of diplomats from Europe, the Middle East and Asia who were touring the West Bank city of Jenin, sparking criticism from participating countries at a time when Israel faces growing pressure to end the war in Gaza.

Video from the incident showed diplomats, their staff and Palestinian Authority personnel running for cover and into their vehicles amid the shooting. They were near the entrance to Jenin’s refugee camp, where Israeli forces have been carrying out a monthslong operation that has emptied the area of its residents.

• An Exhausted Israeli Public Turns Against War in Gaza
• Two Israeli Embassy Staffers Killed in Shooting Near Jewish Museum in Washington
• Killing of Embassy Staffers Stokes Israeli Fears of Increasingly Hostile World

• On a call Monday, President Trump told European leaders that Russian President Vladimir Putin isn’t ready to end the Ukraine war because he thinks he is winning, according to three people familiar with the conversation.
   
• South African President Cyril Ramaphosa came to Washington seeking what he called a reset in relations with the U.S. But his meeting with President Trump in the Oval Office on Wednesday devolved into a tense exchange over perceived threats to white farmers in South Africa.
   
• U.K. inflation rose further above the Bank of England’s target in April.
   
• Consumer confidence in the U.K. picked up this month as the outlook for trade improved and data showed the economy grew more than expected at the start of the year, according to a monthly survey.

• The Republican-led House passed President Trump’s sprawling tax-and-spending bill early Thursday, after party leaders made a series of last-minute changes that united their warring wings.
   
• Bloomberg’s financial terminals, an essential tool for many professional investors, suffered an outage early Wednesday, disrupting trading and some offerings of government bonds.
   
• The Pentagon said Wednesday that it had formally accepted a donated $400 million luxury airliner from Qatar that President Trump has said will serve as Air Force One.
   
• Jony Ive, a chief architect of the iPhone, and his design firm are taking over creative and design control at OpenAI.
   
• The Justice Department has opened a criminal investigation into Andrew Cuomo, a top Democratic contender in the New York City mayoral race, in response to a referral from House Republicans who accused the former governor of lying to Congress about his actions during the Covid-19 outbreak.

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