Good morning. It's shaping up to be a cyber summer, both on the frontlines of commerce as a spate of attacks hit retailers and back in Washington where Congress considers cuts to key cybersecurity programs.

Retail is getting hit. North Face and Cartier in recent days told customers that their names and email addresses had been stolen, the WSJ's Suzanne Kapner reports. Another cyber intrusion prompted Victoria’s Secret to shut down its website for three days and postpone its quarterly earnings announcement.

U.K. retailers Harrods, Marks & Spencer and Co-op also reported cyber intrusions in recent months.

Meanwhile, Back in D.C. Congress is weighing a proposed federal budget that calls for slashing the Cybersecurity and Infrastructure Security Agency's budget by $495 million to $2.38 billion. Some of the steepest cuts are directed at CISA's outreach programs, which facilitates liaison with public and private sector partners, WSJ's James Rundle reports

Roughly 1,000 people have left CISA over the last several months, Axios reports, citing a former government official. 

Major automakers are racing to find workarounds to China’s stranglehold on rare-earth magnets, which they fear could force them to shut down some car production within weeks, WSJ reports. Several vehicle makers—and their suppliers—are considering shifting some auto-parts manufacturing to China to avoid looming factory shutdowns.

Rare-earths allow electric-vehicle motors to function at high speed. They are also used in windshield wipers and headlights, among other functions.

👉China was supposed to have eased export controls on rare-earth magnets as part of a 90-day tariff truce agreement with the White House, but the country has slow walked license approvals for magnets.

Baidu’s Apollo Go, WeRide and Pony AI—the “Big Three” of China’s autonomous driving scene–have announced plans to expand in the Middle East, WSJ reports. Saudi Arabia aims to have autonomous vehicles powering 15% of public transport by 2030, while Dubai and Abu Dhabi have similar targets.

Jensen Huang described the chip Nvidia designed for Nintendo’s Switch 2 “unlike anything we’ve built before,” CNBC reports. The video gaming company’s first new console in eight years is available this week.

Hewlett Packard Enterprise tightened its full-year outlook, citing improved visibility into market conditions and a stabilizing demand environment, WSJ reports.

CrowdStrike swung to a loss in the fiscal first quarter as the costs of its outage last summer continue to weigh on results, WSJ reports. The cybersecurity company on Tuesday posted a loss of $110.2 million, in the quarter ended April 30, compared with a profit of $42.8 million a year earlier. 

The average savings rate in 401(k) plans rose to a record high 14.3% of income in the first three months of this year, according to a Fidelity Investments analysis of the millions of accounts it manages. (WSJ)

A rising number of lawsuits accuse household brands of misleading consumers when they said their products were made in the United States. (WSJ)

The North Korean warship that capsized last month during a botched launch has returned to an upright position, satellite imagery shows. (WSJ)

Former White House cost-cutting czar Elon Musk called President Trump’s “big, beautiful” tax and spending package a “disgusting abomination.” (WSJ)

The WSJ CIO Journal Team is Steven Rosenbush, Isabelle Bousquette and Belle Lin.

The editor, Tom Loftus, can be reached at thomas.loftus@wsj.com.