Good morning, CFOs. New Trump administration tariffs may hit canned foods; LVMH is using AI to navigate a slowdown in luxury goods; plus, a rally in chip stocks helps lift major indexes.

Soup, black beans and ​s​liced pineapple could all soon become more expensive because of one particular reason: their cans.

Cans used for food require tin-coated, ultrathin sheet steel made from molten iron. Not much is produced in the U.S., where domestic producers have been scaling back production for years.

The Trump administration’s new 50% duty on imported steel could increase store prices for items in steel cans by 9% to 15%, according to the Consumer Brands Association, a trade group whose members include Campbell’s, Hormel Foods and Del Monte Foods. At that rate, the price of a can of vegetables costing $2 could increase by 18 cents to 30 cents.

“The American consumer is going to pay more for their cans,” said Dan Dietrich, vice president for strategy at Trivium Packaging.

📆 Earnings

• Academy Sports & Outdoors
• Dave & Buster's Entertainment
• GameStop
• J.M. Smucker

📈 Economic Indicators

The National Federation of Independent Business releases its Small Business Optimism Index for May.

LVMH said artificial intelligence and agents will be key to navigating a broad slowdown and waning consumer demand in the luxury goods segment.

Over the past four years, the conglomerate has worked with Google Cloud to build a central data platform, housing data from its 75 brands, known as maisons. It’s now applying predictive AI, generative AI and agents in areas like supply chain planning, pricing, product design, marketing and personalization, all with the goal of maintaining and growing market share and improving operational efficiency.

“The market is becoming tougher for everyone,” said LVMH Group IT and Technology Director Franck Le Moal.

📰 Other headlines

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• IBM Has a Roadmap to a ‘Fault-Tolerant’ Quantum Computer by 2029
• GOP Senators’ Competing Demands Risk Pulling Trump Megabill Apart
• The Climate Industry Is Pitting Nature Against Tech. These Researchers Say That’s Wrong.

Roblox, the San Mateo, Calif.-based immersive gaming company, named Naveen Chopra as its chief financial officer, effective June 30. Chopra, the finance chief at Paramount Global, succeeds Michael Guthrie, who last year announced plans to step down as CFO to pursue personal interests. Guthrie will serve as a consultant to ensure a smooth transition, Roblox said. Chopra previously held top finance roles at Amazon's devices and services business, Pandora and Tivo, Roblox said. At Paramount, Andrew Warren, who has been strategic adviser to the office of the chief executive, will step in as finance chief on an interim basis upon Chopra's departure, effective June 27, the entertainment company said.

Symbotic, the Wilmington, Mass.-based AI and robotics company, said Izzy Martins will become chief financial officer on Aug. 9, and join the company as CFO-designate on July 1. Martins will succeed Carol Hibbard, who is departing to explore other opportunities, the company said. Hibbard will remain with the company through the end of 2025 to assist with the transition. Martins most recently was CFO at Avis Budget Group, and previously was Avis Budget Group's EVP Americas.

ACI Worldwide, the Elkhorn, Neb.-based payments technology company, names Robert Leibrock as its next chief financial officer, effective July 1. Leibrock joins the company from IBM's Red Hat unit, where he currently serves as senior vice president and chief operating and financial officer, ACI said. ACI last month said Scott Behrens, who has been finance chief since March 2008, is retiring.

—Kelly Cloonan, Stephen Nakrosis and Colin Kellaher contributed to today’s Ledger.

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