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From the BBC World Service: With global demand high for the most advanced tech chips, the South Korean government plans to boost its sector with more than $7 billion investment. We’ll discuss where the funding is likely to be funneled and paint a picture of the U.S.-China tensions over chips that it butts up against. Also, the Russian army is hiring Cuban nationals for its war efforts against Ukraine.

Early in the pandemic, many big tech companies based in Silicon Valley exited California, fleeing the high overhead necessary to do business there. One city — Austin, Texas — was consistently tagged as the top destination. The Texas capital offered lower costs, especially in regard to housing and taxes. Another draw for companies: the state’s more lax approach to regulation. Well, after a massive influx, the “Texas miracle,” with Austin at its epicenter, is losing some of its luster. In recent weeks, Tesla, which moved its headquarters from Silicon Valley to Austin in 2020, announced it’s laying off 2,700 workers there. And software giant Oracle, which relocated to Austin at about the same time, is moving its headquarters again, this time to Nashville, Tennessee. Last week, at the Milken Institute Global Conference in Los Angeles, Marketplace’s Lily Jamali asked Austin Mayor Kirk Watson about the state of tech in his city.

 

The latest survey data from the University of Michigan shows consumer sentiment in the U.S. is at a six-month low. We’ll unpack the numbers and get into what they can and can’t tell us about what’s really going on in the economy. And, a plan to split up U.S. Cellular between T-Mobile and Verizon is in the works. It’s part of a larger fiasco brewing at the Federal Communications Commission. Plus, we’ll play a round of Half Full / Half Empty!



Here’s everything we talked about today:


Consumer Sentiment Index from the University of Michigan




“T-Mobile, Verizon in Talks to Carve Up U.S. Cellular” from The Wall Street Journal




“A solar storm could produce northern lights in US” from AP News




“Apple is revamping Siri with generative AI to catch up with chatbot competitors, report says” from Business Insider




“Millions more Americans travel to bird-watch. Texas businesses are cashing in.” from Marketplace




“McDonald’s Will Offer a $5 Meal Deal to Lure Customers Back Into Stores” from Yahoo Finance




“Bluey Is Back! Disney Announces Collection of New ‘Minisodes’ Are Coming Soon” from People





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Commerce Secretary Gina Raimondo wants to position the U.S. to become a leader in semiconductor manufacturing. After all, the U.S. invented the industry not so long ago. The Biden administration has invested $30 billion in new factories, and companies have thrown in 10 times that sum. In this episode, Raimondo tells “Marketplace” host Kai Ryssdal where she hopes U.S. chip production will be by 2030. Plus, her broadband expansion plan and how she views our trade relationship with China.

 

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Stocks close mixed; consumers worried that unemployment could rise; Biden Administration reportedly planning EV tariffs; Ford reportedly cuts back on battery orders.

A number of officials said rate cuts are possible, even as uncertainty remains over timing; investors poured money into global equities amid easing rate cut concerns; Target to limit some Pride displays after backlash.