GOOGL

An Italian Google engineer has been charged with insider trading after he allegedly made $1.2m betting on prediction markets. The US Justice Department charged 36-year-old Michele Spagnuolo after he allegedly placed bets tied to Google's most-searched list on Polymarket, according to documents unsealed on Wednesday. Spagnuolo made his money betting on long-shot candidates, like musician D4vd, who appeared on Google's most-searched list after it was reported that he was a suspect in the investigation into the death of a teenage girl, according to the ‌complaint.

STORY: Chinese tech giant ByteDance is developing its own central processing units (CPUs) to support its growing AI infrastructure needs, according to three sources.The TikTok-parent's move comes as surging chip prices and prolonged supply shortages constrain its expansion plans.It shows the industry's rapid shift towards autonomous AI models that demand more from CPUs.Working in tandem with the dominant graphics chips made by Nvidia.But it's created a shortage of CPUs in recent months.A growing number of tech companies have concluded the economics of custom chips outweigh the complexity of designing them.Global hyperscalers including Google, Amazon and Microsoft are also developing their own custom CPUs.They aim to reduce costs and tailor to their specific workloads.The first source said Bytedance is targeting deployment of its own CPU in its servers and data centers to support internal operations.That's as it prepares a massive rollout of agent-based products.The Beijing-based company has approached several external partners to assist with the effort, the sources claim.ByteDance did not respond to Reuters' request for comment.

Berkshire Hathaway tripled its stake in Alphabet, a company whose AI chips threaten to take market share from Nvidia GPUs.

The organization found that school-based mental health apps were safer than direct-to-consumer apps.

CNBC brings you fast, accurate, and actionable business news and market updates.

These companies' recent results collectively tell most of the market's overall story right now.

Snowflake skyrockets after Q1 report features acquisition and AWS deal. Google employee faces fraud charges over $1.2M Polymarket bet. Ohio to pause tax incentives for future data centers.

According to the complaint, a Google engineer risked over $2.7 million on wagers related to Google's 2025 Year in Search campaign.