Biden to further limit U.S. chip exports

President Joe Biden’s administration plans one additional round of restrictions on the export of artificial intelligence chips from the likes of Nvidia just days before leaving office, a final push in his effort to keep advanced technologies out of the hands of China and Russia.

The U.S. wants to curb the sale of AI chips used in data centers on both a country and company basis, with the goal of concentrating AI development in friendly nations and getting businesses around the world to align with American standards, according to people familiar with the matter.

The result would be an expansion of semiconductor caps to most of the world — an attempt to control the spread of AI technology at a time of soaring demand. The regulations, which could be issued as soon as Friday, would create three tiers of chip trade restrictions, said the people, who asked not to be identified because the discussions are private.

At the top level, a small number of U.S. allies would maintain essentially unmitigated access to American chips. A group of adversaries, meanwhile, would be effectively blocked from importing the semiconductors. And the vast majority of the world would face limits on the total computing power that can go to one country.

J&J buys Intra-Cellular in $14.6b deal

Johnson & Johnson will spend more than $14 billion to delve further into the treatment of central nervous system disorders by purchasing Intra-Cellular Therapies Inc.

The health care giant said Monday that it will pay $132 in cash for each share of Intra-Cellular. That represents a 39% premium to Intra-Cellular’s closing price of $94.87 on Friday.

Intra-Cellular Therapies makes Caplyta, a once-daily pill for treating adults with schizophrenia and depression tied to bipolar disorder. The drug brought in $175 million in last year’s third quarter as total prescriptions increased 38%.

Intra-Cellular said last fall it was expanding its sales force to target growth opportunities with primary care doctors. The company is also seeking U.S. Food and Drug Administration approval to use the drug as supplemental treatment for adults with major depressive disorder.

Supreme Court rebuffs oil, gas appeal

The Supreme Court said Monday it won’t hear an appeal from oil and gas companies trying to block lawsuits seeking to hold the industry liable for billions of dollars in damage linked to climate change.

The order allows the city of Honolulu’s lawsuit against oil and gas companies to proceed. The city’s chief resilience officer, Ben Sullivan, said it’s a significant decision that will protect “taxpayers and communities from the immense costs and consequences of the climate crisis caused by the defendants’ misconduct.”

The industry has faced a series of cases alleging it deceived the public about how fossil fuels contribute to climate change. Governments in states including California, Colorado and New Jersey are seeking billions of dollars in damages from things like wildfires, rising sea levels and severe storms. The lawsuits come during a wave of legal actions in the U.S. and worldwide seeking to leverage action on climate change through the courts.

The oil and gas companies appealed to the Supreme Court after Hawaii’s highest court allowed the lawsuit to proceed. The companies include Sunoco, Shell, Chevron, Exxon Mobil and BP, many of which are headquartered in Texas.

Compiled from Bloomberg and Associated Press reports.