U.S. Steel rallies on new Nippon merger review

Shares of U.S. Steel hit a 52-week high of $45.50 in mid-day trading Tuesday after President Donald Trump on Monday ordered a new national security review of Nippon Steel’s proposed bid to buy U.S. Steel for nearly $15 billion.

President Joe Biden blocked the deal just before leaving office in January and Trump had vowed to do the same in previous months. Late Monday, Trump ordered the Committee on Foreign Investment in the United States to review the transaction “to assist me in determining whether further action in this matter may be appropriate.”

Shares soared 16% Monday and lost some ground Tuesday to finish at $44.05, down 1%.

The confidential review will look for potential national security risks from the proposed deal and the U.S. will give Nippon and U.S. Steel time to respond to any concerns.

CFIUS will have 45 days to submit a recommendation to Trump detailing whether any measures proposed by Nippon and U.S. Steel are sufficient to mitigate identified risks.

Microsoft now most valuable company

Microsoft has overtaken Apple as the world’s most valuable company after losing the top spot last June.

But the circumstances are different from before. Apple claimed the victory last year after the two tech giants jockeyed for the top spot earlier in the year, thanks to surges in their market capitalization value. In June 2024, Apple’s market cap was $3.29 trillion to Microsoft’s $3.24 trillion.

President Donald Trump’s announcement of broad tariffs on all imported goods, with heavier rates levied on certain countries, has wiped out trillions in stock market value. Tech is among the industries that haven’t been spared, with share prices for Apple, Microsoft and others tumbling since Wednesday.

Microsoft’s market cap hit $2.69 trillion to Apple’s $2.67 trillion shortly after 10 a.m. Pacific time. Microsoft closed down almost 1% Tuesday while Apple lost 5%.

Meta sets boundaries for teens on Instagram

Instagram users under 16 won’t be able to livestream or unblur nudity in direct messages they’ve received without parental approval, owner Meta Platforms said Tuesday as it widened its safety measures for teenagers.

The social media company also said it was extending safeguards for users under 18 to Facebook and Messenger.

Meta launched its teen account program for Instagram in September to give parents more options to supervise their children’s online activity amid a growing backlash against how social media affects the lives of young people.

Under the changes, teens under 16 are blocked from using Instagram Live unless parents give permission. They also need permission to “turn off our feature that blurs images containing suspected nudity” in direct messages, Meta said in a blog post.

Justice Dept. backs off of crypto enforcement

The Justice Department is disbanding a team of prosecutors who targeted cryptocurrency crimes and is shifting its focus away from complex crypto-related cases involving banking and securities law, according to a memo reviewed by The Associated Press.

“The Department of Justice is not a digital assets regulator,” Deputy Attorney General Todd Blanche said in a memo sent to prosecutors on Monday.

It’s the latest move by the Trump administration to try to boost the cryptocurrency industry while undoing the Biden administration’s efforts to crack down on wrongdoers. The Trump administration’s effort has included a similar shift in crypto-related enforcement priorities at the Securities and Exchange Commission.

— From news services