CNBC’s Deirdre Bosa joins 'Money Movers' to report on Meta naming former banker and Trump advisor Dina Powell McCormick as its new president.

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

Meta has appointed Dina Powell McCormick, a former Goldman Sachs executive and Trump administration adviser, as its new president. This move comes as Meta significantly increases its infrastructure spending to support its artificial intelligence initiatives, diverging from its previous asset-light model.

Powell McCormick's extensive background in finance and government is expected to help Meta manage the complexities and risks of large-scale capital projects. The appointment highlights a strategic contrast with competitors like Apple, which is opting for partnerships over heavy infrastructure investment in the AI space.

Meta hires banker for its AI bet

The president, with some praise from Meta today, as the tech giant names former banker and Trump adviser Dina Powell McCormick as its new president. Trump posted on social media, it's a great choice by Mark Z, calling Powell McCormick a fantastic and very talented person. Our dear Durbosa has more in today's Tech Check. Morning, Dee. Hey, good morning, Carl. So let me first get to the finance side of this. Meta is now spending far more aggressively on infrastructure relative to its revenue than any of the hyperscalers and also way ahead of the S&P tech median. That is a major shift. This used to be a high margin asset like company, but now the cost structure, it looks closer to a hyperscaler, but without the cloud revenue to actually offset it. And that's where Dina Powell McCormick comes in. She can help execute on the scale of that buildup and she can structure it as Meta pushes more off of its own balance sheet through joint ventures, SPVs, long dated operating leases. Now, this all raises execution risk. And Powell McCormick's background is exactly where Meta's new bottlenecks are. She spent 16 years at Goldman Sachs, where she ran sovereign and strategic investment relationships, then nearly a decade at a merchant bank in Chicago, and she served as deputy of national security advisor for strategy under President Trump, hence that post. Now, she can structure large pools of capital. She can work with governments and clear the political paths for projects of the size that Meta is looking at. You guys just talked about that with Oklo. Now, this makes sense for Meta because it has decided to own the infrastructure problem. But we must note that not everyone is making that choice, like Apple, which this morning picked Google's Gemini to run its AI powered series that's coming later this year. This sets up a clear contrast in mega cap strategy. Apple is opting out of the most capital intensive part of the race, while Meta is pushing deeper and the former has played out a lot better in markets over the last six months. In other words, they're rewarding the giants that can plug into AI capability without reshaping their entire cross structure like Meta is best performing. Of course, we've talked a lot about Google. It hit four trillion dollars in market cap this morning. It is spending two, of course, but it has clearer paths to return like world class models and now a major new revenue stream from Apple to power its AI. Meta still has to prove that it can turn all of its spend, which is relatively a lot higher Talent spend, too, by the way, into something that is more incremental than just ad gains, guys.

Malaysia and Indonesia have become the first countries to block Grok, the artificial intelligence chatbot developed by Elon Musk's company xAI, amid concerns that it is being misused to generate sexually explicit and nonconsensual images.

Malaysia and Indonesia block Musk’s Grok over sexualized AI images

India's Prime Minister Narendra Modi has welcomed German Chancellor Friedrich Merz, who is on a two-day visit. Merz is traveling with a large business delegation as Germany seeks to deepen economic and security ties.

New Delhi

Germany's Merz makes first official visit to India

Authorities arrested a suspect after a fire badly damaged the largest synagogue in Mississippi. Investigators say the fire pattern and video surveillance point to arson.

Jackson

Suspect arrested in alleged arson attack at Mississippi synagogue

Fallout from the fatal shooting of Renee Good by a U.S. immigration and customs enforcement officer in Minneapolis continues with government officials standing by the action and ordering more ICE officers into the city.

Minneapolis

Hundreds more ICE agents headed to Minneapolis after fatal shooting

Powell said the investigation, linked to a testimony he gave to a Senate committee about renovations to Fed buildings, was an attempt to limit central bank independence.

Washington

U.S. opens criminal investigation into Fed Chair Jerome Powell

Protests continue in Iran amid a violent government crackdown. Activists say hundreds of demonstrators have been killed. President Trump says Iran now wants to negotiate to prevent a U.S. military response.

Trump says Iran 'wants to negotiate' as protests intensify

President Trump says Iranian leaders have reached out to the U.S. to negotiate, as massive protests continue and more deaths are reported by activists.

Trump weighs military option in Iran amid rising death toll

President Trump has been briefed on new military options for a strike against Iran amid widespread protests and a government crackdown on communications for Iranians, a senior U.S. official tells CBS News. "We'll be hitting them very hard where it hurts," he said at the White House.

Trump briefed on new military options for Iran strikes amid protests

Demonstrations in Iran are now entering their third week and the death toll is surging with hundreds killed, according to a human rights group. Ayatollah Ali Khamenei insisted that the Islamic regime will "not back down" in the face of the growing social unrest and calls for regime change.

Tehran

Protests in Iran intensifying despite threat of death for dissidents

The Consumer Electronics Show in Las Vegas showcased a wide array of AI-powered innovations, including paper-thin televisions, interactive Lego, and binoculars that can identify bird species in real time. Notable breakthroughs included .Lumen's AI glasses for the visually impaired and Roborock's Saros Rover, a robotic vacuum cleaner capable of navigating stairs and various surfaces autonomously.

Las Vegas

AI-powered innovation dominates Consumer Electronics show

Human remains were found in Australia's southeast where bushfires raging for days have razed buildings, cut power to thousands of homes and burned swaths of bushland, police said. The blazes are burning out of control during a summer heat wave in Victoria state.

Victoria

'Gut-wrenching': Australian bushfires expected to burn for weeks

Anti-government protests in Iran show no sign of stopping. Human rights groups are putting the death toll at 116 with 2600 detained. U.S. President Donald Trump has reaffirmed U.S. support for the protesters.

Protests in Iran defy government crackdown

Iran's army is threatening to join the crackdown on protesters as demonstrations against the regime grow and the death toll mounts. Huge crowds have taken to the streets across the Islamic Republic. Iran's Revolutionary Guard calls them "terrorists." Haley Ott has more details.

Iran's army threatens to join crackdown against protesters

President Trump said, "We are going to do something on Greenland, whether they like it or not," earlier this week. But Greenland, a territory of Denmark and a NATO ally, is rejecting the threats.

Nuuk

Greenland rejects Trump's threats

Trump, who often cites national security interests as the reason for taking Greenland, said that if the US does not do something, 'Russia or China will take over Greenland'.

Trump says U.S will act on Greenland, 'whether they like it or not'

Protests across the U.S., including in Minneapolis, Philadelphia and Miami, are taking place following the fatal shooting of 37-year-old Renee Good by an ICE agent in Minneapolis. Police declared the demonstrations in downtown Minneapolis an 'unlawful assembly'.

Philadelphia

Protests spread across the U.S. over ICE shooting of woman

Internet and phone lines in Iran have been cut off as anti-government protests enter their second week. Reports say at least 65 people have been killed and more than 2,300 others detained. U.S. President Donald Trump has warned of a possible U.S. response to the government crackdown.

Internet blackout in Iran enters second day as protests intensify

Rescue workers are trying to find dozens of people trapped under a collapsed landfill in the Philippines. At least four people have been confirmed dead. The incident took place on Thursday, with more than 100 workers on site at the time.

Cebu City

Philippines: Dozens still missing in landfill collapse

BRICS nations have launched joint naval exercises off the South African coast. Supporters say the drills will strengthen co-operation among emerging economies.  But critics warn they could deepen global divisions.

Simon's Town

South Africa hosts Russia, Iran and China for military exercise

Iran's Revolutionary Guards warned on Saturday that safeguarding security was a "red line" and the military vowed to protect public property, as the clerical establishment stepped up efforts to quell the most widespread protests in years.

Iran authorities signal intensified crackdown as unrest grows

Luigi Mangione was back in court on Friday, where his lawyers worked to block the Justice Department from seeking the death penalty in his federal trial for the killing of UnitedHealthcare CEO Brian Thompson. Mangione pleaded not guilty in April 2025.

New York

Luigi Mangione's lawyers fight to block death penalty

Fire crews battle spreading blazes while communities face evacuations and power cuts.

Thousands of firefighters deployed to fight bushfires in Australia

The protest comes amid wider rallies against US immigration enforcement and over the fatal shooting of the 37-year-old Renee Nicole Good.

Several arrested in Minneapolis during anti-ICE protest

Trump says U.S. will act on Greenland, 'whether they like it or not'

U.S. President Donald Trump began a meeting to discuss Venezuela with executives from some of the world's largest oil companies at the White House, saying he wants them to invest $100 billion in the country to vastly expand its production.

Venezuela Strikes

Trump urges U.S. oil giants to repair Venezuela's energy industry

The U.S. seized another oil tanker linked to Venezuela in the Caribbean, U.S. Southern Command confirmed on Friday (January 9). The seizure of the vessel comes as President Donald Trump prepares to meet with oil company executives at the White House.

U.S. seizes fifth tanker linked to Venezuela

U.S. President Donald Trump is reiterating his threats against Iran's regime if violence and deaths continue during protests. CBS News' Imtiaz Tyab has more.

Trump: U.S. to hit Iran 'very hard' if violence continues at protests

Russia fired a powerful hypersonic missile overnight at a target in Ukraine near the border with NATO-member Poland, in what Kyiv's European allies described as an attempt to intimidate them from supporting Ukraine.

Kyiv

Ukraine Invasion

Russia fires hypersonic missile at Ukraine target near NATO border

A majority of European Union countries have agreed to sign a trade deal with the South American trading bloc, Mercosur. It'll be the EU's biggest free-trade pact and comes after decades of negotiations.

Brussels

EU approves Mercosur trade deal despite protests

The Trump administration is pulling the U.S. out of dozens of international organizations, including key UN agencies and the treaty underpinning global climate talks, marking a deepening retreat from multilateral cooperation.

Meta hires banker for its AI bet

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