TRAVEL
AAA forecasts record Memorial Day drivers despite high gas prices
A record number of people are expected to travel by car over Memorial Day weekend, a sign of resilient demand for fuel amid surging pump prices, at least for now. Some 39.1 million people are projected to drive at least 50 miles for the holiday weekend and unofficial start of summer, the American Automobile Association said on Monday, while 39 million people took road trips during the same period last year. A gallon of gas is now holding above $4.50, up from about $3.17 during the same weekend last year, according to AAA data. “People aren’t going to want to restrict their travel on holidays,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Even if gas is $6 a gallon, it’s the holidays where people are still going to travel.” The Memorial Day forecast is the least bullish for the period in the last decade, save for 2020, when AAA did not release an auto travel forecast amid the COVID-19 pandemic. Average gasoline prices are at their highest seasonal level on record, and sit around 50 cents off all-time highs set in June 2022, according to AAA data. As the war in Iran approaches the three-month mark, the Strait of Hormuz remains effectively shut, sending crude oil and refined product prices surging globally. Prices may fall slightly in the event of a federal gasoline tax holiday, an idea President Trump voiced support for on Monday. — BLOOMBERG NEWS
ROBOTICS
South Korea exploring using Hyundai robots as army numbers fall
South Korea’s military is exploring a strategic partnership with Hyundai Motor Co. to potentially deploy robotics to the front lines as Seoul accelerates investment in AI-powered, unmanned systems to tackle a deepening troop shortage. The defense ministry told Bloomberg News it is discussing cooperation with Hyundai as part of efforts to respond to changes in the battlefield environment and develop a “high-tech, science-driven force,” though specific details have yet to be finalized. The report said that the army is considering machines for noncombat roles, including surveillance, reconnaissance, and logistics. Potential deployments include Boston Dynamics’s four-legged Spot, the four-wheeled MobED mobility droid, and wearable platforms like the X-ble Shoulder exoskeleton, the report added. A spokesperson for Hyundai declined to comment. The discussions come as a worsening demographic crisis in Asia’s fourth-largest economy threatens to hollow out its standing forces, while North Korea ramps up its nuclear and missile threats. Seoul is seeking to redefine its future warfare operations by shifting from a manpower-intensive structure to a technology-centric one. For Hyundai, a military contract could mark a significant milestone in its robotics push. A deployment of Spot — which garnered attention for patrolling President Trump’s Mar-a-Lago estate — to the Korean peninsula’s demilitarized zone would underscore the technology’s versatility beyond commercial and industrial use, according to Samsung Securities Co. analyst Esther Yim. — BLOOMBERG NEWS
TECH
Google says criminal hackers used AI to find a major software flaw
A criminal hacking group recently attempted to launch a widespread cyberattack that appeared to rely on artificial intelligence to detect a previously unknown bug, Google said in research published Monday, highlighting the potential threat that AI poses to digital security. Security experts have feared for years that malicious hackers could eventually rely on AI models to identify undisclosed flaws in computer code to launch crippling attacks that are difficult to guard against. That fear was largely theoretical until now. “We have high confidence that the actor likely leveraged an AI model to support the discovery and weaponization of this vulnerability,” the report said. The tech giant did not say precisely when the thwarted attack happened, whom it was targeting or which AI platform the hackers used, but the company added that it did not believe it was its own Gemini chatbot. Google’s research arrives as the technology industry and governments, including the Trump administration, reevaluate how, and whether, to police advanced versions of AI, in large part because of growing concerns over what they mean for cybersecurity. — NEW YORK TIMES
MEDIA
Wordle to become primetime TV show, with Savannah Guthrie as host
NBC is betting that a mobile app word game could become a broadcast hit. The network said Monday that it planned to produce a game show based on Wordle, the puzzle game published by The New York Times that challenges players to deduce a five-letter word in six guesses or fewer. The series, hosted by “Today” show anchor Savannah Guthrie, is set to begin airing in NBC primetime next year. The Times will serve as a production partner, alongside Jimmy Fallon, the host of “The Tonight Show.” “Wordle” — the TV show, that is — is the first instance of the Times associating itself with a primetime entertainment program on a major broadcaster. The company previously collaborated with cable and streaming channels on documentary series based on its journalism as well as adaptations of long-running features like “Modern Love.” That the Times is coproducing a half-hour variety show where contestants compete for a cash prize reflects in part the company’s diversification in recent years. Its Games app, which includes the Crossword, Spelling Bee and Wordle, is among its most popular products. — NEW YORK TIMES
JOBS
GM to cut hundreds of white-collar workers in IT overhaul
General Motors Co. plans to cut hundreds of salaried workers from its information technology ranks in an effort to trim costs and clear the way to bring in staff with skills in other technology areas. The reductions will affect about 500 to 600 employees, according to people familiar with the matter. Management began notifying affected workers Monday morning, said the people, who asked to not be identified discussing the private matter. GM confirmed it was eliminating some jobs in response to inquiries from Bloomberg News. The reductions stem from an effort to transform its information technology department to better position the company for the future, GM said in a statement. The carmaker’s shares fell 4.5 percent in Monday trading. The stock has retreated after reaching an all-time high earlier this year, falling about 3.1 percent through Friday’s close compared with the S&P 500 Index’s 8.1 percent advance. The cuts will affect GM’s offices globally as the automaker works to boost earnings even as US sales stagnated to start the year. GM in October trimmed hundreds of salaried workers, in addition to thousands of blue collar staff who were laid off as GM’s investments in electric vehicles went sour. The automaker has also been working to transform its own operations in IT development, adding more computing and software capabilities to its cars and using artificial intelligence in more of its operations. — BLOOMBERG NEWS
HOUSING
US home sales flat in April as lackluster spring homebuying season lurches forward
Sales of previously occupied US homes were essentially flat in April, another lackluster showing for the housing market during what’s traditionally its busiest time of the year. Existing home sales edged up 0.2 percent last month from March to a seasonally adjusted annual rate of 4.02 million units, the National Association of Realtors said Monday. Sales were unchanged compared to April last year. The latest sales figure fell short of the roughly 4.12 million pace economists were expecting, according to FactSet. Sales have been hovering close to a 4-million annual pace now going back to 2023, far short of the historic norm that is closer to 5.2-million. And home prices continued to rise nationally last month, albeit at a slower rate. The U.S. median sales price increased 0.9 percent in April from a year earlier to $417,700, an all-time high for any April on data going back to 1999, NAR said. Home prices have risen on an annual basis for 34 months in a row. The US housing market has been in a slump since 2022, when mortgage rates began to climb from pandemic-era lows. Sales of previously occupied US homes were essentially flat last year, stuck at a 30-year low. They have remained sluggish so far this year, declining from a year earlier through the first three months of this year. “This spring homebuying season, so far all the way through April, we can say we are not predicting any increase compared to one year ago,” said Lawrence Yun, NAR’s chief economist. — ASSOCIATED PRESS