The South gets pricey

Call it the boomerang effect. Higher housing costs are actually cutting into the savings of people who leave New York for Florida and Texas. Those earning at least $100,000 a year can still see significant savings when relocating to warmer states without income taxes, but as more people make that choice, they’re fueling higher rent and home prices in those destination states. So much so that the arbitrage on moving south to Miami, Austin and Dallas has been eroding since 2019. New Yorkers who left for Miami last year saved almost 30% less than they would have if they moved in 2019, while those who left for Dallas or Austin saved about 20% to 25% less. And while Manhattan is still the most expensive place to live in the US, higher inflation rates in Miami, Dallas and Austin mean costs in those popular cities are catching up to New York, said Jaclyn DeJohn, managing editor of economic analysis at SmartAsset. Here’s the full breakdown of how Sunbelt savings have plummeted as housing and utility costs have risen. —Natasha Solo-Lyons

Nvidia Chief Executive Officer Jensen Huang showed off new chips aimed at extending his company’s dominance of artificial intelligence computing, a position that’s already made it the world’s third-most-valuable business. A new processor design is many times faster at handling the models that underpin AI, the company said at a conference in San Jose, California. That includes the process of developing the technology—a stage known as training–and running it, which is called inference.

Apple is said to be in talks to build Google’s Gemini AI engine into the iPhone, setting the stage for a blockbuster agreement that would shake up the AI industry. The two companies are in active negotiations to let Apple license Gemini to power some new features coming to the iPhone software this year. Apple also recently held discussions with OpenAI and has considered using its model.

The Big Three are back, at least in the eyes of investors. As the much-ballyhooed electric-vehicle revolution loses momentum, investors are reappraising the shares of legacy producers, with gasoline-powered cars and hybrids set to generate billions of dollars in cash for years to come and account for the vast majority of sales.

The head of United Airlines told customers that the carrier is reviewing a series of recent mishaps involving its planes. While CEO Scott Kirby didn’t detail the events, United earlier this month suffered multiple headline-grabbing issues in the span of just a few days, including an aircraft that ran off the taxiway.

Saudi Arabia’s sovereign wealth fund is in early talks to acquire the kingdom’s flagship carrier as it looks to pour billions of dollars into turning the country into a tourism hotspot. The Public Investment Fund is considering a deal that would see it add the 80-year old Saudia to its growing portfolio of aviation assets as soon as next year.

Donald Trump said he reached out to the world’s biggest insurance companies to seek help in arranging an appeal bond covering the $454 million verdict against him in New York—and none would take his real estate as collateral. They all want cash and Trump says he doesn’t have enough. The twice-impeached former president will be forced to hold a “fire sale” of his properties to raise enough cash if the bond isn’t waived while he challenges the verdict, he claimed in a filing.

Cocoa futures have doubled in less than three months as their landmark surge intensifies, putting the focus back on expensive chocolate costs ahead of Easter. The most-active contract in New York rose as much as 5.9% to $8,493 a metric ton, the highest on record, before paring some gains later in the day. While manufacturers buy beans months ahead of time, the rally is beginning to bite, boosting costs for consumers and sending chocolate makers scouring for supply.

Prices for the most popular second-hand Rolex and Patek Philippe watches were mostly flat for a second month, suggesting an almost two-year slump could be nearing an end as stock markets hit records and Bitcoin rebounds. The Bloomberg Subdial Watch Index declined 0.1% to $33,628, according to data provided by Subdial. The index tracks prices for the 50 most traded luxury watches by transaction value. After a pandemic-era frenzy sent secondary watch market prices to all-time highs in 2021 and early 2022, values of the most hyped timepieces have been falling. The Bloomberg Subdial Watch Index is down 42% since April 2022, when the market peaked.

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