Doug Krisner

New York Governor Kathy Hochul has reportedly decided to push for a so-called pied-a-terre tax.

It's aimed at the ultra-wealthy who primarily live outside of New York City.

The New York Times reports Hochul will formally propose a yearly tax surcharge on second homes in New York City.

worth $5 million or more.

Now, the exact cost of the surcharge has not yet been ironed out.

However, the governor is hoping to raise $500 million annually and use that money to address New York City's deficit, estimated to be $5.4 billion through next fiscal year.

Meta has announced an expanded multi-billion dollar partnership with Broadcom.

The aim is to design and build custom chips to power Meta's AI efforts.

This partnership also includes a commitment to develop more than one gigawatt of computing capacity.

Separately, Broadcom CEO Hawk Tan will leave Meta's board of directors when his term expires.

Amazon is acquiring the satellite operator Global Star.

This deal is worth roughly $11.6 billion, and it would expand the services of Amazon's satellite system.

A new satellite-to-cell phone service is expected to launch in 2028, and if this deal goes through as planned, Apple will get a deep-pocketed and ambitious partner in satellite communications.

Apple is preparing a range of new satellite features, including satellite-powered maps and photo messaging.

And that is news when you want it.

With Bloomberg News Now, I'm Doug Krisner, and this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Doug Krisner.

California Democrat Eric Swalwell says he plans to resign his seat in Congress.

Swalwell's resignation follows a report of him allegedly committing sexual assault on a former staffer.