Meta Platforms reached a settlement with 48 states. The company agreed to an $18 billion settlement with 48 state attorneys general, bringing an end to a federal trial over social media’s harm to teenagers. As part of the settlement agreement, Meta will also make changes to its services, Facebook and Instagram, including a two-hour time limit for users under 18. Meta stock rose 1.1%.

Nvidia reported earnings. Major stock indexes were little changed on Wednesday as traders anticipated the quarterly results from the AI chip giant. Nvidia beat analyst estimates on revenue and adjusted earnings, but shares were trading slightly lower in after-hours trading. Vanguard Group acquired a fintech platform. The massive asset manager struck a deal to acquire Altruist for around $4 billion. Altruist is an upstart competitor to Charles Schwab and Fidelity Investments in providing custodial and administrative work to independent financial advisers. Charles Schwab’s stock fell 2.6%.

A key inflation gauge remained stubbornly high. The Federal Reserve’s preferred inflation metric, the price index of personal-consumption expenditures, held steady at 3.7% in July, slightly above economist expectations for 3.6%. It was 3.3% excluding volatile food and energy prices. Either way, it is well above the Fed’s target rate of 2%.

Billionaire philanthropist Bill Gates issued a stark warning about AI’s risks to employment and the human condition, saying that companies were barreling ahead with the technology with no larger plan for the massive upheaval it would cause. “Even under the best circumstances, the transition to this new AI era will be one of the most turbulent times in human history,” he wrote in a 12-page essay published to his personal website Wednesday. “Right now, we are not preparing for it. I don’t see evidence that leaders, experts and communities are confronting the challenges adequately.”