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Lauren Olinger / Axios

General Electric is in "tough" markets like oil and gas, and power but will be successful, former GE CEO Jeffrey Immelt said. "I'm fully confident that this company is going to thrive in the future," Immelt said at an Axios "Smarter Faster Revolution" event at the University of North Carolina. "It's 125 years old. We go through cycles."

Why this matters: GE's CEO John Flannery said earlier this month the company is cutting its dividend and he wants to "reinvent" GE to make it "simpler and easier to operate." Shares are down more than 22% in just the last month.

Immelt said use of an empty "backup" jet for his GE travel was a "terrible" idea and not something he approved. "It's a practice that, in retrospect, I wish we hadn't done."

Go Deeper: The WSJ story on GE cost cuts that first reported on the use of multiple jets.

Go deeper

Ina Fried, author of Login
47 mins ago - Technology

Intel CEO wants to compete against Apple

Intel CEO Pat Gelsinger hasn't given up on the idea of the Mac once again using Intel chips, but he acknowledges it will probably be years before he gets that chance.

  • In the meantime, he is focused on powering Windows machines that give Apple CEO Tim Cook a run for his money.

Why it matters: In getting pushed out of the Mac, Intel not only lost a customer, but picked up a new rival.

52 mins ago - Health

Education secretary reveals limits to Biden’s mask push on states

U.S. Education Secretary Miguel Cardona, in an "Axios on HBO" interview, said he's reluctant to withhold federal funding from states that won't enforce school mask mandates because he doesn't want to hurt students.

Why it matters: Cardona's comments suggest there are limits to how far the Biden administration will go in pressuring states to adopt universal masking — or vaccine mandates.

Mike Allen, author of AM
1 hour ago - Axios on HBO

GOP senator smacks Trump

Sen. Bill Cassidy (R-La.) told “Axios on HBO” he’s not sure former President Donald Trump would win the Republican nomination if he ran in 2024 — a rare voice of criticism from within the party.

  • When I raised the conventional wisdom that Trump would be expected to win the nomination, Cassidy jumped in.“
  • I don't know that,” the senator said during our interview in Chalmette, La.