Today at 2 PM: markets price in an 87% chance of a 25 bps hike

Biden schedules May 9 meeting to negotiate debt ceiling, as Yellen warns of a potential June 1 default

1. First Republic is bought by JPMorgan, with the assistance of the FDIC

Top stories today: 1. First Republic is bought by JPMorgan, with assistance of the FDIC 2. OpenAI raises $300M at $27-29B valuation 3. Twitter Blue subscribers at 633K / $53M ARR, still ~2% of total revenue

Amazon revenue +9% to $127.4B in Q1, but AWS disappoints

Top stories today: 1. Amazon revenue +9% to $127.4B in Q1, but AWS disappoints 2. Snap revenue -7% to $989M even as DAUs rise by 15% 3. GDP growth slowed to 1.1% in Q1

Meta revenue +3% YoY to $28.6B, operating margin falls from 31% to 25%

Top stories today: 1. Meta revenue +3% YoY to $28.6B, VR revenue -51% 2. UK regulator rejects Microsoft, Activision deal 3. Elon meets with Schumer on AI regulation 4. House passes GOP debt ceiling bill by 217-215 5. Trump 53% x DeSantis 21% in latest Fox poll

First Republic Bank drops 49%, could be shut down on Friday

Top stories today: 1. First Republic Bank drops 49%, could be shut down on Friday 2. Alphabet sales +3% to $69.8B, operating margin falls from 30% to 25% 3. Microsoft sales +7% to $52.9B, operating margin rises from 41% to 42% 4. Hugging Face launches HuggingChat 5. ChatGPT lets users disallow their data to be used for training 6. GOP bill to cut debt-to-GDP from 118% to 106% in 2033

Apple wins Epic Games antitrust appeal, but will likely allow 3rd party app stores anyway

Top stories today: 1. Apple wins Epic Games antitrust appeal 2. Microsoft may stop force-bundling Teams into Office 3. Tucker Carlson fired from Fox for election fraud coverage, lawsuit, messages 4. First Republic loses 41% of deposits in Q1, even as banks inject $30B

Apple to launch a wide range of apps for its headset

Top stories today: 1. Apple aims to launch a wide range of apps for its headset 2. Google moves AI chips team to Google Cloud 3. Twitter blue checkmarks reappear for some celebrities and media companies 4. NBC poll: Trump 46% x DeSantis 31%

Google merging Brain with Deepmind into Google Deepmind

Top stories today: 1) Google merging Brain with Deepmind into Google Deepmind 2) Elon claims success from Starship launch that ended in an explosion 3) Humane demos AI-powered wearable at TED talk 4) Tiger's $12B 2021 venture capital is down "only" 20% since inception 5) VC funding in crypto falls 82% YoY to $1.7B

Stability AI launches new open source LLMs, but disappoints

Top stories today: 1. Stability AI launches new open source LLMs, but disappoints 2. Google to launch generative AI for ads in the coming months 3. Tesla's operating margin falls from 19% to 11% 4. Coinbase to launch offshore exchange "in coming weeks"

Microsoft is developing its own AI chip, Athena

Top stories today: 1) Microsoft is developing its own AI chip, Athena 2) Dominion settles with Fox News for $787.5M 3) Apple's headset to feature gaming, fitness, sports, and most core iPad apps 4) Meta expected to cut another 4K; 29% of cuts since peak

Elon Musk's AI may be called TruthGPT

Top stories today: 1) Elon Musk's AI may be called TruthGPT 2) Apple launches Savings account paying 4.15% 3) AutoGPT is the fastest-growing Github project in history 4) AI poll: most popular models are BERT, GPT-3, and Stable Diffusion